Edward Ostad borrows $5.4M from New York Community Bank for multifamily in East Village{

Edward Ostad through the entity East Village Re Holdings LLC as borrower signed a loan agreement with lender New York Community Bank valued at $5.4 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 9 residential units at 105 Avenue C in East Village. The deal closed on April 13, 2020 and was recorded on August 5, 2020.
The property contains a total of 8,004 square feet of built space.
The average loan per buildable square foot is $678.
The refinancing includes $3 million in a gap loan. The prior loan totaled $2.6 million. The last time the property sold was April 27, 2011, for $2,845,000.

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. There was one renovation/alteration project (A2) applied for with a total estimated value of $84,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link