Exhibit 99.1

                   New York Community Bancorp, Inc.
 Announces the Sale of Its Herald Square Property for $105.0 Million

    WESTBURY, N.Y.--(BUSINESS WIRE)--June 6, 2007--New York Community
Bancorp, Inc. (NYSE: NYB) (the "Company") today announced that it has
entered into a contract to sell its property located at 960 Avenue of
the Americas in Manhattan to 960 Sixth Avenue LLC, a U.S. subsidiary
of Statuto Group, a Milan, Italy-based company, for $105.0 million.
The Company had acquired the property in connection with its
acquisition of Atlantic Bank of New York on April 28, 2006.

    Upon completion of the sale, which is expected to take place
within the next 30 days, the Company expects to record a pre-tax gain
of approximately $65 million. The pre-tax gain will be reflected in
the Company's third quarter 2007 earnings.

    New York Community Bancorp, Inc. is the holding company for New
York Community Bank and New York Commercial Bank, and the leading
producer of multi-family loans for portfolio in New York City. The
Community Bank currently has 160 offices serving customers in New York
City, Long Island, and Westchester County in New York and Essex,
Union, Hudson, Monmouth, Middlesex, and Ocean Counties in New Jersey,
and operates through eight local divisions: Queens County Savings
Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt
Savings Bank, CFS Bank, First Savings Bank of New Jersey, Ironbound
Bank, and Penn Federal Savings Bank. The Commercial Bank currently has
27 branches serving Manhattan, Queens, Brooklyn, Westchester County,
and Long Island, including 17 branches of Atlantic Bank. Additional
information about New York Community Bancorp, Inc. and its bank
subsidiaries is available at www.myNYCB.com and
www.NewYorkCommercialBank.com.

        Forward-looking Statements and Associated Risk Factors

    This release, like many written and oral communications presented
by New York Community Bancorp, Inc. and our authorized officers, may
contain certain forward-looking statements regarding our prospective
performance and strategies within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. We intend such forward-looking
statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995, and are including this statement for
purposes of said safe harbor provisions.

    Forward-looking statements, which are based on certain assumptions
and describe future plans, strategies, and expectations of the
Company, including the proposed sale of our property at 960 Avenue of
the Americas in Manhattan, are generally identified by use of the
words "anticipate," "believe," "estimate," "expect," "intend," "plan,"
"project," "seek," "strive," "try," or future or conditional verbs
such as "will," "would," "should," "could," "may," or similar
expressions. Our ability to predict results or the actual effects of
our plans or strategies is inherently uncertain. Accordingly, actual
results may differ materially from anticipated results.

    There are a number of factors, many of which are beyond our
control, that could cause actual conditions, events, or results to
differ significantly from those described in our forward-looking
statements. These factors include, but are not limited to, general
economic conditions and trends, either nationally or locally in some
or all of the areas in which we and our customers conduct our
respective businesses; conditions in the securities markets or the
banking industry; changes in interest rates, which many affect our net
income, future cash flows, or the market value of our assets; changes
in banking, securities, tax, environmental, and insurance laws,
regulations, and policies, and the ability to comply with such changes
in a timely manner; changes in accounting principles, policies,
practices, or guidelines; changes in legislation and regulation;
changes in the monetary and fiscal policies of the U.S. Government,
including policies of the U.S. Treasury and the Federal Reserve Board;
war or terrorist activities; and other economic, competitive,
governmental, regulatory, and geopolitical factors affecting our
operations, pricing, and services. Additionally, the timing and
occurrence or non-occurrence of events may be subject to circumstances
beyond our control.

    Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release. Except as required by applicable law or regulation, the
Company undertakes no obligation to update these forward-looking
statements to reflect events or circumstances that occur after the
date on which such statements were made.

    CONTACT: New York Community Bancorp, Inc.
             Ilene A. Angarola, 516-683-4420
             First Senior Vice President
             and Director, Investor Relations