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National Cooperative Bank Originated $283.7 Million for New York Area Cooperatives and Condominiums in the Fourth Quarter of 2019

National Cooperative Bank Originated $283.7 Million for New York Area Cooperatives and Condominiums in the Fourth Quarter of 2019

New York, NY (January 13, 2020) National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated $283.7 million to 72 New York area housing cooperatives and condominiums during the fourth quarter of 2019. Edward Howe III, Managing Director of NCB’s New York office, made the announcement.

In October, Harley Seligman, Senior Vice President, completed a $12.3 million term loan for The Ansonia Condominium, a 365-unit condominium located at 2109 Broadway in the Upper West Side of Manhattan. The purpose of the loan is to refinance the condominium's existing loan with NCB and fund the anticipated capital improvement projects, which include Local Law 11 and window replacement.

Also in October, Mr. Howe, financed a $12 million first mortgage for Gerard Owners Corp., a 561-unit co-op located at 70-25 Yellowstone Boulevard in Forest Hills, NY. The 25-story cooperative was constructed in 1964, and incorporated in 1983. The property is situated in the well-established and stable neighborhood of Forest Hills, a borough of Queens. The cooperative’s anticipated improvements include: elevator moderation, solar panels for the upper roof, exhaust fan upgrade, boiler linkage upgrade, lobby updates and more.

In December, Mindy Goldstein, Senior Vice President, financed an $8 million first mortgage and a $500,000 line of credit for Berkley Owners Corp., a 147-unit co-op located at 170 West 74th Street in Manhattan. The property consists of one 12-story elevator cooperative apartment building that was constructed in 1913, and incorporated in 1982. Berkley Owners Corp. is located at the southeast corner of West 74th Street and Amsterdam Avenue, in the Upper West Side neighborhood of Manhattan. Anticipated capital improvements for the co-op include: brick repairs, building wide cooking gas line enclosure, marquee restoration, additional lighting on the building’s exterior and more.

As a full-service financial institution, NCB offers an array of business banking products for housing cooperatives, condominiums and HOAs and their respective management companies. Additional products include cash management, competitive deposit rates and full service payment processing and lockbox.

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