New York, NY (July 7, 2022) - National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated $221 million to 67 New York area housing cooperatives and condominiums during the second quarter of 2022. Edward Howe III, Managing Director of NCB’s New York office, made the announcement.
Edward Howe financed a $13 million first mortgage and a $2 million line of credit for 870 East Tower, Inc., a 163-unit co-op located at 870 UN Plaza in Manhattan. The East Tower apartment building is in the Midtown East neighborhood and is a 40-story cooperative building with an elevator. It was constructed in 1967. The anticipated capital improvements for the co-op include an elevator upgrade and modernization and a chiller replacement.
Harley Seligman, Senior Vice President, financed a $6 million first mortgage for The Hamilton Owners Corp., a 76-unit building located at 330 West 145th Street in Manhattan. The property is an 8-story condo-op in Central Harlem that was built in 2003. Funds will be used for exterior capital improvements, including brick work, repointing, parapet walls, new fasteners and counter-flashing.
Mindy Goldstein, Senior Vice President, financed a $5.8 million first mortgage and a $500,000 line of credit for 2665 Homecrest Avenue Owners Corp., a 157-unit co-op located at 2665 Homecrest Avenue in Brooklyn, NY. The six-story, post-war, elevator apartment building was constructed in 1962 and incorporated in 1987. The anticipated capital improvements for the cooperative include a new roof and painting.
As a full-service financial institution, NCB offers banking products and services for housing cooperatives, condominiums and HOAs and their respective management companies. Additional products include treasury management, competitive deposit rates and payment processing and lockbox solutions.
