New York, NY (July 12, 2021) National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated over $281 million to 78 New York area housing cooperatives and condominiums during the second quarter of 2021. Edward Howe III, Managing Director of NCB’s New York office, made the announcement.
In May, Mindy Goldstein, Senior Vice President, financed a $7 Million first mortgage and a $1 million line of credit for Briarwood Owners Corp., a 234-unit co-op located at 140-18, 140-21, 140-35 Burden Crescent and 139-09 84th Drive in Briarwood, NY. Located in the central section of Queens, this cooperative was constructed in 1952 and incorporated as a cooperative in 1986. The six-story, post-war building consists of a basement and elevator. The cooperative’s anticipated capital improvement projects include Local Law Repairs and circuit breakers.
In June, Edward Howe financed a $7.5 million first mortgage and a $500,000 line of credit for The Woodlands Apt. Corp., a 223-unit co-op located at 120 Finch Lane in Islip, NY. The property consists of 17, two-story apartment buildings. The cooperative’s anticipated capital improvements include plumbing upgrades and window replacement.
Also, in June, Harley Seligman, Senior Vice President, financed a $1.7 million first mortgage and a $500,000 line of credit for West 239th Owners Inc, a 42-unit co-op located at 645 West 239th Street in Bronx, NY. Located in the Spuyten Duyvil neighborhood, this cooperative was constructed in 1953 and incorporated in 1986. The six-story apartment building consists of a basement and an elevator. The cooperative’s anticipated capital improvements include roof replacement and Local Law 97 upgrades.
As a full-service financial institution, NCB offers full-service 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 solutions.
