New York, NY (April 13, 2023) – National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated $119 million to 39 New York area housing cooperatives and condominiums during the first quarter of 2023. Edward Howe III, Managing Director of NCB’s New York office, made the announcement.
During the first quarter, Edward Howe financed a $12 million first mortgage and a $600,000 line of credit for Carriage House Owners Corp., a 271-unit co-op located at 1-11 Balint Drive in Yonkers, NY. The anticipated capital improvements for the cooperative include balconies, pool repairs, and windows.
In March, Mindy Goldstein, Senior Vice President, financed a $4.6 million first mortgage and a $750,000 line of credit for Jaxboro Corp., a 143-unit co-op located at 34-41 85th Street in Jackson Heights, NY. The co-op is planning a capital improvement to modernize the elevator.
Also in March, Harley Seligman, Senior Vice President, financed a $1 million first mortgage for 50 West 106 Street HDFC, a 57-unit co-op located at 50 West 106th Street in Manhattan. The co-op is planning capital improvements to install new windows, convert the building heating to natural gas, and Local Law facade work.
As a full-service financial institution, NCB offers banking products and services for housing cooperatives, condominiums, HOAs, and their respective management companies. Additional products include treasury management, competitive deposit rates and payment processing, and lockbox solutions.
