Edward Ostad affiliate borrows $8M from New York Community Bank for property in Riverdale

Edward Ostad affiliate through the entity 3505 Realty Partners LLC as borrower signed a loan agreement with lender New York Community Bank valued at $7.7 million for 35 residential units at 3505 Rochambeau Avenue in Riverdale. The deal closed on September 20, 2019 and was recorded on September 25, 2019.
The property contains a total of 35,400 square feet of built space, with the tax class multifamily, semi-fireproof with stores (D7).
The average loan per unit is $220,000.
The last time the property sold was June 3, 2008, for $4,750,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $57,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link