Edward Ostad borrows $8M from New York Community Bank for multifamily property in East Village

Edward Ostad through the entity Samario LLC as borrower signed a loan agreement with lender New York Community Bank valued at $7.6 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 16 residential units at 31 St Marks Place in East Village. The deal closed on April 1, 2020 and was recorded on April 30, 2020.
The property contains a total of 9,860 square feet of built space. The property has 11,636 square feet of available development rights.
The average loan per unit is $475,375.
The last time the property sold was June 28, 2011, for $4,663,000.

Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $330,070.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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