Updated Feb 16, 2024
Signature Bank Provides $18M Loan On West Harlem Multifamily Property To Landlord Edward Ostad
351 West 125th Street, Manhattan, New York, NY, USA
$18,000,000
$391/SF
Building Size
45,945 SF
Asset Type
MultiFamily
Closing
Mar 17, 2021
About this deal
AI
The multifamily property located at 351 West 125th Street in West Harlem has been involved in a recent loan transaction. The lender, Signature Bank, provided a loan amount of $18,000,000 for this property, which spans across 45,945 square feet and comprises 38 units. The transaction took place on 03/18/2021. The landlord of the property is Edward Ostad.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $18,000,000
- Address: 351 West 125th Street
- Market: West Harlem
- SF: 45,945
- Units: 38
- Lender: Signature Bank
- Landlord: Edward Ostad
The loan for this multifamily property was provided by Signature Bank, a notable lender in the industry. Edward Ostad, the landlord, oversaw the transaction and facilitated the deal with the bank. The property offers 38 units within its 45,945 square feet of space, providing a valuable investment opportunity in the West Harlem market.
On the Map
$18,000,000
$391/SF
MultiFamily
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New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93