• Home > Press Releases
  • >
  • National Cooperative Bank’s New York Office Reports More Than $74 Million in New Financing Activity During May

National Cooperative Bank’s New York Office Reports More Than $74 Million in New Financing Activity During May

New York, NY (June 12, 2013) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated more than $74 million in new financing activity during May for 25 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.  

   “Our office arranged nearly $75 million in new loans during May, making it was one of the strongest months since the start of the year,” said Mr. Howe. “We attribute some of the increase in financing activity to the upcoming summer months, when more communities are looking to take advantage of warmer weather to undertake planned capital improvement projects,” 

    In May, Mr. Howe arranged nearly $31 million in new loans, including the largest loan of the month, a $10 million first mortgage for 9201 Shore Tenant Corp., a 253-unit co-op located at 9201 Shore Road in Brooklyn, NY; a $4.5 million first mortgage and a $1 million line of credit for The Beverly House, Inc., a 128-unit co-op located at 84-51 Beverly Road in Kew Gardens, NY; a $3.8 million first mortgage and a $500,000 line of credit for Coronet Owners, Inc., a 157-unit co-op located at 63-11 Queens Boulevard in Woodside, NY; a $3.2 million first mortgage and a $500,000 line of credit for 230 W. 105 Realty Corp., a 70-unit co-op located at 230 West 105th Street in Manhattan; a $3 million first mortgage for Chelsea-Warren Corp., a 121-unit co-op located at 155-165 West 20th Street in Manhattan; a $1.3 million first mortgage and a $250,000 line of credit for a 24-unit co-op located at 76 Remsen Street in Brooklyn, NY; a $1 million third mortgage for a 51-unit co-op located at 900 Fifth Avenue in Manhattan; a $650,000 second mortgage for a 123-unit co-op located at 763 Ocean Parkway in Brooklyn, NY; a $500,000 first mortgage for Carolin Gardens, Inc., a 31-unit co-op located at 43-13, 43-17,43-25,43-31,43-37 47th Street in Sunnyside, NY; and a $450,000 line of credit for Evergreen Owners, Inc., a 100-unit co-op located at 37-21 80th Street in Jackson Heights, NY.  

     NCB Senior Vice President Mindy Goldstein arranged nearly $18 million in new loans during May, including a $5 million first mortgage for a 36-unit co-op located at 16 East 96th Street in Manhattan; a $4.5 million first mortgage and a $500,000 line of credit for Rockcliffe Apartment Owners, Inc., a 102-unit co-op located at 10 Cresmont Road in Montclair, NJ; a $2 million first mortgage and a $500,000 line of credit for Bainbridge House, Inc., a 72-unit co-op located at 325 East 201st Street in Bronx, NY; a $1.6 million first mortgage and a $500,000 line of credit for 17th Street Artists Corp., a 14-unit co-op located at 130 West 17th Street in Manhattan; a $1.5 million first mortgage for Bay Street Landing Owners Corp., a 17-unit co-op located at 36-56 Bay Street Landing in Staten Island, NY; a $1.3 million first mortgage and a $250,000 line of credit for 45 Terrace Owners Corp., a 49-unit co-op located at 45 Park Terrace West in Manhattan; and a $250,000 third mortgage for 13539 Owners Corp., a 25-unit co-op located at 135 East 39th Street in Manhattan.    

     NCB Senior Vice President Sheldon Gartenstein originated nearly $26 million in new financing during May, including a $7.5 million first mortgage for Fleetwood Court Apartments, Inc., a 107-unit co-op located at 808-840 Bronx River Road in Yonkers, NY; a $5.3 million first mortgage and a $750,000 line of credit for an 87-unit co-op located at 51 Fifth Avenue in Manhattan; a $5 million second mortgage for 300 CPW Apartments Corp., a 207-unit co-op located at 300 Central Park West in Manhattan; a $2 million first mortgage for Gunther Building 1873 Corp., a ten-unit co-op located at 55 Greene Street & 469 Broome Street in Manhattan; a $1.2 million first mortgage and a $300,000 line of credit for 60-68 Apartments Corp., a 70-unit co-op located at 60 West 68th Street in Manhattan; a $1.1 million first mortgage and a $300,000 line of credit for a 27-unit co-op located at 407 Central Park West in Manhattan; a $1.1 million first mortgage and a $200,000 line of credit for Remsen Owners Corp., a 15-unit co-op located at 39 Remsen Street in Brooklyn, NY; and a $750,000 first mortgage and a $250,000 line of credit for a 20-unit co-op located at 134-136 West 82nd 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.