• Home > Press Releases
  • >
  • National Cooperative Bank Originates $53 Million for New York-Area Cooperatives in October 2016

National Cooperative Bank Originates $53 Million for New York-Area Cooperatives in October 2016

New York, NY (November 4, 2016) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $53 million in new loans during October for 12 New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement.  

Mindy Goldstein, senior vice president reported $21.3 million in originations during October, including: 

  •  A $7 million first mortgage and a $500,000 line of credit for High Meadow Cooperative No. 1, Inc., a 183-unit co-op at 119 Charter Circle in Ossining, NY; 
  •  A $5.1 million first mortgage and a $500,000 line of credit for Highlander Hall Owners, Inc., a 167-unit co-op at 164-20 Highland Avenue in Jamaica, NY; 
  •  A $3.1 million first mortgage and a $750,000 line of credit for Michele Towers, Inc., a 96-unit co-op at 75-40 Austin Street in Forest Hills, NY; 
  •  A $2.7 million first mortgage for Mohegan Village Owners, Inc., a 53-unit co-op at 737 Tuckahoe Road in Yonkers, NY; 
  •  A $1.4 million first mortgage and a $250,000 line of credit for Chelsea Lofts Corp., a 20-unit co-op at 139 West 19th Street in Manhattan.    

Edward Howe III, managing director of NCB’s New York office, reported $18.8 million in originations during October, including the largest loan of the month, a $7.5 million first mortgage and a $1,000,000 line of credit for Morton-Barrow Owners Corp., a 163-unit co-op at 63-69 Morton Street in Manhattan.  Other financing for the month included: 

  •  A $7.5 million first mortgage and a $300,000 line of credit for Inwood Owners, Inc., a 300-unit co-op at 181 Long Hill Road in Little Falls, NJ; 
  •  A $2 million first mortgage and a $500,000 line of credit for a 96-unit co-op at 310 East 49th Street in Manhattan.    

Harley Seligman, vice president originated $12.9 million in October, including: 

  •  A $6.5 million first mortgage and a $500,000 line of credit for a 49-unit co-op at 50 Plaza Street in Brooklyn, NY; 
  •  A $3 million first mortgage for Prince Tower Tenants Corp., a ten unit co-op at 565-567 Broadway in Manhattan; 
  •  A $1.9 million first mortgage and a $500,000 line of credit for 109 Tenants Corp., an 85-unit co-op at 109-14 Ascan Avenue in Forest Hills, NY; 
  •  A $500,000 first mortgage for a nine unit co-op at 41 West 16th 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. 

   

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 and Instagram, or on Twitter @natlcoopbank.