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National Cooperative Bank Arranges Nearly $51 Million in New Loans During January for New York Cooperatives

New York, NY – February 11, 2013 – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, arranged nearly $51 million in new financing activity during January for 21 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.  

    “Following a record 2012, the new year is off to a strong start with a significant increase in financing compared to the same period last year,” said Mr. Howe. “If January is any indication, we anticipate 2013 will be another record-breaking year for lending activity to New York area cooperatives. We are proud to be a valuable resource for these housing communities as they refinance mortgages and undertake capital improvement projects that ensure the financial health of their properties for years to come.”  

      NCB Senior Vice President Mindy Goldstein arranged more than $20 million in new loans during the month, including a $5.6 million first mortgage and a $250,000 line of credit for Lakeland Owners Corp., an 80-unit co-op located at 328-350 Lakeland Avenue in Sayville, NY; a $2 million first mortgage and a $250,000 line of credit for Grand and Mercer Street Corporation, a six-unit co-op located at 35 Mercer Street in Manhattan; a $1.8 million first mortgage and a $200,000 line of credit for a 35-unit co-op located at 375 Lincoln Place in Brooklyn, NY; a $1.8 million first mortgage and a $500,000 line of credit for Crescent Tenants Corp., a 115-unit co-op located at 31-85 Crescent Street in Astoria, NY; a $1.7 million first mortgage and a $500,000 line of credit for a 41-unit co-op located at 402 East 74th Street in Manhattan; a $1.4 million first mortgage and a $300,000 line of credit for Spice Lofthouse Corp., a 15-unit co-op located at 165 Hudson Street in Manhattan; a $1.4 million first mortgage for a 22-unit co-op located at 10 Bleecker Street in Manhattan; a $1.3 million first mortgage for Cedar Pond Owners, Inc., a 40-unit co-op located at 11-51 Cedar Pond Lane in Cortlandt Manor, NY; a $750,000 first mortgage and a $250,000 line of credit for Wooster Owners, Inc., a 12-unit co-op located at 101 Wooster Street in Manhattan; and a $250,000 line of credit for 260 Apartments Corp., a 76-unit co-op located at 260 West End Avenue in Manhattan.   

   NCB Senior Vice President Sheldon Gartenstein originated nearly $20 million in new loans during January, including the largest loan of the month, an $8.5 million first mortgage and a $500,000 line of credit for The Seven Park Avenue Corp., a 226-unit co-op located at 7 Park Avenue in Manhattan; a $4.3 million first mortgage and a $500,000 line of credit for a 122-unit co-op located at 350 Bleecker Street in Manhattan; a $3.3 million first mortgage and a $500,000 line of credit for a 115-unit co-op located at 143-50 Hoover Avenue in Briarwood, NY; a $1.3 million first mortgage for a 30-unit co-op located at 300 West End Avenue in Manhattan; and a $1 million first mortgage for 18-20 Park 84 Corp., a 24-unit co-op located at 18-20 East 84th Street in Manhattan.  

   In January, Mr. Howe arranged more than $10 million in new loans, including a $3.5 million first mortgage for Longacre Gardens Corp., an 87-unit co-op located at 141 North Broadway in White Plains, NY; a $2.8 million first mortgage for a 71-unit co-op located at 315 West 232nd Street in Bronx, NY; a $1.5 million first mortgage and a $250,000 line of credit for a 35-unit co-op located at 519 East 86th Street in Manhattan; a $760,000 first mortgage and a $500,000 line of credit for Ogden Gardens Corp., a 41-unit co-op located at 100 Parkway Road in Bronxville, NY; a $600,000 first mortgage for North Pelham Apartment Corp., a 55-unit co-op located at 305 Sixth Avenue in Pelham, NY; and a $500,000 line of credit for Pelhamdale Manor Corp., an 87-unit co-op located at 1-79 Robins Crescent in New Rochelle, NY.  

    As a full-service financial institution, NCB provides term loans, lines of credit, commercial and residential mortgages and personal and business banking products to cooperatives nationwide. NCB offers an array of business banking products for cooperatives including cash management, competitive deposit rates and full service payment processing and lockbox. 

 

 About NCB: 

NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Headquartered in Washington, DC, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop, National Cooperative Bank on Facebook, or on Twitter @coopbanking.  


The NCB Financial Group consists of the Congressionally-chartered National Consumer Cooperative Bank (NCCB) and NCB, FSB, a federally insured savings bank wholly owned by NCCB. The NCB Financial Group provides financial products and services for the nation’s cooperatives, their members, and socially responsible organizations.