New York, NY (January 16, 2025) - National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated over $92 million to 33 New York area housing cooperatives and condominiums during the fourth quarter of 2024. Edward Howe III, Managing Director of NCB’s New York office, made the announcement.
Mindy Goldstein, Senior Vice President, financed a $6.5 million first mortgage and a $500,000 line of credit for Shore Terrace Cooperative, Inc., a 240-unit co-op located 2717 East 28th Street in Brooklyn, NY. The four, six story cooperative buildings were constructed in 1953. Recent capital improvements at the cooperative include new roofs for two of the buildings and garage door replacement.
Harley Seligman, Senior Vice President, financed a $6.25 million first mortgage and a $500,000 line of credit for Tennis View Apartments, Inc., a 165-unit co-op located at 6 Burns Street and 4 Dartmouth Street in Forest Hills, NY. The two, six-story cooperative buildings were constructed in 1920 and 1931 and incorporated in 1971. The co-op is planning a window replacement project with the loan proceeds.
Mr. Howe financed a $1.5 million first year mortgage and a $500,000 line of credit for 241 West 108, Ltd., a 36-unit co-op located at 241 West 108th Street in Manhattan. The nine-story cooperative building was constructed around 1911 and incorporated in 1985. Future capital improvement for the building includes elevator modernization and façade 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.
