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LMR Assets Acquires Office At 148 Madison Avenue In NoMad For $31.3M

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SOLD
$31,300,000

New York

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Office80,000 SF
Sold
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SOLD

LMR Assets Acquires Office At 148 Madison Avenue In NoMad For $31.3M

148 Madison Avenue

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Office80,000 SF
Sold
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Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$391
Total Square Footage:80000 SF
Transaction Type:Sale

The office property located at 148 Madison Avenue in NoMad was sold by Steve Klein to Jack Saadeh, Victor Saadeh, and Jack Yadid of LMR Assets. The transaction was facilitated by brokers Joshua Nazar and Soly Halabi from Venture Capital Properties. The sale price for this asset was $31,300,000, with a total square footage of 80,000 and a price per square foot of $391.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $31,300,000
  • Address: 148 Madison Avenue
  • Market: NoMad
  • Seller: Steve Klein
  • Buyer: Jack Saadeh, Victor Saadeh & Jack Yadid - LMR Assets
  • Brokers: Joshua Nazar & Soly Halabi - Venture Capital Properties
  • SF: 80,000
  • PPSF: $391

Jack Saadeh, Victor Saadeh, and Jack Yadid of LMR Assets were the buyers of the office property. The seller, Steve Klein, completed the transaction with the assistance of brokers Joshua Nazar and Soly Halabi from Venture Capital Properties. This deal represents a significant transaction in the NoMad market involving key individuals and companies.

Players

Joshua "Josh" Nazar
5 deals$67.9M volume
BROKER

Soly Halabi
Venture Capital Properties
5 deals$164.1M volume
BROKER

Details

SOLD
IMAGE: Joshua Nazar & Soly Halabi DATE: 06/07/2024 ADDRESS: 148 Madison Avenue MARKET: NoMad ASSET TYPE: Office BUYER: Jack Saadeh, Victor Saadeh & Jack Yadid - LMR Assets SELLER: Steve Klein BROKERS: Joshua Nazar & Soly Halabi - Venture Capital Properties (@VCPRE) SALE PRICE: $31,300,000 SF: 80,000 ~ PPSF: $391

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,669,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$111,202.30
Cash-on-Cash Return-1.27%
Monthly Debt Service$148,377.97
Annual Debt Service$1,780,535.62