New York, NY (July 17, 2019) National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated over $139 Million to 52 New York area housing cooperatives and condominiums during the second quarter of 2019. Edward Howe III, Managing Director of NCB’s New York office, made the announcement.
In April, Mr. Howe completed a $16.7 million first mortgage and a $1 million line of credit for Regency Gardens Apartment Corp., a 543-unit co-op at 141 Union Turnpike in Flushing, NY. The property consists of 57 three-story and cellar walkup cooperative apartment buildings that were built in 1940, and converted into cooperative ownership in 1990. The cooperative’s anticipated capital improvement projects include: roof replacement, bulkhead repairs and sidewalk repairs.
During June, Mindy Goldstein, Senior Vice President, financed a $6 million first mortgage and a $500,000 line of credit for 83-33 Gardens Corp., a 105-unit co-op at 83-33 Austin Street in Kew Gardens, NY. This six-story and cellar, elevator apartment building was built in 1947, and converted into cooperative ownership in 1981. The cooperative’s anticipated capital improvement includes door locking upgrades for the elevators.
Also in June, Harley Seligman, Senior Vice President, financed a $525,000 term loan for The 35 & 41 Clarkson Avenue Condominium, a 40-unit condominium located at 35-41 Clarkson Avenue in Brooklyn, NY. The two, four-story condominium buildings were built in 1931, and incorporated as a condominium in 2014. Anticipated capital improvements for the condominium include: roof recovery project, masonry façade repairs, hallway and stair renovations, painting, security system upgrades, landscaping and plumbing/insulation repairs.
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.