New York, NY (June 6, 2018) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated over $55 million in new loans during May for twenty-three New York area housing cooperatives. Edward Howe III, managing director of the NCB New York office, made the announcement.
Edward Howe III, managing director of NCB’s New York office, originated $24.8 million, including the largest loan of the month, a $14 million first mortgage for Bryant Gardens Corp., a 409-unit co-op at 1-15 Bryant Crescent and 175-185 Bryant Avenue in White Plains, NY. Other financing for the month included:
A $3.8 million first mortgage and a $300,000 line of credit for a 78-unit co-op at 2-4 Windsor Terrace in White Plains, NY;
A $2.4 million first mortgage and a $700,000 line of credit for Woodrow Court, Inc., a 52-unit co-op at 565 West 169th Street in Manhattan;
A $2.2 million first mortgage for Penbrook Owners, Corp. a 72-unit co-op at 50-60 Hempstead Avenue In Lynbrook, NY;
An $825,000 first mortgage and a $100,000 line of credit for Gotham House Owners Corp., a 57-unit co-op at 150 East 27th Street in Manhattan;
A $600,000 first mortgage for Minerva Apartments, Inc., a 25-unit co-op at 16 Minerva Place in White Plains, NY.
Mindy Goldstein, senior vice president, originated $22.4 million for the month of May, including:
A $6.9 million first mortgage and a $500,000 line of credit for Country Club Ridge Tenants Corp., a 246-unit co-op at 1-101 Rockledge Road and 131-159 East Hartsdale Avenue in Hartsdale, NY;
A $3.1 million first mortgage and a $500,000 line of credit for Greystone in Westchester Cooperative #1 Inc., a 112-unit co-op at 12 Dehaven Drive in Yonkers, NY;
A $2.5 million first mortgage and a $500,000 line of credit for a 63-unit co-op at 140 East 83rd Street in Manhattan;
A $2 million first mortgage and a $500,000 line of credit for Ridgecrest Owners Corp., an 80 unit co-op at 35-69 ½ Carpenter Avenue in Mt. Kisco, NY;
A $1.1 first mortgage and a $300,000 line of credit for 407-413 Owners Corp., a 34-unit co-op at 407 East 91st Street in Manhattan;
A $775,000 first mortgage and a $300,000 line of credit for 202-15 Apartments Corp., a 24-unit co-op at 202-15 42nd Avenue and 40-40 203rd Street in Bayside, NY;
A $675,000 first mortgage for a 14-unit co-op at 177 Amity Street in Brooklyn, NY;
A $650,000 first mortgage and a $500,000 line of credit for Noh Realty Corp. an eight unit co-op at 541 Broadway/112 Mercer Street in Manhattan;
A $375,000 first mortgage and a $150,000 line of credit for a 20-unit co-op at 320 East 90th Street in Manhattan;
A $300,000 first mortgage and a $150,000 line of credit for 35 ½ Crosby Street Realty Corp., a six unit co-op at 37 B Crosby Street in Manhattan;
A $300,000 first mortgage and a $100,000 line of credit for a six unit co-op at 14 East 74th Street in Manhattan;
A $250,000 first mortgage for Teric Realty Corp., a five-unit co-op at 121 West 78th Street in Manhattan.
Harley Seligman, vice president, reported $7.9 million in originations during the month, including:
A $3.2 million first mortgage and a $250,000 line of credit for a 52-unit co-op at 415 Gramatan Avenue on Mt. Vernon, NY;
A $1.3 million first mortgage and a $500,000 line of credit for a 63-unit co-op at 251 Seaman Avenue in Manhattan;
A $1.1 million first mortgage for a 74-unit co-op at One Oakridge Place in Eastchester, NY;
A $750,000 first mortgage for 82 & 88 27th Street Jackson Heights, Inc., a 16-unit co-op at 3721 and 3727 84th Street in Jackson Heights, NY;
A $750,000 third mortgage for a 109-unit co-op at 370 Westchester Avenue in Port Chester, NY.
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.
