National Cooperative Bank Creates More Than $ 275 Million For New York Area Co-ops And Condominiums In Third Quarter 2021

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NEW YORK, NY – The National Cooperative Bank (NCB), a leading lender of co-op housing and condominiums in the tri-state area, has paid more than $ 275 million to 71 area housing and condominium co-ops of New York in the third quarter of 2021. Edward Howe III, general manager of NCB’s New York office, made the announcement.

In July, Edward Howe funded an $ 8.6 million first mortgage and $ 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 a 5 story elevator building. It was built in 1949 and incorporated in 1985. The co-op is planning various capital improvements, including a boiler conversion and LED lighting upgrades.

In September, Senior Vice President Mindy Goldstein funded a $ 6.5 million first mortgage and $ 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 built in 1959 and converted to a cooperative property in 1989. Planned capital improvements include a boiler upgrade.

Also in September, Senior Vice President Harley Seligman funded 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 located in the Midtown East neighborhood and consists of a 20 story elevator building. It was built in 1958 as a cooperative. Planned capital improvements for the cooperative include electrical upgrades, fire protection upgrades, hall and hallway renovations, installation of cogenerators and fresh air conditioners for public hallways. .

As a full-service financial institution, NCB provides banking products and services to housing co-ops, condominiums and HOAs and their respective management companies. Additional products include cash management, competitive deposit rates, and payment processing and vault solutions.

About the National Cooperative Bank: The National Cooperative Bank is dedicated to strengthening communities nationwide through the provision of banking and financial services, complemented by a special focus on cooperative expansion and economic development. NCB provides financial products and services to cooperatives across the country, their members and socially responsible organizations. Based in Washington, DC, the Bank has offices in Alaska, California, 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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