LMR Assets, a real estate investment company of Gourmet Home Products, has received US$24.4 million in financing to refinance its office and retail tower at 148 Madison Avenue. The Industrial and Commercial Bank of China (ICBC) provided the loan for the 16-storey building.
The skyscraper, built around 1917, is located in Manhattan's NoMad district and spans an entire block of Madison Avenue between East 31st and East 32nd Street. Benjamin Klugmann and Ariel Taieb of Meridian Capital Group brokered the transaction for LMR.
Attractive property quality and solid ownership structure
Klugmann stated that ICBC recognised the quality of the property and the strength of the ownership structure. He expressed his pleasure at being able to provide a financing structure that suited both the property and the owners' long-term plans. The company, led by Jack Saadeh, Victor Saadeh and Jack Yadid, acquired the building in June 2024 for US$31.3 million in an owner-occupier deal.
This was the first commercial real estate acquisition for the property division of Gourmet Home Products, a company that owns and operates several homeware and lifestyle brands. The company relocated its operations from its previous location at 347 Fifth Avenue to this building.
Investments and use of the property
Since the acquisition, LMR has, according to Meridian, invested in capital improvements to the 71,871 square foot tower. The property comprises 15 office units and a retail space, which is currently occupied by the Brazilian luxury furniture brand Ornare.
Representatives for Gourmet Home Products and ICBC did not immediately respond to requests for comment.
