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National Cooperative Bank’s New York Office Reports Nearly $41 Million in Originations for Area Cooperatives During April

New York, NY (May 9, 2016) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, announced that the Bank originated $40.5 million in new loans during April 2016 for 26 New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement. 

Senior Vice President Mindy Goldstein arranged $22.7 million in loans during the month, as well as the largest loan of the month, a $5.7 million first mortgage and $500,000 line of credit for Elmhurst Towers Apartments, Inc., a 160-unit co-op at 81-11 45th Avenue in Elmhurst, NY. Other financing activity during April includes:

  • A $5.2 million first mortgage and $500,000 line of credit for Ocean Harbor Club Owners, Inc., a 92-unit co-op at 4 Rose Street in Oceanside, NY;  
  • A $3.5 million first mortgage for Allendale Apartments, Inc., an 82-unit co-op at 34-24 82nd Street in Jackson Heights, NY;  
  • A $3.2 million first mortgage for 66 Madison Avenue Apartment Corp., a 124-unit co-op at 17-19 East 27th Street a.k.a. 664-70 Madison Avenue in Manhattan;  
  • A $2.1 million first mortgage and $250,000 line of credit for a 27-unit co-op at 40 West  84th Street in Manhattan;  
  • A $1.1 million line of credit for The Ascot Owner, Inc., a 143-unit co-op at 407 Park Avenue South in Manhattan;  
  • A $275,000 first mortgage and $100,000 line of credit for a nine-unit co-op at 625 East 6th Street in Manhattan; and  
  • A $250,000 line of credit for a 39-unit co-op at 61-69 Pierrepont Street in Brooklyn, NY.  

Vice President Harley Seligman originated $10.7 million in financing during April, including:

  • A $2.5 million first mortgage and $500,000 line of credit for Pleasant Manor Apartments Ltd., a 33-unit co-op at 35-85 Broadway in Pleasantville, NY;  
  • A $1 million first mortgage for 466 Tenants Corp., a 16-unit co-op at 466 Washington Street in Manhattan;  
  • A $1 million first mortgage for a 40-unit co-op at 242 East 38th Street in Manhattan;  
  • A $600,000 first mortgage for Ivy Day, Inc., a 12-unit co-op at 335 West 20th Street in Manhattan;  
  • A $600,000 term loan for The Alhambra Condominium, a 108-unit condo at 109 Alhambra Drive in Oceanside, NY;  
  • A $525,000 first mortgage for Gallant House, Inc., a 14-unit co-op at 220 West 20th Street in Manhattan;  
  • A $550,000 first mortgage and $200,000 line of credit for Chelsea Gardens Apt. Corp., a 12-unit co-op at 405 West 21st Street in Manhattan;  
  • A $500,000 first mortgage and $200,000 line of credit for Chelsea Cottage Corp., a seven-unit co-op at 361 West 21st Street in Manhattan;  
  • A $400,000 first mortgage for Merle House, Inc., a ten-unit co-op at 244 West 20th Street in Manhattan;  
  • A $400,000 first mortgage for Home at Last Corp., a ten-unit co-op at 149 Avenue C in Manhattan;  
  • A $400,000 first mortgage for a nine-unit co-op at 140 Sullivan Street in Manhattan.  
  • A $375,000 first mortgage and $200,000 line of credit for Clement House, Inc., a ten-unit co-op at 252 West 21st Street in Manhattan; 
  • A $350,000 line of credit for an 89-unit co-op at 2199 Holland Avenue in Bronx, NY; and 
  • A $350,000 first mortgage for Sea Gull Garden Apartment Owners Corp., a 20-unit co-op at 474 Fulton Street in Farmingdale, NY.

Edward Howe III reported $7.2 million in originations during April. Financing included:    

  • A $3 million first mortgage for 9611 Owners Corp., an 87-unit co-op at 96-11 65th Road in Rego Park, NY;  
  • A $2 million first mortgage for an eight-unit co-op at 17 East 80th Street in Manhattan; and 
  • A $1.2 million first mortgage for a 48-unit co-op at 91 Van Cortlandt Avenue West in Bronx, NY; and a $700,000 first mortgage and $300,000 line of credit for a 37-unit co-op at 19 South Broadway in Tarrytown, 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 National Cooperative Bank:

National Cooperative Bank 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. NCB provides financial products and services for the nation’s cooperatives, their members, and socially responsible organizations. 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.