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National Cooperative Bank Originates Over $151 Million for New York Area Cooperatives and Condominiums in November

NOV_NYNew York, NY (December 23, 2020) National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated over $151 million in November to 15 New York area housing cooperatives and condominiums. Edward Howe III, Managing Director of NCB’s New York office, made the announcement.

Mindy Goldstein, Senior Vice President completed a $67 million first mortgage and a $2.9 million line of credit for Rivercross Tenants Corp, a 365-unit co-op located at 531 Main Street in Manhattan. The Rivercross residential cooperative complex is comprised of three interconnected buildings that were built in 1973. The buildings range from twelve to twenty stories high and are situated on the southwest part of Main Street in Roosevelt Island. The co-op anticipates the following capital improvements: elevator modernization project and balcony and façade repairs.

Edward Howe financed a $53 million first mortgage for Le Havre Owners Corp., a 1,022-unit co-op located at 168-68 9th Avenue, Whitestone, NY. The property is a luxury waterfront cooperative complex situated on 28 acres facing the East River in the Northeast section of Queens County. It was constructed in 1957 and incorporated in 1984. The cooperative is comprised of 32 eight-story elevator apartment buildings with floor-to-ceiling windows and private outdoor terraces in each unit. Anticipated capital improvements for the cooperative include modernization of all elevators, building façade, roof replacement and resurfacing of all the parking lots.

Harley Seligman, Senior Vice President financed a $6 million first mortgage and a $250,000 line of credit for Barocrest Apartments Owners Corp., a 65-unit co-op located at 121-16 Ocean Promenade in Rockaway, NY. This property is a 6-story residential cooperative apartment building that was constructed in 1954 and incorporated in 1987. The co-op is located in the area known as Far Rockaway, on the Rockaway Peninsula in Queens County. Façade repairs are one of the projected capital improvements for the cooperative.

As a full-service financial institution, NCB offers full-service 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.

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