Newswire

National Cooperative Bank Originates $23.7 Million for 14 New York-Area Housing Cooperatives

National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $23.7 million in new loans during September for fourteen New York area housing cooperatives. Edward Howe III, managing director of the NCB New York office, made the announcement. 

Mindy Goldstein, senior vice president, originated $12.5 million, including the largest loan of the month, a $4.1 million first mortgage and a $500,000 line of credit for a 75-unit co-op at 284-285 Central Avenue in Lawrence, NY.  Other financing for the month included:

  • A $2.5 million first mortgage and a $250,000 line of credit for Silverhill Owners Corp., a 46-unit co-op at 301-335 Main Street in Roslyn, NY;
  • A $1.5 million first mortgage and a $500,000 line of credit for a 51-unit co-op at 25 West 64th Street in Manhattan;
  • A $1.3 million line of credit for an 11-unit co-op at 12West 17th Street in Manhattan;
  • A $950,000 first mortgage and a $200,000 line of credit for a 25-unit co-op at 354-356 West 23rd Street in Manhattan;
  • A $620,000 first mortgage and a $150,000 line of credit for a 15-unit co-op at 521 East 88th Street in Manhattan.

Harley Seligman, senior vice president, reported $7.5 million in originations during the month, including:

  • A $3.3 million first mortgage and a $500,000 line of credit for a 97-unit co-op at 63-61 99th Street in Rego Park, NY;
  • A $1 million line of credit for an 85-unit co-op at 220 East 73rd Street in Manhattan;
  • A $750,000 first mortgage and a $250,000 line of credit for York-87 Owners, Inc., a 19-unit co-op at 448 East 87th Street in Manhattan;
  • A $700,000 line of credit and a $750,000 third mortgage for a 40-unit co-op at 244-246 East 90th Street in Manhattan;
  • A $275,000 first mortgage for Liberty House Owners Corp., a nine unit co-op at 57 3rd Street in Brooklyn, NY.

Edward Howe III, managing director of NCB’s New York office originated $3.7 million for the month of September including:

  • A $1.3 million first mortgage and a $250,000 line of credit for The Birch Street Corporation, a 25-unit co-op at 40 East Birch Street in Mt. Vernon, NY;
  • A $1 million first mortgage and a $100,000 line of credit for 7201 Owners Corp., an 86-unit co-op at 7201 4th Avenue in Brooklyn, NY;
  • A $1 million first mortgage for a 44-unit co-op at 125 East 84th Street in Manhattan.

As a full-service financial institution, NCB offers an array of business banking products for housing cooperatives and management companies including cash management, competitive deposit rates and full service payment processing and lockbox.

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