New York, NY (July 13, 2020) National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated over $212 million to 51 New York area housing cooperatives and condominiums during the second quarter of 2020. Edward Howe III, Managing Director of NCB’s New York office, made the announcement.
In April, Harley Seligman, Senior Vice President financed a $3.28 million first mortgage and a $250,000 line of credit for 355 Bronx River Road Owners, Inc., a 106-unit co-op located at 355 Bronx River Road in Yonkers, NY. This cooperative consists of one, eight-story elevatored apartment building. The co-op was built around 1959 and incorporated as a cooperative in 1987. Anticipated capital improvements for the co-op include painting and molding of interior hallways, upgrade property walls at the front of the building, second phase of the lobby renovation, interior LED lighting upgrade and conversion to natural gas/dual fuel burner to utilize both oil and gas heat.
In June, Mindy Goldstein, Senior Vice President completed a $9 million first mortgage and a $1 million line of credit for Cloister Owners Corp., a 142-unit co-op located at 321 East 43rd Street in Manhattan. The cooperative is situated in Midtown East and is improved with a ten-story plus penthouse, basement, elevator, and doorman. The building was constructed in 1927 and incorporated as a cooperative in 1986. Recent capital improvements at the building include façade work, fire escape upgrades and painting.
Also in June, Edward Howe financed a $13.2 million first mortgage and a $1 million line of credit for 9201 Shore Tenants Corp., a 253-unit co-op located at 9201 Shore Road in Brooklyn, NY. The cooperative consists of two conjoined, 7-story buildings with a basement and post-war elevator, and doorman. It was constructed in 1959 and incorporated into cooperative ownership in 1988. Recent capital improvements at the cooperative include roof replacement, LED lighting, boiler replacement, window upgrades, and garage improvements.
As a full-service financial institution, NCB offers an array of 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.