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National Cooperative Bank Originates Over $275 Million for New York Area Cooperatives and Condominiums in the Third Quarter of 2021

Property-1New York, NY (October 6, 2021) National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated over $275 million to 71 New York area housing cooperatives and condominiums during the third quarter of 2021. Edward Howe III, Managing Director of NCB’s New York office, made the announcement.

In July, Edward Howe financed an $8.6 million first mortgage and a $500,000 line of credit for 415 East 80th Street Housing Corp., a 79-unit co-op located at 415 East 80th Street in Manhattan. The property is located on the Upper East side and consists of one, 5-story elevator building. It was constructed in 1949 and became incorporated in 1985. The cooperative anticipates various capital improvements, including a boiler conversion and LED lighting upgrades.

In September, Mindy Goldstein, Senior Vice President, financed A $6.5 million first mortgage and a $1 million line of credit for Hawthorne Owners Corp., a 142-unit co-op located at 211 East 53rd Street in Manhattan. The property was constructed in 1959 and converted into cooperative ownership in 1989. The anticipated capital improvements include a boiler upgrade.

Also in September, Harley Seligman, Senior Vice President, financed a $28 million first mortgage for Cannon Point North, Inc., a 308-unit co-op located at 25 Sutton Place South in Manhattan. The property is in the Midtown East neighborhood and consist of one, 20-story elevator building. It was constructed in 1958 as a cooperative. The anticipated capital improvements for the co-op include electrical upgrades, fire protection upgrades, the renovation of the lobby and hallways, installation of co-generators and air conditioning fresh air units for public hallways.

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.

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