Jerome Ornstein borrows $5M from New York Community Bank to refi multifamily property in Yorkville

Jerome A. Ornstein through the entity Ornstein 215-217 E. 86 LLC as borrower signed a loan agreement with lender New York Community Bank valued at $5.3 million for 2 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 31 residential units at 211 East 86th Street, 217 East 86th Street in Yorkville. The deal closed on May 15, 2020 and was recorded on June 1, 2020.
The property has 75,482 square feet of existing and available development rights.
The average loan per unit is $170,968.

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 $230,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link