Berkadia has successfully completed the note sale of Hotel Indigo and 500 Met, a mixed-use development in Brooklyn, to a joint venture of HN Capital Partners, 109Co, and Farallon Capital Management, reaffirming investor confidence in New York City's real estate market.

Target Information

The note sale involves Hotel Indigo and 500 Met, a premium mixed-use development located in Brooklyn's Williamsburg neighborhood. This modern property, built in 2019, includes 187 hotel keys, 75 residential units, a parking garage, and retail space, making it one of the area's most sought-after investments. Consisting of three addresses—500 Metropolitan Avenue, 491 Keap Street, and 31 Ainslie Street—the development offers extensive amenities including a rooftop pool and two retail units, catering to both long-term residents and guests.

Industry Overview in New York

The mixed-use market in New York City has demonstrated remarkable resilience, even amidst fluctuations in the capital markets. The combination of residential, commercial, and hospitality components within properties has provided diversified revenue streams, attracting discerning investors aiming for stable returns. The Williamsburg neighborhood, in particular, has seen an influx of young professionals and creative industries, contributing to a vibrant community atmosphere and increased demand for quality accommodations and living spaces.

Brooklyn's real estate market reflects broader trends in urban development, emphasizing the importance of well-located, high-quality assets. With an increasing number of reside