New York, NY (July 10, 2024) – National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated over $68 million to 22 New York area housing cooperatives and condominiums during the second quarter of 2024. Edward Howe III, Managing Director of NCB’s New York office, made the announcement.
Harley Seligman, Senior Vice President, financed a $20.4 million first mortgage and a $500,000 line of credit for Forest Green Apt. Corp., a 253-unit co-op located at 32433 Union Boulevard in Islip, NY. The ten two-story, garden-style cooperative buildings were constructed in 1962 and incorporated in 1989. Future capital improvements include general repairs, restoration, roofing, carpeting, and paving.
Mr. Seligman also financed a $550,000 first year mortgage for 406 Seventh Avenue Corp., a seven-unit co-op located at 406 Seventh Avenue in Brooklyn, NY. The five-story, walk-up, garden cooperative building was constructed around 1920 and incorporated in 1984. An anticipated capital improvement for the building is the cornice project.
Mindy Goldstein, Senior Vice President, financed a $7 million first mortgage and a $700,000 line of credit for Avalon Terrace Owners, Inc., a 166-unit co-op located at 89-00 170th Street in Jamaica, NY. The 12-story cooperative building was constructed in 1963 and incorporate in 1984. A balcony façade project and elevator modernization are two anticipated capital improvements for the property.
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.
