Berkadia Completes Note Sale for a Premier Hotel and Apartment Building in Brooklyn, New York
New York, New York – July 23, 2025 – Berkadia, a distinguished leader in the commercial real estate sector, in conjunction with Cushman & Wakefield, announced the note sale of Hotel Indigo and 500 Met, a 187-key hotel and apartment building featuring 75 residential units, a parking garage, and retail space in Brooklyn’s Williamsburg neighborhood. Steve Michels, Jared Kelso, Steve Vazquez, and Michael Forester of Berkadia Hotels & Hospitality led the transaction for Hangang Asset Management on behalf of the seller. The buyer was a joint venture between HN Capital Partners, 109Co, and Farallon Capital Management. The deal closed on July 16, 2025.
“Despite a challenging capital markets environment, the closing of the note sale highlights the enduring strength of New York City’s mixed-use market and the unique appeal of this asset,” said Michels. “We were honored to represent Hangang Asset Management, reflecting investor confidence in high-quality, well-located properties with long-term potential.”
Hotel Indigo and 500 Met is an institutional-quality mixed-use development built in 2019, located in the highly desirable Williamsburg neighborhood. It is one of Williamsburg’s most sought-after mixed-use developments. Spanning three addresses—500 Metropolitan Ave, 491 Keap St, and 31 Ainslie St—the property features 187 hotel keys, 75 residential units, 152 enclosed parking spaces, a rooftop pool, and two corner retail units. The property boasts modern architecture and a full array of amenities.
Berkadia Hotels & Hospitality combines best-in-industry innovation, knowledge, and experience with the most comprehensive suite of products and services. Berkadia Hotels & Hospitality serves clients across the country, offering capital markets advisory, investment sales, underwriting and loan origination services as well as Life Company, and Proprietary Bridge Lending. As specialized partners, Berkadia empowers clients to capitalize on the right opportunities at the greatest value.
Berkadia Announces Note Sale of Hotel Indigo and 500 Met | Lodging Magazine
Berkadia, Cushman & Wakefield execute note sale on NYC hotel | Hotel Management