NEW YORK, New York—Berkadia, in conjunction with Cushman & Wakefield, announced the note sale of Hotel Indigo and 500 Met, a 187-key hotel and apartment building with 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 a mixed-use development built in 2019, located in the Williamsburg neighborhood. Spanning three addresses—500 Metropolitan Ave, 491 Keap St, and 31 Ainslie St—the property includes 187 hotel keys, 75 residential units, 152 enclosed parking spaces, a rooftop pool, and two corner retail units. The property also offers various amenities.
