New York, NY (October 6, 2022) - National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated $243 million to 69 New York area housing cooperatives and condominiums during the third quarter of 2022. Edward Howe III, Managing Director of NCB’s New York office, made the announcement.
Harley Seligman, Senior Vice President, financed a $20 million first mortgage and a $1 million line of credit for Tower Owners, Inc., a 588-unit co-op located at 35 Seacoast Terrace and 1311 Brightwater Avenue in Brooklyn, NY. The two-building property is located in the Brighton Beach neighborhood and was built in 1963 and incorporated in 1982. The anticipated capital improvements for the co-op include local law upgrades, parking lot asphalt and lobby repairs.
Edward Howe financed a $7 million first mortgage and a $2 million line of credit for 230 Garth Road Owners, Inc., a 343-unit co-op located at 230 Garth Road in Scarsdale, NY. Built in 1967, the two, six and part seven-story buildings include a basement and were incorporated to cooperative ownership in 1979. The cooperative will use loan proceeds for garage and façade work.
Mindy Goldstein, Senior Vice President, financed a $3.1 million first mortgage and a $500,000 line of credit for 62 Montague Street Housing Corporation, a 30-unit co-op located at 62 Montague Street in Brooklyn, NY. This six-story cooperative building was constructed in 1979 and incorporated in 1980.
As a full-service financial institution, NCB offers banking products and services for housing cooperatives, condominiums and HOAs and their respective management companies. Additional products include treasury management, competitive deposit rates and payment processing and lockbox solutions.