National Cooperative Bank Originated $283.7M for NYC Co-ops and Condos in 4Q 2019

The Ansonia

National Cooperative Bank (NCB), a lender to cooperative housing and condominiums throughout the tri-state area, originated $283.7 million to 72 New York area housing cooperatives and condominiums during the fourth quarter of 2019, said Edward Howe III, managing director of NCB’s New York office.

In October, Harley Seligman, senior vice president, completed a $12.3 million term loan for The Ansonia Condominium, a 365-unit condominium located at 2109 Broadway on the Upper West Side of Manhattan. The purpose of the loan is to refinance the condominium’s existing loan with NCB and fund anticipated capital improvement projects.

Also in October, Howe financed a $12 million first mortgage for Gerard Owners Corp., a 561-unit co-op located at 70-25 Yellowstone Boulevard in Forest Hills, New York. The 25-story cooperative was constructed in 1964, and incorporated in 1983. The cooperative’s anticipated improvements include elevator moderation, solar panels for the upper roof, exhaust fan upgrade, boiler linkage upgrade, lobby updates and more.

In December, Mindy Goldstein, senior vice president, financed an $8 million first mortgage and a $500,000 line of credit for Berkley Owners Corp., a 147-unit co-op located at 170 West 74th Street in Manhattan.  The property consists of one 12-story elevator cooperative apartment building that was constructed in 1913, and incorporated in 1982. Anticipated capital improvements for the co-op include:  brick repairs, building wide cooking gas line enclosure, marquee restoration, additional lighting on the building’s exterior and more.