• Home > Press Releases
  • >
  • NCB, FSB New York Announces Record Month in November; Arranges Nearly $123 Million for Local Cooperatives

NCB, FSB New York Announces Record Month in November; Arranges Nearly $123 Million for Local Cooperatives

New York, NY – December 12, 2012 – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, arranged nearly $123 million in new financing activity during November for 28 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
 
“At nearly $123 million, financing activity in November shattered all our previous records and speaks to the continued excellent environment for refinancing,” said Mr. Howe. “It is our mission to provide local cooperatives with the ability to undertake capital improvement projects and maintain their properties, ensuring safety and vitality in the coming years.”
    
In November, Mr. Howe arranged nearly $42 million in new loans, including an $8 million first mortgage and a $1 million line of credit for 250 Tenants Corp., a 147-unit co-op located at 250 West 94th Street in Manhattan; a $6.5 million first mortgage and a $500,000 line of credit for Cameo House Owners, Inc., a 97-unit co-op located at 300 Martine Avenue in White Plains, NY; a $5.5 million first mortgage and a $2 million line of credit for 29-45 Tenants Corp., a 90-unit co-op located at 29-45 East 9th Street in Manhattan; a $4.6 million first mortgage and a $300,000 line of credit for a 135-unit co-op located at 84-70 129th Street in Kew Gardens, NY; a $3.8 million first mortgage and a $1 million line of credit for an 82-unit co-op located at 151 East 83rd Street in Manhattan; a $3 million first mortgage for a 46-unit co-op located at 185 Marine Avenue in Brooklyn, NY; a $2.9 million first mortgage for a 100-unit co-op located at 141 East Third Street in Manhattan; a $1.1 million first mortgage for a 39-unit co-op located at 190-191 Knickerbocker Avenue in Englewood, NJ; a $1 million line of credit for a 54-unit co-op located at 38-50 West 9th Street in Manhattan; and a $750,000 first mortgage for Minerva Apartments, Inc., a 26-unit co-op located at 16 Minerva Place in White Plains, NY.
  
NCB Senior Vice President Mindy Goldstein arranged nearly $43 million in new loans during the month, including the largest loan of the month, a $20 million first mortgage and a $5 million line of credit for The Estates at Bayside Owners, Inc., a 479-unit co-op located at 67-83 223rd Place in Bayside, NY; a $2.7 million first mortgage and a $500,000 line of credit for 111-119 Hartsdale Corp.,  a 107-unit co-op located at 111 & 119 East Hartsdale Avenue in Hartsdale, NY; a $2.4 million first mortgage and a $300,000 line of credit for Townsend Mews Owners Corp., a 34-unit co-op located at 329-337 West 85th Street in Manhattan; a $2 million first mortgage and a $250,000 line of credit for a 49-unit co-op located at 925 Union Street in Brooklyn, NY; a $1.6 million first mortgage and a $500,000 line of credit for 370 Riverside Tenants Corp., a 75-unit co-op located at 370 Riverside Drive in Manhattan; a $1.5 million first mortgage and a $500,000 line of credit for a 58-unit co-op located at 220 Berkeley Place in Brooklyn, NY; a $1.5 million first mortgage and a $250,000 line of credit for Bedford House Apt. Corp., a 60-unit co-op located at 306 East Mosholu Parkway South in Bronx, NY; A $1.5 million first mortgage for Caton/Stratford Owners Corp., a 32-unit co-op located at 1110 Caton Avenue/5 Stratford Road in Brooklyn, NY; a $900,000 first mortgage and a $250,000 line of credit for 2 W 90th St. Housing Corp., a 22-unit co-op located at 2 West 90th Street in Manhattan; a $350,000 first mortgage and a $200,000 line of credit for Anuradhapura Corporation, a five-unit co-op located at 399 Washington Street in Manhattan; and a $300,000 line of credit for a 36-unit co-op located at 320 West 84th Street in Manhattan.
    
NCB, FSB Senior Vice President Sheldon Gartenstein originated more than $38 million in new loans during November, including a $10 million first mortgage and a $2 million line of credit for 150 East Tenants Corp., a 131-unit co-op located at 150 East 61st Street in Manhattan; a $7.8 million first mortgage and a $500,000 line of credit for 605 Apartment Corp., a 102-unit co-op located at 605 Park Avenue in  Manhattan; a $6.5 million first mortgage and a $500,000 line of credit for a 140-unit co-op located at 30 Fifth Avenue in Manhattan; a $4 million first mortgage and a $500,000 line of credit for Continental Gardens Apartment Corp., a 198-unit co-op located at 105-10/30 66th Avenue in Forest Hills, NY; a $3 million first mortgage and a $500,000 line of credit for 22576 Owners Corp., a 45-unit co-op located at 225 East 76th Street in Manhattan; a $1.8 million first mortgage for 45 W 10 Tenants Corp., an 87-unit co-op located at 45 West 10th Street in Manhattan; and a $900,000 first mortgage and a $200,000 line of credit for an 18-unit co-op located at 281 West 11th Street in Manhattan.
   
As a full-service financial institution, NCB provides term loans, lines of credit, commercial and residential mortgages and personal and business banking products to cooperatives nationwide. NCB 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.

NCB is a proud supporter of the 2012 International Year of Cooperatives – a United Nations declaration and global campaign to educate the public about the benefits of cooperatives. “Cooperative enterprises build a better world” is the official slogan of The International Year of Cooperatives, and NCB is doing its part to build awareness of cooperatives in all fields of business.