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National Cooperative Bank Originates $60 Million for New York-Area Cooperatives in May 2017

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New York, NY (June 5, 2017) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $60 million in new loans during May for 27 New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement.

Mindy Goldstein, senior vice president, reported $41.7 million in originations during the month, including the largest loan of the month, a $5.5 million first mortgage for Horizon Owners Corp., a 110-unit co-op at 42 Pine Street in Yonkers, NY. Other financing for the month included:

  • A $4.1 million first mortgage and a $500,00 line of credit for a 50-unit co-op at 156 East 79th Street in Manhattan;
  • A $4 million first mortgage and a $500,000 line of credit for Hartsdale Manor Owners Corp., a 145-unit co-op at 26, 28, 30, 51, 59 Fieldstone Drive in Hartsdale, NY;
  • A $3.1 million first mortgage for Executive Towers Apartment Owners Corp., a 134-unit co-op at 160 Academy Street in Poughkeepsie, NY;
  • A $3 million first mortgage and a $500,000 line of credit for Jaxboro Corp., a 143-unit co-op at 34-41 85th Street in Jackson Heights, NY;
  • A $3 million first mortgage and a $150,000 line of credit for 84 Drive Homes Inc., a 61-unit co-op at 140-17 84th Drive in Briarwood, NY;
  • A $2.4 million first mortgage and a $500,000 line of credit for Great River Owners, Inc., a 50-unit co-op at 100 Connetquot Avenue in East Islip, NY;
  • A $2.6 million first mortgage and a $250,000 line of credit for Lexington Estates Inc., a 96-unit-co-op at 200 Lexington Avenue in Oyster Bay, NY;
  • A $2.4 million first mortgage and a $250,000 line of credit for 83-06 Vietor Avenue Realty Corp., an 86-unit co-op at 83 Vietor Avenue in Elmhurst, NY;
  • A $1.7 million first mortgage and a $300,000 line of credit for a 52-unit co-op at 100 Bank Street in Manhattan;
  • A $1.3 million first mortgage and a $500,000 line of credit for Murray Hill Owners Corp., a 31-unit co-op at 264 Lexington Avenue in Manhattan;
  • A $1.3 million first mortgage and a $200,000 line of credit for The Bakery, Inc., a 16-unit co-op at 521 West 47th Street in Manhattan;
  • A $1 million first mortgage and a $300,000 line of credit for Gramercy Equities Corp., a ten-unit co-op at 35 East 20th Street in Manhattan;
  • A $1 million first mortgage and a $250,000 line of credit for Barclay Townhouses at Merrick II Owners Corp., a 37-unit co-op at 1425 Jerusalem Avenue in Merrick, NY;
  • A $900,000 first mortgage for 84-86 Development Corp., a 12-unit co-op at 84 Thomas Street in Manhattan;
  • A $750,000 third mortgage for a 40-unit co-op at 131 West 85th Street in Manhattan;
  • A $225,000 first mortgage for a five-unit co-op at 436 West 23rd Street in Manhattan;
  • A $225,000 first mortgage for a 20-unit co-op at 155 East 2nd Street in Manhattan.

 

Harley Seligman, vice president originated $10.3 million in May, including:

  • A $3.6 million first mortgage and a $500,000 line of credit for Midtown Manor Apartments, Ltd., a 75-unit co-op at 211 East 35th Street in Manhattan;
  • A $2.5 million first mortgage for a 59-unit HOA at 1049 5th Avenue in Manhattan;
  • A $2.2 million first mortgage and a $250,000 line of credit for a 46-unit co-op at 55 Eastern Parkway in Brooklyn, NY;
  • A $500,000 first mortgage for 237 Apt Corp, a 15-unit co-op at 237 East 17th Street in Manhattan;
  • A $400,000 first mortgage for an eight-unit co-op at 440 Third Street in Brooklyn, NY;
  • A $300,000 second mortgage for 2400 Apt. Corp., a 137-unit co-op at 2400 Hudson Terrace in Fort Lee, NJ.

 

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

  • A $4 million first mortgage and a $500,000 line of credit for Sheepshead Terrace Cooperative Apts., Inc., a 168-unit co-op at 2413-83 East 29th Street in Brooklyn, NY;
  • A $1.2 million first mortgage and a $500,000 line of credit for McCorkle Cooperative Apartments, Inc., a 128-unit co-op at 245-247 Parkview Avenue in Bronxville, NY;
  • An $850,000 first mortgage for an 11-unit co-op at 343 West 12th 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.