Back in July I wrote a post "Say NO to DRUGS" Store Chains when I discovered that on the block between west 87th and west 88th Street on the west side of Broadway a new Walgreens Drug store is coming.
I live between 86th and 87th on Broadway. I first discovered something going on when I went to have dinner at The Malaysia Grill a restaurant at my corner and found out they were closing going out of business. The next morning I went to the Korean Grocer that had been there for many years, the place was gutted and the family that owned the store was packing up.
In that post I wrote about Drugstore chains taking over Manhattan retail space. I wrote that the only competition the drug store chains have bidding on prime retail space is Banks. New banks have been opening up all over town as well. Many of these new banks that open pretty branches in Manhattan seem to want a presence in Manhattan just like the drug store chains.
However they are not all offering banking products that serve the Manhattan market. In fact many of these new banks advertise mortgages but when you ask about coops our primary form of housing they don't always have an answer or the answer is NO.
A new Wachovia Bank Coming Soon to 2330 Broadway on The Upper West Side has a sign in the window:
As low as prime minus 1.75% For 3 Months Currently 6.50 APR Bonus $100 Visa Gift Card
While every vacant retail space in Manhattan seems to be either leased to a drug store chain or a bank these days it is nice to finally see a bank move into the neighborhood that "gets the neighborhood."
Most Upper West Siders live in coops. Many coop shareholders have substantial equity in their homes.
I applaud Wachovia for offering a viable product that can help NYC coop owners. While there is much "talk" about sub-prime and banks tightening lending criteria these days, the fact of the matter is that coop owners are much less likely to default on a loan than owners of condos or houses. Most coops require a minimum of 20% -25% down along with conservative income to debt ratios and require liquid assets left over after the closing.
Wachovia is the first bank that I know of other than Chase and Citi to offer Home Equity Lines of Credit for Coops.
Maybe there are some others lenders but I don't know of them. Washington Mutual has been saying they are planning on offering them. If any one knows of any Banks that offer Home Equity Lines of Credit on NYC Coops other than Citi, Chase and Wachovia leave a comment and let us know.