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                                   EXHIBIT 5.0

                    OPINION OF MULDOON MURPHY & FAUCETTE LLP


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                   [MULDOON MURPHY & FAUCETTE LLP LETTERHEAD]


                                November 10, 2003



Board of Directors
New York Community Bancorp, Inc.
615 Merrick Avenue
Westbury, New York 11590

     RE:   TR FINANCIAL  CORP. 1993  INCENTIVE STOCK OPTION PLAN, AS AMENDED AND
           RESTATED;  AMENDED AND RESTATED ROSLYN BANCORP, INC. 1997 STOCK-BASED
           INCENTIVE PLAN; ROSLYN BANCORP, INC. 2001 STOCK-BASED INCENTIVE PLAN

Ladies and Gentlemen:

         We have  been  requested  by New  York  Community  Bancorp,  Inc.  (the
"Company")  to issue a legal  opinion in  connection  with the  registration  of
5,953,722 shares of the Company's common stock, $.01 par value (the "Shares") on
Form S-8 under the Securities Act of 1933. The Shares may be issued under the TR
Financial Corp.  1993 Incentive Stock Option Plan, as amended and restated,  the
Amended and Restated Roslyn Bancorp,  Inc. 1997  Stock-Based  Incentive Plan and
the Roslyn Bancorp, Inc. 2001 Stock-Based Incentive Plan (collectively  referred
to herein as the "Plans").

         In connection with the merger of Roslyn Bancorp, Inc. with and into the
Company, effective October 31, 2003 (the "Merger"), the Company succeeded to and
assumed the obligations of Roslyn Bancorp,  Inc. under the Plans. In lieu of the
shares of Roslyn  Bancorp,  Inc. common stock which would have been issued under
the Plans,  the Shares will be issued in accordance  with the exchange ratio set
forth in the agreement governing the Merger.

         We have made such legal and factual  examinations  and  inquiries as we
deemed advisable for the purpose of rendering this opinion.  In our examination,
we have  assumed and have not verified (i) the  genuineness  of all  signatures;
(ii) the authenticity of all documents  submitted to us as originals;  (iii) the
conformity  with the  originals of all documents  supplied to us as copies;  and
(iv) the accuracy and completeness of all corporate records and documents and of
all certificates and statements of fact, in each case given or made available to
us by the Company or its subsidiary, New York Community Bank.

         Based on the  foregoing and limited in all respects to Delaware law, it
is our opinion that the Shares have been duly  authorized  and, upon payment for
and  issuance  of the  Shares  in the  manner  described  in the  Plans  and the
outstanding  option  agreements,  they will be duly authorized,  legally issued,
fully paid and nonassessable.

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Board of Directors
November  10, 2003
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         The following provisions of the Company's  Certificate of Incorporation
may not be given effect by a court applying Delaware law, but in our opinion the
failure to give effect to such provisions  will not affect the duly  authorized,
legally  issued,  fully paid and  nonassessable  status of the Company's  common
stock:

              (a)  Subsections  C.3 and C.6 of Article  FOURTH  which  grant the
              Board the  authority to construe and apply the  provisions of that
              Article and  subsection  C.4 of Article  FOURTH,  to the extent it
              obligates  any  person  to  provide,  or  authorizes  the Board to
              demand,  complete information  concerning  beneficial ownership of
              the Company's common stock; and

              (b) Article  NINTH  which  authorizes  the Board to  consider  the
              effect of any offer to acquire the Company on constituencies other
              than stockholders in evaluating any such offer.

         This opinion is rendered to you solely for your  benefit in  connection
with the  issuance of the Shares as  described  above.  This  opinion may not be
relied upon by any other person or for any other  purpose,  and it should not be
quoted in whole or in part,  or otherwise  referred to or be  furnished  to, any
governmental   agency  (other  than  filed  with  the  Securities  and  Exchange
Commission as an exhibit to the  aforementioned  Registration  Statement on Form
S-8, in which this opinion is contained), or any other person or entity, without
the prior written consent of this firm.

         We hereby  consent to the filing of this  opinion as an exhibit to, and
the reference to this firm in, the Company's Registration Statement on Form S-8.

                                Very truly yours,

                                MULDOON MURPHY & FAUCETTE LLP

                                /s/ MULDOON MURPHY & FAUCETTE LLP