New York, NY (October 8, 2020) National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated over $139 million to 72 New York area housing cooperatives and condominiums during the third quarter of 2020. Edward Howe III, Managing Director of NCB’s New York office, made the announcement.
In August, Mindy Goldstein, Senior Vice President completed a $6.5 million first mortgage and a $500,000 line of credit for Carlyle Towers Cooperative B, Inc., a 193-unit co-op located at 138-10 Franklin Avenue in Flushing, NY. The cooperative is situated in the Northeast Queens submarket and consists of one 15-storied, elevator high rise apartment building. The building was both built and converted into a cooperative in 1961. Anticipated capital improvements for the cooperative include façade improvements, bulkhead and chimney repairs.
In September, Edward Howe financed a $8.8 million first mortgage and a $500,000 line of credit for P.L. Apartment Corp., a 160-unit co-cop located at 1-2-3-4 Park Lane in Mt. Vernon, NY. The cooperative consists of four, five-story apartment buildings that were constructed in 1927 and incorporated in 1986. Anticipated capital improvements for the cooperative include an elevator upgrade, a new roof and upgrades to the common areas.
Also in September, Harley Seligman, Senior Vice President financed a $3 million first mortgage and a $500,000 line of credit for 515 Tenants Corp., a 60-unit co-op located at 515 West End Avenue in Manhattan. This cooperative is on the Upper West Side of Manhattan and is a 15-story apartment building. The building was constructed in 1926 and converted to cooperative ownership in 1981. Anticipated capital improvements include exterior repairs to meet Local Law 11, cycle 9 guidelines.
As a full-service financial institution, NCB offers full service business banking products for housing cooperatives, condominiums and HOAs and their respective management companies. Additional products include cash management, competitive deposit rates and full-service payment processing and lockbox.