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New York & Tri-State  + Midtown New York  + Apartments  |  December 3, 2025
Paul Bubny
By: Paul Bubny

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.

Get ready to hear from the Southeast’s most influential multifamily leaders on December 4th at Connect Southeast Multifamily. Join us to hear from and connect with the power players shaping the region’s growth — from top developers and investors to the most prominent lenders, owners, and advisors who are defining the next wave of opportunities. www.ConnectSEMF2025.com

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Inside The Story

CBRE's Seidman

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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