New York, NY (April 9, 2025) – National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated over $164 million to 50 New York area housing cooperatives and condominiums during the first quarter of 2025. Edward Howe III, Managing Director of NCB’s New York office, made the announcement.
In February, Mindy Goldstein, Senior Vice President, financed a $6.1 million first mortgage and a $1 million line of credit for 60 Tenants Corp., a 70-unit co-op located at 60 East 96th Street in Manhattan. Located in the Carnegie Hill neighborhood, this 16-story plus penthouse and basement cooperative was constructed around 1929 and incorporated in 1970. Anticipated capital improvements at the cooperative include Local Law 11 improvements, gas conversion, elevator modernization and flooring upgrades.
Also in February, Harley Seligman, Senior Vice President, financed a $3.5 million first mortgage and a $500,000 line of credit for 2221 Palmer Avenue Corporation, a 126-unit co-op located at 2221 Palmer Avenue in New Rochelle, NY. The two, four-story cooperative buildings were constructed in 1966 incorporated in 1980. The co-op is planning a roof recovery system with the loan proceeds.
In March, Mr. Howe financed a $12 million first mortgage for Alley Pond Owners Corp., a 550-unit co-op located at 78-09 Springfield Boulevard in Bayside, NY. The 31, two-story cooperative buildings were constructed in 1950 and incorporated in 1985. Future capital improvements for the buildings include roof replacement and concrete sidewalk repairs.
As a full-service financial institution, NCB offers banking products and services for housing cooperatives, condominiums, HOAs, and their respective management companies. Additional products include treasury management, competitive deposit rates and payment processing, and lockbox solutions.