New York, NY (October 16, 2019) National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated over $226 million to 67 New York area housing cooperatives and condominiums during the third quarter of 2019. Edward Howe III, Managing Director of NCB’s New York office, made the announcement.
In August, Harley Seligman, Senior Vice President, completed a $12.5 million first mortgage and a $1 million line of credit for Newport East, Inc., a 368-unit co-op at 370 East 76th Street in Manhattan. The property is situated within the boundaries on New York’s Upper East Side and consists of a 13-story and 19-story cooperative apartment building that were constructed around 1965 as a rental building before converting to a cooperative in 1986. The cooperative’s anticipated capital improvement projects include a water filtration system replacement program and an elevator replacement program.
During September, Mr. Howe, financed a $15.5 million first mortgage for Winston Churchill Owners Corp., a 336-unit co-op at 2500 Johnson Avenue in Riverdale, NY. The property is situated in the Spuyten Duyvil section of the Riverdale neighbored of the Bronx. It is a twenty-story apartment building that was constructed in 1967, and incorporated in 1980. Recent capital improvements at the building include the installation of a cogeneration energy system, fitness center renovation, indoor and outdoor playground renovation, Local Law 11, elevator modernization and nursey school renovation.
Also in September, Mindy Goldstein, Senior Vice President, financed a $14.5 first mortgage and a $750,000 line of credit for Saxony Towers Realty Corp., a 330-unit co-op located at 87-09, 87-10, 88-10, 88-11 34th Avenue in Jackson Heights, NY. The property consists of four 6-story apartments building in Queens, NY. The building was constructed in 1950, and converted into cooperative ownership in 1988. Recent capital improvements include: Local Law 11, roof, elevator modernization and laundry room upgrades.
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.