According to ESJF European Jewish Cemeteries Initiative, the exact period of the cemetery’s establishment is unknown. First, it appears on Russian topographic maps of the 1870s, but the oldest preserved gravestone relates to the mid-19th century. Later, it was marked on maps of 1902 and 1917.
Located at 49°51'44.2"N 26°76'22.6"E (no formal address)
Their website has more information as well as a few pictures.
There is also a Holocaust Memorial at the Cemetery
Located at 49°30'51.9"N 26°45'44.1"E
Genealogia has an online collection of photos showing some of the individual headstones in Chornyi Ostriv. The headstones which are still legible have translations as well.
The articles below explain Hebrew letters, common gravestone epithets, and how to translate dates.