National Cooperative Bank (NCB), a lender to co-operative housing throughout the Tri-State area, originated $18.6 million in new loans during April for 11 New York area properties.
Edward Howe III, managing director of the NCB New York office, said, “Co-ops in Manhattan made up the majority of the activity during April, accounting for more than 50 percent of the bank’s financing activity in the region.
“After a prolonged winter that saw unusually cold temperatures and snow totals, Boards are using the warmer months to commence much needed repairs and other capital improvement projects at their buildings.”
With a total of $11.1 million in new financing activity during April, Howe also arranged the largest loan of the month, a $3.6 million first mortgage and a $750,000 line of credit for 67th Road Housing Corp., a 79-unit co-op at 99-21 67th Road in Forest Hills, NY.
Mindy Goldstein, a senior vice president at NCB, originated an additional $7.5 million in new loans during the month, such as a $3.5 million first mortgage and a $750,000 line of credit for a 23-unit co-op at 993 Fifth Avenue in Manhattan.
Other financing activity includes a $1.5 million first mortgage and a $250,000 line of credit for a 35-unit co-op at 320 West 89th Street in Manhattan; a $500,000 mortgage and $200,000 line of credit for a 19-unit co-op at 1861 Grand Avenue in Baldwin, NY; a $375,000 line of credit for a five-unit co-op at 171 Duane Street, Manhattan