Sabal Investment Holdings and GDS Development Management have acquired a stake in the $92.5 million loan against the office component of the Metropolitan Tower at 142 West 57th St. in midtown Manhattan. The property is an office asset located in the Midtown Manhattan market. It spans 245,000 square feet and has a price per square foot of $378. The transaction took place on November 20, 2023, and the seller of the loan stake was Aareal Group.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $92,500,000
• Address: 142 West 57th Street
• Market: Midtown Manhattan
• Buyer: Pat Jackson - Sabal Investment Holdings, Alan Rudikoff - GDS Development Management
• Seller: Aareal Group
• Square Footage: 245,000
• Price per Square Foot: $378

The buyer's representative in this transaction was Pat Jackson from Sabal Investment Holdings, and Alan Rudikoff from GDS Development Management also represented the buyer. This investment involves the acquisition of a stake in the loan previously issued by Aareal Group for the office component of the Metropolitan Tower.