New York, NY (January 11, 2023) - National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated $91 million to 38 New York area housing cooperatives and condominiums during the fourth quarter of 2022. Edward Howe III, Managing Director of NCB’s New York office, made the announcement.
In October, Edward Howe financed a $2.4 million first mortgage and a $500,00 line of credit for Great Neck Horizon House, Inc., an 80-unit co-op located at 185-195 South Middleneck Road in Great Neck, NY. The anticipated capital improvements for the cooperative include new roof installation, common area renovation and a boiler repair.
In November, Mindy Goldstein, Senior Vice President, financed an $8 million first mortgage and a $1 million line of credit for Central Westchester Tenants Corp., a 240-unit co-op located at 100 East Hartsdale Avenue in Hartsdale, NY. The anticipated capital improvements for the co-op over the next few years include terrace repairs, renovation to the hallway compactor rooms, replacement of the intercom system and painting of the interior fire stairwells.
Also in November, Harley Seligman, Senior Vice President, financed a $1.5 million first mortgage and a $250,000 line of credit for Park & Tilford Apartment Corp., a 28-unit co-op located at 100 West 72nd Street in Manhattan. The co-op is planning to modernize the elevator and replace windows and the boiler.
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.
