Condominium Offering Plan for 550 Vanderbilt Condominium
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CONDOMINIUM OFFERING PLAN FOR 550 VANDERBILT CONDOMINIUM 550 Vanderbilt Avenue Brooklyn, New York 11238 TOTAL INITIAL OFFERING PRICE OF THE 278 RESIDENTIAL $388,570,000 UNITS OFFERED FOR SALE HEREBY: TOTAL INITIAL OFFERING PRICE OF THE 102 STORAGE $3,016,950 BIN LICENSES OFFERED FOR SALE HEREBY: AGGREGATE INITIAL OFFERING PRICE: $391,586,950 (The Condominium consists of 278 Residential Units and three Retail Units, and includes 102 Storage Bins available for licensing. One of the Residential Units, anticipated to be Unit 101, will be sold to the Board for use as the Resident Manager’s Unit. The Retail Units are not presently being offered for sale hereunder.) Sponsor Selling Agent Pacific Park 550 Vanderbilt, LLC Corcoran Sunshine Marketing Group, Inc. c/o Greenland Forest City Partners 888 Seventh Avenue 1 MetroTech Center, 23rd Floor New York, New York 10106 Brooklyn, New York 11201 Sales Office 179 Flatbush Avenue Brooklyn, New York 11217 Date of Acceptance for Filing: June 8, 2015 The term of the initial offering of this Plan commenced on June 8, 2015 and expires on June 7, 2016 unless said date is extended in a duly filed amendment. SEE PAGE (vi) FOR SPECIAL RISKS TO PURCHASERS. BECAUSE SPONSOR IS RETAINING THE UNCONDITIONAL RIGHT TO RENT RATHER THAN SELL UNITS, THIS PLAN MAY NOT RESULT IN THE CREATION OF A CONDOMINIUM IN WHICH A MAJORITY OF THE UNITS ARE OWNED BY OWNER- OCCUPANTS OR INVESTORS UNRELATED TO THE SPONSOR. (SEE SPECIAL RISKS SECTION OF THE PLAN.) THIS OFFERING PLAN IS THE ENTIRE OFFER TO SELL THESE CONDOMINIUM UNITS. NEW YORK LAW REQUIRES THE SPONSOR TO DISCLOSE ALL MATERIAL INFORMATION IN THIS PLAN AND TO FILE THIS PLAN WITH THE NEW YORK STATE DEPARTMENT OF LAW PRIOR TO SELLING OR OFFERING TO SELL ANY CONDOMINIUM UNIT. FILING WITH THE DEPARTMENT OF LAW DOES NOT MEAN THAT THE DEPARTMENT OR ANY OTHER GOVERNMENT AGENCY HAS APPROVED THIS OFFERING. PURCHASERS FOR THEIR OWN OCCUPANCY MAY NEVER GAIN CONTROL OF THE BOARD OF MANAGERS UNDER THE TERMS OF THIS PLAN. SEE SPECIAL RISKS SECTION OF THE PLAN. TABLE OF CONTENTS PART I SPECIAL RISKS Page 1. Pacific Park Brooklyn ............................................................................................ vi 2. Use Provisions ..................................................................................................... viii 3. Use ofUnsold Units ............................................................................................... ix 4. Purchaser Deposits; Defaults by Purchasers .......................................................... ix 5. No Financing Contingency ...................................................................................... x 6. Availability of Mortgages ...................................................................................... xi 7. Control by Sponsor; First Annual Meeting ............................................................ xi 8. Interim Service Period ......................................................................................... xiii 9. Additional Building Work ................................................................................... xiii 10. Resident Manager's Unit ....................................................................................... xv 11. Prohibition Against Advertising ......................................................................... xvii 12. No Bond or Other Security ................................................................................. xvii 13. Sponsor's Right to Lease Unsold Residential Units ............................................ xvii 14. Transfer Taxes; Mansion Taxes; Closing Costs ................................................. xvii 15. Reserve Fund/Working Capital Fund ................................................................ xviii 16. Real Estate Taxes ............................................................................................... xviii 17. Partial Exemption from Real Estate Taxes .......................................................... xix 18. Closing Fees and Costs .......................................................................................... xx 19. No Warranty ........................................................................................................... xx 20. Insurance .............................................................................................................. xxi 21. Waiver of Diplomatic or Sovereign Immunity .................................................... xxi 22. Certificate of Occupancy .................................................................................... xxii 23. Amendment to Plans and Specifications ............................................................. xxii 24. Terraces .............................................................................................................. xxiii 25. Open Space Easement Agreement.. ................................................................... xxiv 26. Fireplaces ........................................................................................................... xxiv 27. Access to Future Parking Facilities ...................................................................... xxv 28. Window Washing and Window Treatments ........................................................ xxv 29. Mechanical Equipment ...................................................................................... xxvi 30. Maintenance of Stone Surfaces .......................................................................... xxvi 31. Additional Units and Storage Bins .................................................................... xxvi 32. Flood Zone ........................................................................................................ xxvii 33. Sponsor's Right to Substitute Storage Bins ...................................................... xxvii 34. Interstate Land Sales Full Disclosure Act Exemption ...................................... xxvii 35. Method for Measuring Units, Terraces and Storage Bins ................................ xxviii 36. Sponsor's Use ofthe Building for Promotional Functions .............................. xxviii 3 7. Windows Feature Childproof Stops ................................................................... xxix 38. Special Allocation of Certain Common Expenses ............................................. xxix 39. Delay in Collection of Common Charges by Sponsor ...................................... xxix 40. Increase or Decrease in Common Interest ......................................................... xxix 41. Alterations by an Initial Purchaser of an Unsold Residential Unit.. .................... xxx 42. Roof Rights/Easement ......................................................................................... xxx 43. Certification of Sponsor and Principal ............................................................... xxxi A. INTRODUCTION ...................................................................................................................... ! - 1 - 1. The Property ............................................................................................................. 2 2. Pacific Park Brooklyn .............................................................................................. 4 3. Features of Condominium Ownership ..................................................................... 5 4. Offering of Units for Sale ........................................................................................ 9 5. Offering of Storage Bin Licenses .......................................................................... 10 6. Retail Units Not Offered For Sale Hereunder ........................................................ 11 7. Certain Definitions ................................................................................................. 12 B. DESCRIPTION OF THE PROPERTY AND IMPROVEMENTS .......................................... 17 1. The Building .......................................................................................................... 17 2. Residential Units .................................................................................................... 19 3. Retail Units ............................................................................................................ 20 4. Storage Bins ........................................................................................................... 20 5. Terraces .................................................................................................................. 22 6. Common Elements ................................................................................................. 22 7. Available Services and Facilities .......................................................................... .23 C. LOCATION AND AREA INFORMATION ............................................................................ 27 1. Location and Services ............................................................................................ 27 2. Zoning .................................................................................................................... 28 D. SCHEDULE A- "PURCHASE PRICES AND RELATED INFORMATION" .................... 29 E. SCHEDULE B -"PROJECTED BUDGET FOR FIRST YEAR OF CONDOMINIUM OPERATION" ......................................................................................................................... 41 F. SCHEDULE B-1 ......................................................................................................................