Ostad Apartment Portfolio Garners $28M Cash-Out Refi
CBRE has secured a refinancing loan of more than $28 million for a portfolio of five residential properties totaling 60 apartments and seven retail units located in Midtown, Greenwich Village and the Upper East and West Sides of Manhattan, owned by Ed and Michael Ostad. The CBRE team of Shamir Seidman and Jeff Feldman arranged the financing on behalf of the borrower.
“We are proud to have played a role in the refinancing of the Ostad portfolio,” said Seidman. “Four of the buildings were purchased in 2024 and underwent a remarkable value-add execution and value creation, which allowed the sponsor to do a cash-out refinance in a short period of time.”
The portfolio includes 301 E. 90th St. on the Upper East Side, 714 Greenwich St. in the West Village, 723 Eleventh Ave. and 746 Ninth Ave. in Hell’s Kitchen, and 407 Amsterdam Ave. on the Upper West Side.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout