New York, NY (January 10, 2024) – National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated over $92 million to 27 New York area housing cooperatives and condominiums during the fourth quarter of 2023. Edward Howe III, Managing Director of NCB’s New York office, made the announcement.
In November, Mindy Goldstein, Senior Vice President, financed a $5.2 million first mortgage for 3095 Owners Corp., a 36-unit co-op located at 30 East 95th Street in Manhattan. Situated in the Upper East Side, this one-story elevator co-op was constructed in 1894 and incorporated in 1982. Exterior waterproofing is one of the anticipated capital improvements.
In December, Edward Howe financed a $25 million first mortgage and a $1 million line of credit for Westchester Towers Owners Corp., a 424-unit co-op located at 1841-1853 Central Park Avenue in Yonkers, NY. Located on the west side of Central Park, this two-building complex is 15- and 19-stories tall. Each building also includes a parking garage. Anticipated capital improvements for the co-op include garage repairs and a new boiler.
Also in December, Harley Seligman, Senior Vice President, financed an $11.5 million term loan for The Kips Bay Towers Condominium, a 1,120-unit condo located at 300 East 33rd Street in Manhattan. The condominium complex consists of two, twenty-one story buildings that were constructed around 1965 and converted into condominiums in 1981. Future capital improvements include a facade project, water heater replacement, garage repairs, basement firestopping and parking lot 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.