Citi Group Provides $28.75 Million Refinance Loan To Landlords Michael And Ed Ostad In Manhattan
714 Greenwich Street, 407 Amsterdam Avenue, 723 11th Avenue, 746 9th Avenue & 301 East 90th Street
$28,750,000
Building Size
—
Asset Type
MultiFamily
Closing
Nov 18, 2025
AI
The multifamily asset involved in this transaction consists of 67 units situated in Manhattan, encompassing several addresses: 714 Greenwich Street, 407 Amsterdam Avenue, 723 11th Avenue, 746 9th Avenue, and 301 East 90th Street. This asset has been refinanced for a total amount of $28,750,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $28,750,000
- Lender: Citi Group
- Landlord: Michael Ostad & Ed Ostad
- Brokers: Shamir Seidman, Jeff Feldman, Judah Hammer & Zach Hazen - CBRE
- Loan Type: Refinance
The representatives from CBRE played a pivotal role in this deal. Shamir Seidman, Jeff Feldman, Judah Hammer, and Zach Hazen assisted in the financing process. The process was noted for its fantastic execution by all parties involved, showcasing the brokers’ effective collaboration with the landlords to meet their business objectives.
Players
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
0.55%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93