National Cooperative Bank Provides $45.9 Million to Mercer Square Owners Corporation

New York, NY (August 7, 2024) –National Cooperative Bank’s New York Team recently closed a $43 million first mortgage and a $2.9 million line of credit for Mercer Square Owners Corporation, a 256-unit co-op at 250 Mercer Street in Manhattan. This funding will be used for refinancing existing debt and carrying out capital improvements.

The property, part of the Mercer Square Condominium, is a Cond-op with four interconnected elevator apartment buildings on a city block in Greenwich Village.

In the past five years, the Cond-op has undertaken various capital improvement projects, including facade work, sidewalk and vault enhancements, rooftop tank installations, security camera installations, and a new boiler. The building is currently finishing ongoing Local Law 11 facade work.

“NCB is proud to work with Mercer Square to provide the necessary financing to meet the current and future capital improvements at the property,” stated Harley Seligman, Senior Vice President of NCB. "Our New York lending team worked tirelessly to create a speedy underwriting and closing process.  The team is proud to close more cooperative loans than any other NY lender and welcomes the opportunity to work with co-ops and condos throughout the tri-state area.” 
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.