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National Cooperative Bank Originates $19.7 Million for New York-Area Cooperatives in January 2017

New York, NY (February 6, 2017) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $19.7 million in new loans during January for 10 New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement. 

Mindy Goldstein, senior vice president reported $8.8 million in originations during January, including the largest loan of the month, a $5 million second mortgage for Willoughby Walk Cooperative Apts., a 572-unit co-op at 185 Hall Street in Brooklyn, NY.  Other financing for the month included:

  • A $1.7 million third mortgage for 575 Owners Corp., a 16-unit co-op at 575 6th Avenue in Manhattan;
  • A $1.6 million first mortgage for a 60-unit co-op at 156-168 East 3rd Street in Manhattan;
  • A $500,000 second mortgage for a 67-unit co-op at 49 West 12th Street in Manhattan. 

Edward Howe III, managing director of NCB’s New York office, reported $7.1 million in originations during January, including:

  • A $4 million second mortgage and a $1 million third mortgage for a 48-unit co-op at 700 Park Avenue in Manhattan;
  • A $1.6 million first mortgage and a $500,000 line of credit for a 36-unit co-op at 323, 325 & 327 West 11th Street in Manhattan.

 Harley Seligman, vice president originated $3.8 million in January, including: 

  • A $2.1 million first mortgage and a $500,000 line of credit for Brigham Shellbank Cooperative Inc., a 107-unit co-op at 2241/2257 Plumb 1st Street in Brooklyn, NY;
  • A $500,000 line of credit for a 126-unit co-op at 2940-2950 Ocean Avenue in Brooklyn, NY;
  • A $300,000 line of credit for Braddock Avenue Owners, Inc., a 47-unit co-op at 222-89 Braddock Avenue in Bellrose, NY;
  • A $250,000 first mortgage and a $100,000 line of credit for a 16-unit co-op at 233 Park Place in Brooklyn, NY.

 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.