New York, NY (July 9, 2025) – National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated over $247 million to 60 New York area housing cooperatives and condominiums during the second quarter of 2025. Edward Howe III, Managing Director of NCB’s New York office, made the announcement.
In May, Mindy Goldstein, Senior Vice President, arranged $2 million in first mortgage financing along with a $250,000 line of credit for 240 West 23rd Owners Corp., a cooperative located at 240 West 23rd Street in Manhattan. The 18-unit building, featuring seven stories plus a penthouse and basement, was originally constructed in 1920 and incorporated as a co-op in 1982. The cooperative plans several key upgrades, including a lobby renovation and the installation of a sewage ejector pump with a holding tank to enhance building operations and infrastructure.
In June, Mr. Howe financed a $42 million first mortgage and a $2 million line of credit for Doric Apartment Corp., a 433-unit co-op located at 100 Manhattan Avenue in Union City, NJ. The 23-story cooperative building includes a full-time doorman and elevator. It was constructed in 1970 and incorporated into cooperative ownership in 1981. The cooperative has recently completed a series of significant capital upgrades, including renovations to the building’s exterior, boiler system, balconies, garage, parking lot, pool, and plaza. These enhancements contribute to the comfort, aesthetics, and functionality of the property. Future upgrades will focus on the elevator system and repairs beneath the building,
In June, Harley Seligman, Senior Vice President, secured a $13 million first mortgage and a $500,000 line of credit for The Towers Cooperative Corporation, a residential co-op located at 33-15 80th Street in Jackson Heights, NY. The property comprises eight six-story elevator buildings, totaling 111 units. It was originally constructed in 1924 and incorporated as a cooperative in 1979. A portion of NCB’s loan proceeds will be used to fund a façade renovation, part of the cooperative’s continued commitment to property maintenance and enhancement.
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.