• Home > Press Releases
  • >
  • NCB, FSB Originates $50 Million in New Financing Activity for New York Cooperatives during May

NCB, FSB Originates $50 Million in New Financing Activity for New York Cooperatives during May

New York, NY (June 13, 2011) -NCB, FSB, a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged $50 million in new loans during the month of May for 19 New York area properties.  Edward Howe III, Managing Director of the NCB, FSB New York office, made the announcement.  

“We saw a substantial increase in the dollar amount of loan originations during the month of May, with total loan volume doubling from the previous month.” said Mr. Howe. “We attribute this rise in activity to more New York area properties taking advantage of available financing options to lower existing debt and fund planned capital improvement projects.”  

NCB, FSB Senior Vice President Sheldon Gartenstein arranged over $7 million in new financing activity during the month, including a $5 million first mortgage for 320-57 Corporation, a 92-unit co-op located at 320 East 57th Street in Manhattan; a $1.8 million first mortgage for 155 Tenants Corp., a 72-unit co-op located at 155 East 93rd Street in Manhattan; and a $250,000 first mortgage and a $50,000 line of credit for a five-unit co-op located at 128 Sixth Avenue in Brooklyn.  

 NCB, FSB Senior Vice President Mindy Goldstein arranged $22 million in new financings in May, including a $5.5 million first mortgage and a $500,000 line of credit for an 80-unit co-op located at 9 Barrow Street in Manhattan; a $3.7 million first mortgage and a $250,000 line of credit for a 134-unit co-op located at 3363 Sedgwick Avenue in the Bronx; a $2.5 million first mortgage and a $500,000 line of credit for a 63-unit co-op located at 6300 Riverdale Avenue in the Bronx; a $2.3 million first mortgage and a $300,000 line of credit for a 109-unit co-op located at 67-87 & 68-09 Booth Street in Forest Hills, NY; a $2.1 million first mortgage and a $500,000 line of credit for a 68-unit co-op located at 417 Riverside Drive in Manhattan; a $1.1 million first mortgage for Work of Art Loft Corp., a ten-unit co-op located at 242 Lafayette Street in Manhattan; a $1 million first mortgage and a $250,000 line of credit for a 27-unit co-op located at 599 West End Avenue in Manhattan; a $900,000 first mortgage and a $200,000 line of credit for a 43-unit co-op located at 7520 Ridge Boulevard in Brooklyn, NY; and a $500,000 first mortgage for a 20-unit co-op located at 415 West 46th Street in Manhattan.   

 In May, Mr. Howe arranged new loans totaling nearly $21 million, including the largest loan of the month, a $7.4 million first mortgage and a $500,000 line of credit for a 73-unit co-op located at 425 Park Avenue South in Manhattan; a $4 million first mortgage for a 93-unit co-op located at 144-80 Sanford Avenue in Flushing, NY; a $3.2 million first mortgage and a $250,000 line of credit for a 118-unit co-op located at 43 Bronx River Road in Yonkers, NY; a $2.7 million first mortgage and a $500,000 line of credit for Larchmont Gables Apt Corp., a 48-unit co-op located at 1440-1456 Boston Post Road in Larchmont, NY; an $800,000 line of credit for a 114-unit co-op located at 140 East 2nd Street in Brooklyn, NY; a $660,000 line of credit for a 36-unit co-op located at 36-42 Pondfield Road in Yonkers, NY; and a $370,000 first mortgage and a $150,000 line of credit for Hillcrest Owners Inc., a 14-unit co-op located at 15 Beach Tree Lane in Bronxville, NY.  

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, National Cooperative Bank on Facebook, or on Twitter @coopbanking.  

   

The NCB Financial Group consists of the Congressionally-chartered National Consumer Cooperative Bank (NCCB) and NCB, FSB, a federally insured savings bank wholly owned by NCCB.  The NCB Financial Group provides financial products and services for the nation's cooperatives, their members, and socially responsible organizations. 

   

The NCB Financial Group also works in a strategic alliance with NCB Capital Impact, a non-profit Community Development Financial Institution created under the same act of Congress as NCCB with particular focus on impacting low and moderate income communities. 

   

# # #