Edward Ostad borrows $11M from New York Community for multifamily property in East Harlem

Edward Ostad through the entity 2085 Lexington LLC as borrower signed a loan agreement with lender New York Community Bank valued at $11.1 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 30 residential units at 142 East 126th Street in East Harlem. The deal closed on February 25, 2020 and was recorded on July 29, 2020.
The property contains a total of 35,179 square feet of built space.
The average loan per unit is $368,867.
The last time the property sold was February 26, 2015, for $12,600,000.

Over the past five years, there have been 15 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 15 renovation/alteration projects (A2) applied for with a total estimated value of $694,896.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link