New York, NY (July 11, 2023) – National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated $67 million to 27 New York area housing cooperatives and condominiums during the second quarter of 2023. Edward Howe III, Managing Director of NCB’s New York office, made the announcement.
In May, Edward Howe financed a $900,000 first mortgage and a $300,000 line of credit for 67 Riverside Drive Corp., a 29-unit co-op located at 67 Riverside Drive in Manhattan. Recent capital improvements at the co-op include Local Law 11-Cycle 9A and Maisonette B floor repairs.
In June, Harley Seligman, Senior Vice President, financed a $3.5 million first mortgage and a $250,000 line of credit for 64-11 Owners Corp., a 118-unit co-op located at 64-11 99th Street in Rego Park, NY. The co-op is planning capital improvements to modernize the elevator, FISP-Cycle 9C and Local Law 97.
Also in June, Mindy Goldstein, Senior Vice President, financed a $3.7 million first mortgage and a $250,000 line of credit for 199 Warren Street Tenants Corp., a 26-unit co-op located at 203-209 Warren Street and 52-60 Verandah Place in Brooklyn, NY. Completion of the façade program is a capital improvement planned for the co-op.
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.