Sales  ·  Mixed Use

Edward Ostad Buys Four-Building Downing Portfolio for $21.9M

reprints


Danielle Downing, the daughter of New York City landlord Vincent Downing, who was killed in a traffic accident in 2016, sold a portfolio of four multifamily buildings throughout Manhattan for $21.9 million, according to property records made public March 29.

New York City real estate investor Edward Ostad signed the deal on March 25 to purchase the group of five-story walk-up buildings in Hell’s Kitchen, the Upper East Side and the West Village.

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The sale was first reported by PincusCo.  

The portfolio includes the 18-unit 746 Ninth Avenue; the 12-unit 723 11th Avenue; the 15-unit 1732 Second Avenue and the 10-unit 714 Greenwich Street.

The four walk-ups were owned by the late Vincent Downing, who was struck by a car and killed in 2016 while crossing an intersection at Third Avenue and East 71st Street on the Upper East Side. Downing’s son and the executor of his estate, David Downing, sued the driver in the fatal crash for $1.25 million in New York Supreme Court, court records show

Downing was also survived by two other children — Danielle and Diana Downing — and the siblings took some time to settle their father’s estate, as the New York Daily News and other outlets reported.

Danielle Downing signed the deal to hand over the four buildings on March 26 and could not be reached for comment. A spokesperson for Ostad did not immediately return a request for comment. It’s unclear if brokers were involved in the sale.

Abigail Nehring can be reached at anehring@commercialobserver.com.