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National Cooperative Bank Originates $41.2 Million in Financing Activity in New York Office During July

New York, NY (August 12, 2014) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $41.2 million in new loans during July for 23 New York area properties. Manhattan continued to be the area with the most activity, with the bank arranging $26.8 million in financing for 14 co-ops. Edward Howe III, managing director of the NCB New York office, made the announcement.  

The Bank continued to experience a steady stream of financing during July, especially in Manhattan, where the majority of the deals were completed,” said Mr. Howe. “Many cooperatives are taking advantage of the still-low interest rates to secure their property’s future financial health and make necessary improvements and upgrades to the building.”

Mindy Goldstein, a senior vice president at NCB, arranged $24.3 million in new loan originations during July, including a $4 million first mortgage and a $1 million line of credit for DAK Equities Corp., a 48-unit co-op at 514 West End Avenue in Manhattan; a $2.5 million first mortgage and a $250,000 line of credit for Locust Street Owners Inc., an 83-unit co-op at 663-672 Locust Street in Mt. Vernon, NY; a $2.4 million first mortgage and a $500,000 line of credit for Elmhurst House, Inc., an 81-unit co-op at 88-11 Elmhurst Avenue in Elmhurst, NY; a $2.2 million first mortgage and a $500,000 line of credit for a 59-unit co-op at 95 Sedgwick Avenue in Yonkers, NY; a $2 million line of credit for  200 Diplomat Drive Corporation, a 224-unit co-op at 100-200 Diplomat Drive in Mt. Kisco, NY; a $1.9 million first mortgage and a $600,000 line of credit for Groff Studios Corp., a 16-unit co-op at 151 West 28th Street in Manhattan; a $1 million first mortgage and a $200,000 line of credit for a 35-unit co-op at 256 West 21st Street in Manhattan; a $750,000 first mortgage and a $250,000 line of credit for Bradford Hall Apartments, Inc., a 17-unit co-op at 5-6 Alden Place in Bronxville, NY; a $750,000 first mortgage and a $200,000 line of credit for West 96th Street Owners Corp., a 12-unit co-op at 46 West 96th Street in Manhattan; a $650,000 line of credit for Seventy Eight Tenants Corporation, a 15-unit co-op at 78 Charles Street in Manhattan; a $600,000 line of credit for 92 Yorkville Housing Corp., a 31-unit co-op at 331-333 East 92nd Street in Manhattan; a $500,000 first mortgage for Charlton Owners Corp., a 19-unit co-op at 11 Charlton Street in Manhattan; a $300,000 second mortgage for a 22-unit co-op at 340 East 83rd Street in Manhattan; and a $300,000 first mortgage for an eight-unit co-op at 1209 8th Avenue in Brooklyn, NY.

Mr. Howe also contributed to the Bank’s July totals, originating $13.6 million in financing activity, including the largest loan of the month, a $4.3 million first mortgage and a $1.3 million line of credit for 72nd Street East Corporation, a 41-unit co-op at 320 East 72nd Street in Manhattan. Additional deals included a $1.6 million first mortgage and a $1 million line of credit for a 32-unit co-op at 61 Irving Place in Manhattan; a $1.5 million first mortgage for Drake Lane Owners, Inc., a 68-unit co-op at 179/183/189 Drake Lane in New Rochelle, NY; a $1.3 million first mortgage and a $750,000 line of credit for a 45-unit co-op at 250 West 16th Street in Manhattan; an $800,000 line of credit for a 37-unit co-op at 124 East 84th Street in Manhattan; a $750,000 third mortgage for Forest Green Apt. Corp., a 254-unit co-op at 2433 Union Boulevard in Islip, NY; and a $500,000 second mortgage for a 100-unit co-op at 666 Pelham Road in New Rochelle, NY.

Harley Seligman, who recently joined NCB NY’s cooperative housing lending team as a vice president, arranged a $2.3 million first mortgage and a $1 million line of credit for a 45-unit co-op at 130 East 94th Street in Manhattan during July.

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.