New York, NY (March 6, 2018) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $43 million in new loans during February for sixteen New York area housing cooperatives. Edward Howe III, managing director of the NCB New York office, made the announcement.
Mindy Goldstein, senior vice president originated $27 million for the month of February, including the largest loan of the month, a $15.3 million first mortgage and a $500,000 line of credit for a 176-unit co-op at 300 East 85th Street in Manhattan. Other financing for the month included:
A $2.8 million first mortgage and a $250,000 line of credit for a 131-unit co-op at 83-10 35th Avenue in Jackson Heights, NY;
A $2 million first mortgage and a $1 million line of credit for Burnham House, Inc. an 11-unit co-op at 840 Broadway in Manhattan;
A $1.6 million first mortgage and a $500,000 line of credit for a 27-unit co-op at 44 West 65th Street and 46 West 65th Street in Manhattan;
A $1.5 million first mortgage for a 26-unit condominium at 250 Bowery in Manhattan;
A $550,000 first mortgage and a $100,000 line of credit for Great Jones Current Project, Inc., an eight unit co-op at 39 Great Jones Street in Manhattan;
A $500,000 line of credit for 44 Owners Corp., a 23-unit co-op at 44 West 96th Street in Manhattan;
A $300,000 first mortgage and a $150,000 line of credit for a 21-unit co-op at 331 West 14th Street in Manhattan.
Edward Howe III, managing director of NCB’s New York office, reported $13.6 million in originations during February, including:
A $4 million first mortgage and a $500,000 line of credit for Wesley House Ltd., a 76-unit co-op at 10 Old Mamaroneck Road in White Plains, NY;
A $3.1 million first mortgage and a $500,000 line of credit for a 71-unit co-op at 3600 Fieldston Road in Bronx, NY;
A $2.3 million first mortgage and a $250,000 line of credit for Thornycroft Tenants’ Corp., a 93-unit co-op at 209 Garth Road in Scarsdale, NY;
A $2 million first mortgage and a $250,000 line of credit for 5601 Riverdale Owners Corp., a 113-unit co-op at 5601/5625 Riverdale Avenue in Riverdale, NY;
A $750,000 third mortgage for a 17-unit co-op at 32 West 20th Street in Manhattan.
Harley Seligman, vice president, reported $2.5 million in originations during the month, including:
A $1 million first mortgage and a $250,000 line of credit for a 181-unit co-op at 25 West 13th Street in Manhattan;
A $500,000 first mortgage and a $250,000 line of credit for Lofty Apartment Corp., a four unit co-op at 428 Columbus Avenue in Manhattan;
A $350,000 first mortgage and a $100,000 line of credit for 93 Tenants Corp., a ten unit co-op at 70 East 93rd Street in Manhattan.
As a full-service financial institution, NCB offers an array of business banking products for housing cooperatives and management companies including cash management, competitive deposit rates and full service payment processing and lockbox.
