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NCB Ends 2012 with Strong Lending Activity; Reports More Than $78 Million for New York Co-ops

New York, NY – January 10, 2013 – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, arranged more than $78 million in new financing activity during December for 31 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.  

“The New York office ended 2012 on a very high note, as we were able to provide financing to a record 31 local cooperatives,” said Mr. Howe. “With one of our most active years now behind, the entire New York team is already focused on 2013 as we continue our goal of being the trusted source for financing to our area cooperatives.” 

NCB Senior Vice President Sheldon Gartenstein originated more than $23 million in new loans during December, including a $5.5 million first mortgage and a $1 million line of credit for The Terrace View Owners, Inc., a 146-unit co-op located at 79-10 34th Avenue in Jackson Heights, NY; a $5 million first mortgage and a $2 million line of credit for Fourth Avenue Owners Corp., a 178-unit co-op located at 111 Fourth Avenue in Manhattan; a $4.5 million first mortgage and a $500,000 line of credit for 755 West End Housing Corp., a 47-unit co-op located at 755 West End Avenue in Manhattan; a $1.8 million first mortgage and a $300,000 line of credit for Utopia Tenants Corp., a 75-unit co-op located at 37-15 Utopia Parkway in Auburndale, NY; a $1.1 million first mortgage and a $300,000 line of credit for Westbourne Apartments, Inc., a 16-unit co-op located at Stoneleigh Plaza in Bronxville, NY; an $800,000 first mortgage for a 14-unit co-op located at 131 Perry Street in Manhattan; and a $425,000 first mortgage for 47 East 67th Realty Corp., a six-unit co-op located at 47 East 67th Street in Manhattan.  

In December, Mr. Howe arranged nearly $23 million in new loans, including the largest loan of the month, a $9.3 million first mortgage and a $1 million line of credit for Mamaroneck Gardens, Inc., a 267-unit co-op located at 100-348 Richbell Road in Mamaroneck, NY; a $4.3 million first mortgage for an 81-unit co-op located at 60 West Broad Street in Mt. Vernon, NY; a $2 million first mortgage and a $500,000 line of credit for a 78-unit co-op located at 4295 Webster Avenue in Bronx, NY; a $1.5 million line of credit for a 67-unit co-op located at 1095 Park Avenue in Manhattan; a $1 million line of credit for 2 Horatio Owners Corp.,  a 242-unit co-op located at 2 Horatio Street in Manhattan; a $1 million line of credit for 3/69 Owners Corp., a 32-unit co-op located at 3 East 69th Street in Manhattan; a $900,000 first mortgage for a 30-unit co-op located at 130 Centre Avenue in New Rochelle, NY;  a $750,000 second mortgage for 230 Park Owners Corp., an 81-unit co-op located at 230 Park Place in Brooklyn, NY; and a $700,000 line of credit for a 71-unit co-op located at 75 West 238th Street in Riverdale, NY.  

NCB Senior Vice President Mindy Goldstein arranged $32 million in new loans during the month, including a $9 million first mortgage and a $1 million line of credit for Heights 75 Owners Corp., a 95-unit co-op located at 75 Livingston Street in Brooklyn, NY; a $3.5 million first mortgage and a $500,000 line of credit for Park East Apartments, Inc. a 56-unit co-op located at 233 East 86th Street in Manhattan; a $3.3 million first mortgage and a $400,000 line of credit for 1100 Concourse Tenants Corp., a 70-unit co-op located at 1100 Grand Concourse in Bronx, NY; a $2.7 million first mortgage and a $500,000 line of credit for a 68-unit co-op located at 210 East 63rd Street in Manhattan; a $2 million first mortgage and $250,000 line of credit for a 49-unit co-op located at 1175-85 East Broadway in Hewlett, NY; a $1.8 million line of credit for Trousdell Village Owners Corp., a 205-unit co-op located at Glen Keith Road and Sea Cliff Avenue in Glen Cove, NY; a $1.8 million first mortgage and a $300,000 line of credit for South Middle Neck Road Corp., a 51-unit co-op located at 200 South Middle Neck Road in Great Neck, NY; a $1 million first mortgage and a $200,000 line of credit for an 18-unit co-op located at 148 East 84th Street in Manhattan; an $850,000 first mortgage for a 22-unit co-op located at 463 Summit Avenue in Cedarhurst, NY; an $800,000 first mortgage for 307-9 Owners Corp., a 24-unit co-op located at 307-309 West 20th Street in Manhattan; a $550,000 first mortgage and a $100,000 line of credit for a ten-unit co-op located at 305 Fifth Avenue in Brooklyn, NY; a $500,000 first mortgage for Hicks-Stryker Apartment Corporation, a 49-unit co-op located at 64-09 39th Avenue and 37-75 64th Street in Woodside, NY; a $400,000 first mortgage for 307 W. 82nd Street Housing Corp., a 22-unit co-op located at 307-309 West 82nd Street in Manhattan; a $300,000 first mortgage and a $100,000 line of credit for a five-unit co-op located at 328 Clinton Avenue in Brooklyn, NY; and a $250,000 line of credit for Locust Street Owners Inc., an 84-unit co-op located at 663-673 Locust Street in Mt. Vernon, NY.  

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.