New York, NY (April 8, 2024) – National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated over $68 million to 31 New York area housing cooperatives and condominiums during the first quarter of 2024. Edward Howe III, Managing Director of NCB’s New York office, made the announcement.
In February, Harley Seligman, Senior Vice President, financed a $1.2 million first mortgage and a $250,000 line of credit for 40-12/16 73rd Street Owners Corp., a 42-unit co-op located at 40-12-16 73rd Street in Woodside, NY. This four-story. walk-up cooperative building was built in 1926 and incorporated in 1987. Recent capital improvements included domestic water boilers and two hot water storage tanks and the conversion of the central heating system to a dual-fired system.
In March, Mindy Goldstein, Senior Vice President, financed a $5 million first mortgage for Lincoln Shore Owners Inc., a 174-unit co-op located at 2727 Ocean Parkway in Brooklyn, NY. This six-story cooperative building was constructed in 1956 and incorporated in 1986. Anticipated capital improvements for the co-op include façade, interior and garage repairs.
Also in March, Edward Howe financed a $2.4 million first mortgage and a $500,000 line of credit for 929 Park Avenue Apartments Corp., a 38-unit co-op located at 929 Park Avenue in Manhattan. Located on the east side of Park Avenue, this 13-story co-op was constructed in 1913 and incorporated in 1959. With a recent lobby renovation, the co-op anticipates Local Law 11 repairs in the future.
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.
