National Cooperative Bank Originates Over $174 Million for New York Area Cooperatives and Condominiums in the First Quarter of 2021

New York, NY (April 19, 2021) National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated over $174 million to 58 New York area housing cooperatives and condominiums during the first quarter of 2021. Edward Howe III, Managing Director of NCB’s New York office, made the announcement.

In January, Mindy Goldstein, Senior Vice President financed a $2.4 million first mortgage and a $500,000 line of credit for Shore Lane Arms Owners Corp., a 97-unit co-op located at 9801 Shore Road in Brooklyn, NY. The cooperative was constructed in 1957 and incorporated as a cooperative in 1983. The 6-story, post-war building consists of a basement, elevator, and a doorman.

In February, Harley Seligman, Senior Vice President financed a $9 million first mortgage and a $500,000 line of credit for Valerie Arms Apartment Corp., a 252-unit co-op located at 54-40 and 54-44 Little Neck Parkway in Little Neck, NY. The cooperative was constructed in 1961 and incorporated as a cooperative in 1980. It consists of two 6-story elevator apartment buildings. Recent capital improvements include elevator modernization, roof replacement, lobby renovations, façade repairs, parking lot pavement, and LED lighting in common areas. Anticipated capital improvements include pool repair and façade repairs.

In March, Ed Howe financed a $7 million first mortgage and a $500,000 line of credit for 79th Street Tenants Corp., a 179-unit co-op located at 425 East 79th Street in Manhattan. This cooperative is located on the Upper East Side and consists of one 14-storied, elevatored, high-rise apartment building. It was built in 1955 and converted in a cooperative in 1981. The cooperative has plans for a service elevator overhaul, lobby renovations and a roof replacement.

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.