• Home > Press Releases
  • >
  • NCB Arranges Over $58 Million in Financing for New York Area Housing in December

NCB Arranges Over $58 Million in Financing for New York Area Housing in December

New York, New York (January 15, 2008) — NCB, the leading provider of financing to New York housing cooperatives, originated over $58 million in financing in December for 23 New York area properties. The financings included $45.7 million in mortgages and $12.9 million in lines of credit.  Edward Howe III, Managing Director of the NCB New York office, made the announcement.

“The New York office ended the year strongly, with over $58 million worth of financing during December, doubling the previous month’s activity,” stated Mr. Howe. “With a large number of inquiries, we are looking forward to starting off the year on a good note.”

Mr. Howe arranged a total of $25.1 million in loans during December, including the largest deal of the month, a $6.5 million first mortgage and a $2 million line of credit for a 133-unit co-op located at 345 East 69th Street in Manhattan. In addition, Mr. Howe originated a $4.5 million first mortgage and a $500,000 line of credit for Terrace Gardens Plaza, a 375-unit co-op located at 1615 Avenue I in Brooklyn, NY; a $2 million first mortgage and a $200,000 line of credit for a 72-unit co-op located at 101 Elmwood Avenue in Mt. Vernon, NY; a $2 million first mortgage and a $200,000 line of credit for a 49-unit co-op located at 19 Williams Street in Mt. Vernon, NY; a $1.7 million first mortgage and a $300,000 line of credit for a 107-unit co-op located at 2680 East 19th Street in Brooklyn, NY; a $1.4 million first mortgage and a $500,000 line of credit for an 18-unit co-op located at 6 East 72nd Street in Manhattan; a $1.3 million second mortgage for a 91-unit co-op located at 121 West 72nd Street in Manhattan; and a $1 million first mortgage and a $1 million line of credit for American Park Section 1 Cooperative, a 132-unit co-op located at 2555 Batchelder Street in Brooklyn, NY.

NCB’s Senior Vice President Mindy Goldstein arranged a total of $12.3 million in loans during December, including a $4.7 million first mortgage and a $1 million line of credit for a 70-unit co-op located at 65 West 95th Street in Manhattan; a $1.3 million first mortgage and a $500,000 line of credit for a 59-unit co-op located at 235 West 70th Street in Manhattan; a $1.2 million first mortgage and a $100,000 line of credit for a 7-unit co-op located at 20 Bond Street in Manhattan; a $1 million first mortgage and a $100,000 line of credit for a 15-unit co-op located at 310 West 18th Street in Manhattan; a $900,000 first mortgage for a 40-unit co-op located at 426-428 West 46th Street in Manhattan; an $800,000 first mortgage and a $150,000 line of credit for Beaumont Homes Corp., a 35-unit co-op located at 250 West 75th Street in Manhattan; a $250,000 line of credit for a 22-unit co-op located at 307-308 West 82nd Street in Manhattan; a $130,000 first mortgage and a $100,000 line of credit for a 10-unit co-op located at 221 West 20th Street in Manhattan; and a $100,000 line of credit for a 4-unit co-op located at 86 Second Place in Brooklyn, NY.

NCB’s Senior Vice President Sheldon Gartenstein arranged a total of $21.3 million in loans during December, including a $4 million first mortgage and a $1 million line of credit for a 61-unit co-op located at 50 West 96th Street in Manhattan; a $3.8 million first mortgage and a $1 million line of credit for Stoneleigh Parkway, Inc., a 76-unit co-op located at 1-2-3 Stoneleigh Parkway in Bronxville, NY; a $3.6 million first mortgage and a $750,000 line of credit  for a 167-unit co-op located at 142 Garth Road in Scarsdale, NY; a $3 million first mortgage and a $1 million line of credit for Martling Owners, Inc., a 95-unit co-op located at 222 Martling Avenue in Tarrytown, NY; a $2 million first mortgage and a $500,000 line of credit for Queens Montgomery Owners, Inc., a 78-unit co-op located at 65-10 108th Street in Forest Hills, NY; and a $600,000 line of credit for a 29-unit cond-op located at 65 Nassau Street in Manhattan.

NCB Financial Group (NCB) consists of National Consumer Cooperative Bank, a wholesale funding company; NCB, FSB, a federally-charted savings bank; and, NCB Capital Impact, a 501(c)3 nonprofit.  Loans and other financial services are provided by NCB, FSB and NCB Capital Impact.   Deposit products and services are provided by NCB, FSB, which is a member FDIC.   Each is a separate corporation within the NCB Financial Group.

 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, NCB also has offices in Alaska, California, New York and Virginia. In addition, NCB has a growing community banking network in southwestern Ohio. To learn more about NCB, visit www.ncb.coop.