Edward Ostad borrows $23.2M from Signature Bank for 124 rental units in Manhattan, Bronx

Edward Ostad borrowed $23.2 million from Signature Bank for 124 rental units in Hamilton Heights and Fordham in two separate transactions.

In the first, Edward Ostad through the entity Aha Realty Partners LLC as borrower signed a loan agreement with lender Signature Bank valued at $11.7 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 60 residential units at 736 Riverside Drive in Hamilton Heights. The deal closed on March 18, 2021 and was recorded on April 6, 2021.
The property contains a total of 67,248 square feet of built space. The property has 67,248 square feet of available development rights.
The average loan per unit is $195,000.
The last time the property sold was October 9, 2007 for $11,000,000.
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 $530,984.

Direct link to Acris document. link

In the second, Edward Ostad through the entity Alonna LLC as borrower signed a loan agreement with lender Signature Bank valued at $11.5 million for 2 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 64 residential units at 2356 Grand Concourse and 2366 Grand Concourse in Fordham. The deal closed on March 18, 2021 and was recorded on April 6, 2021.
The property contains a total of 30,775 square feet of built space. The property has 61,218 square feet of available development rights.
The average loan per unit is $179,688.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.

Direct link to Acris document. link