New York, NY (April 10, 2020) National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated over $209 million to 54 New York area housing cooperatives and condominiums during the first quarter of 2020. Edward Howe III, Managing Director of NCB’s New York office, made the announcement.
In January, Mindy Goldstein, Senior Vice President, financed a $6.8 million first mortgage and a $500,000 line of credit for 400 East 77th Street Owners, Inc., a 146-unit co-op located at 400 East 77th Street in Manhattan. Located in the southeast corner of the Upper East Side, this 18-story and cellar cooperative was completed in 1965 and incorporated in 1982. The anticipated capital improvements for the cooperative include Local Law 11 and a new chiller.
In February, Harley Seligman, Senior Vice President, completed a $4.5 million first mortgage and a 300,000 line of credit for 36 Hamilton Avenue Tenants Corp., a 116-unit co-op located at 36 Hamilton Avenue in Staten Island, NY. The six-story apartment building was constructed in 1960 and incorporated in 1986. The cooperative has completed several recent capital improvements at the site, including: a new roof, façade work, painting, new flooring, new lighting and a backyard sitting and barbecue area.
In March, Mr. Howe, financed a $12 million first mortgage and a $1 million line of credit for 3135 Johnson Tenant Owners Corp., a 120-unit co-op located a 3135 Johnson Avenue in Riverdale, NY. The 16-story and part 12-story elevator cooperative was constructed in 1954 and became incorporated in 1980. The cooperative is planning a garage renovation project this year, along with other capital improvement projects, including lobby area work and replacement of the entrance doors.
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.