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National Cooperative Bank Originates $51.9 Million for New York-Area Cooperatives in March 2017

Photo of The Armory Owners Housing Cooperative in Manhattan

New York, NY (April 6, 2017) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $51.9 million in new loans during March for 17 New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement.

Edward Howe III, managing director of NCB’s New York office, reported $24.7 million in originations during March, including the largest loan of the month, a $14 million first mortgage and a $1 million line of credit for Armory Owners, Inc. a 156-unit co-op at 529 West 42nd Street in Manhattan.  Other financing for the month included:

  • A $4 million first mortgage and a $750,000 line of credit for Park Court Owners, Inc., a 125-unit co-op at 755 Bronx River Road in Yonkers, NY;
  • A $2.5 million first mortgage and a $500,000 line of credit for a 42-unit co-op at 52 Riverside Drive in Manhattan;
  • A $1.4 million first mortgage and a $500,000 line of credit for a 52-unit co-op at 4265 Webster Avenue in Bronx, NY.

Mindy Goldstein, senior vice president reported $22.8 million in originations during the month, including:

  • A $4.3 million first mortgage and a $400,000 line of credit for La Costa Apartment Corp., a 95-unit co-op at 397-399 North Broadway in Yonkers, NY;
  • A $4 million first mortgage and a $500,000 line of credit for West Gate House, Inc., a 121-unit co-op at 860-870 West 181st Street in Manhattan;
  • A $3.5 first mortgage and a $500,000 line of credit for Holliswood Owners Corp., a 262-unit co-op at 196-04 Pompeii Avenue in Queens, NY; 
  • A $2.5 million first mortgage and a $300,000 line of credit for Hartsdale Highlands Tenants Corp., a 70-unit co-op at 125 North Washington Avenue in Hartsdale, NY;
  • A $2.5 million first mortgage and a $250,000 line of credit for 775 Loft Corp., a six-unit co-op at 775 Sixth Avenue in Manhattan;
  • A $1.4 million first mortgage and a $500,000 line of credit for a 25-unit co-op at 415 West 57th Street in Manhattan;
  • A $1.2 million first mortgage and a $250,000 line of credit for a 15-unit co-op at 310 West 18th Street in Manhattan;
  • A $600,000 first mortgage and a $100,000 line of credit for a 23-unit co-op at 431 West 121st Street in Manhattan.

Harley Seligman, vice president originated $4.5 million in March, including:  

  • A $1.4 million first mortgage and a $200,000 line of credit for a seven-unit co-op at 20 Bond Street in Manhattan;
  • A $900,000 first mortgage and a $200,000 line of credit for a five-unit co-op at 14 West 75th Street in Manhattan;
  • An $850,000 first mortgage and a $200,000 line of credit for Villa Charlotte Bronte, Inc., a 17-unit co-op at 2501/2505 Palisades Avenue in Bronx, NY;
  • A $500,000 second mortgage for 555 Owners Corp., a 96-unit co-op at 555 Bronx River Road in Yonkers, NY;
  • A $300,000 second mortgage for an eight-unit co-op at 90 Prospect Park West 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.