Edward Ostad borrows $16M from Signature Bank for multifamily property in Carnegie Hill

Edward Ostad through the entity 3694 Broadway Associates LLC as borrower signed a loan agreement with lender Signature Bank valued at $15.8 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 59 residential units at 1632 Madison Avenue in Carnegie Hill. The deal closed on March 2, 2020 and was recorded on March 10, 2020.
The property contains a total of 59,280 square feet of built space.
The average loan per unit is $268,220.
The last time the property sold was March 15, 2007, for $12,250,000.

Over the past five years, there have been 17 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 17 renovation/alteration projects (A2) applied for with a total estimated value of $611,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link