National Cooperative Bank

Real Estate Weekly, Jan 13, 1999

National Cooperative Bank (NCB), one of the largest originators of underlying mortgages for cooperative housing corporations, continued its active lending by arranging more than $19 million in financing in November. NCB arranged $15.4 million in first mortgages and more than $3.9 million in second mortgages for 17 Metropolitan area co-ops.

Among the largest transactions arranged in November, NCB Vice President and Loan Officer Sheldon Gartenstein arranged a $2.375 million second mortgage for the 362-unit co-op located at 3-60 Glen Hollow Drive in Holtsville, NY; a $2.2 million first mortgage for the 66-unit co-op located at 25 Lake Street in White Plains, NY; a $2.1 million first mortgage for the 93-unit co-op located at 141 Woodmere Boulevard in Woodmere, NY; a $1.6 million first mortgage accompanied by a $200,000 second mortgage for the 87-unit coop located at 345 Bronx River Road in Yonkers, NY; a $900,000 first mortgage for the 29-unit co-op located at 477 Central Park West in Manhattan; a $900,000 first mortgage for the 108-unit co-op located at 38-15 149th Street in Flushing, NY; an $850,000 first mortgage accompanied by a $200,000 second mortgage for the 54-unit coop located at 371 Ft. Washington Avenue in Manhattan; a $550,000 first mortgage accompanied by a $200,000 second mortgage for the 48-unit co-op located at 350-52-54 West 12th Street in Manhattan; and a $500,000 second mortgage for the 88-unit co-op located at 32 West 92nd Street in Manhattan.

Further, NCB Vice President and Loan Officer Edward Howe III arranged a $1.95 million first mortgage for the 70-unit co-op located at 25 Plaza Street in Brooklyn, NY; and a $600,000 first mortgage accompanied by a $50,000 second mortgage for the 16-unit co-op located at 1 Childs Avenue in Floral Park, NY.

In addition, NCB Vice President and Loan Officer Paulette Bonanno arranged a $1.25 million first mortgage accompanied by a $150,000 second mortgage for the 20-unit co-op located at 21 Canterbury Road in Great Neck, NY; and a $698,000 first mortgage accompanied by $300,000 second mortgage for the 16-unit co-op located at 129 West 22nd Street in New York City, NY.

Finally, NCB Assistant Vice President and Loan Officer Mindy Goldstein arranged an $870,000 first mortgage for the 20-unit co-op located at 305 West 55th Street in Manhattan; a $425,000 first mortgage for the eight-unit co-op located at 341 Third Street in Brooklyn, NY; a $325,000 first mortgage for the 74-unit condominium located at 14 North Chatsworth Avenue in Larchmont, NY; and a $200,000 first mortgage for the six-unit co-op located at 252 West 102nd Street in Manhattan.

National Cooperative Bank, headquartered in Washington D.C., with offices around the country, provides a wide array of financial services to the nation's cooperative business sector.