New York, NY - (April 11, 2022) National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated $241 million to 69 New York area housing cooperatives and condominiums during the first quarter of 2022. Edward Howe III, Managing Director of NCB’s New York office, made the announcement.
In January, Harley Seligman, Senior Vice President, financed a $5.7 million first mortgage and a $500,000 line of credit for Stewart Heights Corporation, a 102-unit co-op located at 25-35 Stewart Place in Mt. Kisco, NY. The property consists of two 7-story elevator buildings that were constructed in 1969 and incorporated to a cooperative in 1981. The cooperative anticipates elevator modernization and facade, roof and balcony improvements.
In February, Mindy Goldstein, Senior Vice President, financed an $11 million first mortgage and a $750,000 line of credit for The Seven Park Avenue Corporation, a 206-unit co-op located at 7 Park Avenue in Manhattan. The 22-story building is in Murray Hill and was constructed in 1953 and incorporated in 1981. The cooperative will complete facade work and water tank improvements.
In March, Edward Howe financed a $6.6 million first mortgage and a $500,000 line of credit for 30 Fifth Avenue Owners, Inc., a 142-unit co-op located at 30 Fifth Avenue in Manhattan. The 15-story building is in Greenwich Village and includes a penthouse, cellar, and elevator. It was constructed in 1923 and incorporated in 1969. The anticipated capital improvements for the co-op include sidewalk replacement and energy upgrades.
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.