NCB, FSB New York Posts Strong Activity in September

Originates Over $62 Million in New Financings for New York Area Co-ops

 New York, NY (October 7, 2010) — NCB, FSB, a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area experienced robust activity during September, arranging more than $62 million in new financing for 19 New York area properties.  Edward Howe III, Managing Director of the NCB, FSB New York office, made the announcement. 

“At more than $62 million, September surpassed even the previous month in terms of the amount of financing we were able to originate,” said Mr. Howe. “We are very proud of the work we are doing in assisting cooperatives throughout the Tri-State area as they continue to undertake capital improvements and lower existing debt obligations that will secure their property’s vitality for years to come.”  

NCB, FSB Senior Vice President Sheldon Gartenstein arranged more than $32.4 million in new loans during the month including the largest financing transaction, a $12.2 million first mortgage and a $1 million line of credit for Kennedy Street Quad, a 247-unit co-op located at 18-35/75 Corporal Kennedy Street in Bayside, NY. Mr. Gartenstein also originated a $7 million first mortgage, accompanied by a $1 million line of credit for a 279-unit co-op at 200 East 27th Street in Manhattan; a $4 million first mortgage with a $500,000 line of credit for a 149-unit co-op located at 170 West 74th Street in Manhattan; a $1.6 million first mortgage accompanied by a $500,000 line of credit for The Garrison Apartments, a 29-unit co-op located at 435 Convent Avenue in Manhattan; a $1.25 million first mortgage for a 37-unit co-op at 62 Pierrepont Street Brooklyn; a $1.2 million first mortgage and a $250,000 line of credit for a 37-unit co-op located at 208 East 70th Street in Manhattan; an $800,000 first mortgage and a $250,000 line of credit for Grand Liberte Cooperative, a 10–unit co-op located at 96 Grand Street in Manhattan; a $500,000 line of credit for West Gate House, a 124-unit co-op at 860-870 West 181st Street in Manhattan; and a $350,000 first mortgage accompanied by a $50,000 line of credit for a seven-unit co-op at 66 West 83rd Street in Manhattan.  

Mr. Howe arranged the second largest loan during the month, a $9.5 million first mortgage for Park Knoll Owners Corp., a 228-unit co-op located at 35 Columbus Avenue in West Harrison, NY.  He also originated a $1.35 million first mortgage for a 39-unit co-op located at 80 Williams Street in Mt. Vernon, NY; a $700,000 first mortgage for an 18-unit co-op located at 7123 Third Avenue in Brooklyn, NY; and a $500,000 line of credit for Sutton Owners Corp, a 130-unit co-op located at 35 Sutton Place in Manhattan.  

NCB, FSB Senior Vice President Mindy Goldstein arranged six new loans totaling $17.8 million during September including an $8.75 million first mortgage and a $500,000 line of credit for a Cloister Owners Corp, a 142-unit co-op at 321 East 43rd Street in Manhattan. She also originated a $5.5 million first mortgage and a $500,000 line of credit for a 217-unit co-op located at 325 West 45th Street in Manhattan; an $800,000 first mortgage accompanied by a $300,000 line of credit for an eight-unit co-op at 69 Murray Street in Manhattan; a $500,000 line of credit for Fortham Realty Corp, a 60-unit co-op located at 9524 Fort Hamilton Parkway in Brooklyn, NY; a $500,000 line of credit for Spring Street Studios, a six-unit co-op at 114 Spring Street in Manhattan; and a $400,000 first mortgage accompanied by a $50,000 line of credit for a 10-unit co-op located at 118 West 81st Street in Manhattan.  

 As a full-service financial institution, NCB, FSB provides term loans, lines of credit, commercial and residential mortgages and personal and business banking products to cooperatives nationwide. NCB, FSB offers an array of business banking products for cooperatives including cash management, competitive deposit rates and full service payment processing and lockbox. 

About NCB: 

NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Headquartered in Washington, DC, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop, NCB Financial Group on Facebook, or on Twitter at coopbanking.  

   

NCB Financial Group (NCB) consists of National Consumer Cooperative Bank, a federally chartered cooperative corporation; its wholly-owned subsidiary NCB, FSB, a federally chartered savings bank; and, NCB Capital Impact, a 501(c)3 nonprofit affiliate.  Loans and other financial services are provided by NCB, FSB and NCB Capital Impact.   Deposit products and services are provided by NCB, FSB, which is a member FDIC.   Each is a separate corporation within the NCB Financial Group. 

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