Michael Ostad signs $28.8M refi for five walkups in Manhattan

Michael Ostad through the entity 301 East 90th LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $28.8 million for five residential walkup properties with 57 residential units including the 11-unit residential walkup building (C7) at 723 11th Avenue in Hell’s Kitchen, Manhattan, 16-unit residential walkup building (C7) at 746 Ninth Avenue in Hell’s Kitchen, Manhattan, and 12-unit residential walkup building (C7) at 301 East 90th Street in Yorkville, Manhattan.
The deal closed on November 19, 2025 and was recorded on December 4, 2025. The prior lender was Amalgamated Bank which held debt that had an original loan amount of $18.4 million.The five properties have 42,944 square feet of built space and 31,338 square feet of additional air rights for a total buildable of 74,220 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $669 and the price per buildable square foot is $387 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Michael Ostad was Michael Ostad. The signatory for Citibank was Jonathan Misher .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 714 Greenwich Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Nurul Ahia, head officer and Tanet Tukes, site manager. The business entity is 714 Greenwich Llc. Out of the five properties, two with a total of 42,944 square feet of built space generated revenue of $1.4 million per year.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received 34 housing violations and $10,740 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 714 Greenwich Street, PincusCo has identified the owners of nine of the 14 commercial properties representing 125,199 square feet of the 153,872 square feet. The largest owner is Ciaran O’Kelly, followed by Time Equities and then Eagle Point Properties.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 153,872 square feet of built space are walkup buildings, with elevator buildings next occupying 33 percent of the space.

The borrower

The PincusCo database currently indicates that Michael Ostad owned at least 27 commercial properties with 94 residential units in New York City with 119,987 square feet and a city-determined market value of $62.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 79 percent of the 119,987 square feet of built space are mixed-use properties, with walkup properties next occupying 18 percent of the space. The bulk, or 90 percent of the built space, is in Brooklyn, with Manhattan next at 7 percent of the space.

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