National Cooperative Bank Originates $37 Million for 19 New York-Area Housing Cooperatives in July

NEW YORK, NY – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated over $37 million in new loans during July for nineteen New York area housing cooperatives. Edward Howe III, managing director of the NCB New York office, made the announcement.

Mindy Goldstein, senior vice president, originated $26 million, including the largest loan of the month, a $4.5 million first mortgage for Avalon Terrace Owners, Inc., a 166-unit co-op at 89-00 170th Street in Jamaica, NY.  Other financing for the month included: $3.4 million first mortgage and a $500,000 line of credit for a 68-unit co-op at 25 Plaza Street West in Brooklyn; $3.3 million first mortgage and a $250,000 line of credit for Amackassin Gardens, Inc., a 39-unit co-op at 293-295 North Broadway in Yonkers, NY; $2.8 million first mortgage and a $250,000 line of credit for a 28-unit co-op at 604 Riverside Drive in Manhattan; $2.7 million first mortgage and a $500,000 line of credit for Osse, Inc., a 109-unit co-op at 166 East 35th Street in Manhattan; $1.3 million first mortgage and a $500,000 line of credit for 131/93 Owners Corp., a 32-unit co-op at 131 East 93rd Street in Manhattan; $1.2 million first mortgage and a $400,000 line of credit for 91st Street Tenants Corp., a 37-unit co-op at 108 East 91st Street in Manhattan; $1.1 million first mortgage and a $200,000 line of credit for Leeds House, Inc., a 13-unit co-op at 307 East 12th Street in Manhattan; $1 million third mortgage for 60 Tenants Corp., a 74-unit co-op at 60 East 96th Street in Manhattan; $900,000 first mortgage and a $250,000 line of credit for a 22-unit co-op at 340 East 83rd Street in Manhattan; $500,000 third mortgage for 83-33 Gardens Corp., a 105-unit co-op at 83-33 Austin Street in Kew Gardens, NY; $425,000 first mortgage for Steric Realty Corp, a five unit co-op at 131 West 78th Street in Manhattan.

Edward Howe III, managing director of NCB’s New York office, originated a $3.5 million first mortgage and a $250,000 line of credit for a 58-unit co-op at 1390 Broadway in Hewlett, NY.

Harley Seligman, vice president, reported $7.8 million in originations during the month, including: $2.7 million first mortgage and a $500,000 line of credit for Sherwood Apartment Owners Corp., a 103-unit co-op at 64-41 Saunders Street in Rego Park, NY; $2.5 million third mortgage for a 93-unit co-op at 51 West 81st Street in Manhattan; $1.1 million third mortgage for 33380 Owners Corp., a 50-unit co-op at 333 East 80th Street in Manhattan; $500,000 first mortgage for 88 Townhouse Owners Corp., an 18-unit co-op at 322-324 West 88th Street in Manhattan; $250,000 line of credit for Midland Plaza Apartments Corp., a 48-unit co-op at 1234 Midland Avenue in Bronxville, NY; $250,000 first mortgage for a four unit co-op at 801 Union Street in Brooklyn, NY.

As a full-service financial institution, NCB offers an array of business banking products for housing cooperatives and management companies including cash management, competitive deposit rates and full service payment processing and lockbox.

About National Cooperative Bank: National Cooperative Bank is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. NCB provides financial products and services for the nation’s cooperatives, their members, and socially responsible organizations. Headquartered in Washington, DC, the Bank has offices in Alaska, New York, Ohio and Virginia. To learn more, visit www.ncb.coop, National Cooperative Bank on Facebook and Instagram, or on Twitter @natlcoopbank.

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