Edward Ostad borrows $18M from Signature Bank for 38-unit rental in West Harlem

Edward Ostad through the entity West 125th Street Equities LLC as borrower signed a loan agreement with lender Signature Bank valued at $18 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 38 residential units at 351 West 125th Street in West Harlem. The deal closed on March 18, 2021 and was recorded on March 29, 2021.
The property contains a total of 45,945 square feet of built space.
The average loan per unit is $473,684.
The last time the property sold was June 15, 2017 for $23,000,000.
Over the past five years, there have been 11 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 11 renovation/alteration projects (A2) applied for with a total estimated value of $430,821.

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