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National Cooperative Bank Reports More Than $28 Million in New Loan Originations in New York Office During January

New York, NY (February 10, 2014) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated more than $28 million in new loans  during January for 13 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.  

“We are pleased to begin the New Year by arranging more than $28 million in new loans for over a dozen New York area cooperatives,” said Mr. Howe. “A number of Boards are taking advantage of available financing through the Bank to proactively upgrade and enhance their properties, or make the necessary improvements to ensure the building’s health.” 

NCB Senior Vice President Mindy Goldstein arranged more than $12 million in new loans during the month, including a $2.8 million first mortgage and a $500,000 line of credit for The Franklin Owners Corp., a 72-unit co-op located at 142-15 Franklin Avenue in Flushing, NY; a $2.5 million first mortgage and a $500,000 line of credit for 168-176 East 88th Street Corporation, a 37-unit co-op located at 170 East 88th Street in Manhattan; a $1.7 million first mortgage and a $400,000 line of credit for a 66-unit co-op located at 2866 Marion Avenue in Bronx, NY; a $935,000 first mortgage and a $500,000 line of credit for an 11-unit co-op located at 36 West 15th Street in Manhattan; a $750,000 first mortgage and a $250,000 line of credit for Chelsea Court Equities, Inc., a ten-unit co-op located at 332 and 334 West 19th Street in Manhattan; a $600,000 third mortgage for a 30-unit co-op located at 27 Prospect Park West in Brooklyn, NY; and a $500,000 first mortgage and a $500,000 line of credit for 23830 Owners Corp., a 37-unit co-op located at 230-240 East 30th Street in Manhattan. 

In January, Mr. Howe arranged more than $11 million in new financing activity, including the largest loan of the month, a $6.5 million first mortgage and a $500,000 line of credit for 159 Madison Owners Corp., a 118-unit co-op located at 159 Madison Avenue in Manhattan; a $2.5 million first mortgage and a $500,000 line of credit for Capitol House Tenants Corp., an 86-unit co-op located at 490 Atlantic Avenue in East Rockaway, NY; a $600,000 first mortgage for a 16-unit co-op at 231 Park Place in Brooklyn, NY; and a $425,000 first mortgage for Heckscher Park Gardens Owners Corp., a 26-unit co-op located at 105 Prime Avenue in Huntington, NY.  

NCB Senior Vice President Sheldon Gartenstein originated nearly $5 million during the month, including a $3.4 million first mortgage and a $500,000 line of credit for NB Owners Corp., a 126-unit co-op located at 141-05 Northern Boulevard in Flushing, NY; and a $750,000 line of credit for Randall House Owners Corp., a 229-unit co-op located at 63 East 9th 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.