First Amendment Restated Condominium Offering Plan
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FIRST AMENDMENT RESTATED CONDOMINIUM OFFERING PLAN 125 GREENWICH CONDOMINIUM 125 GREENWICH STREET NEW YORK, NEW YORK 10006 273 Residential Units (including 1 Resident Manager's Unit): ..•......... $872,989,200.00 20 Storage Lockers ...•..................•..•..........•........•..........•..•.....••••..••.....•.....•..$2,850,750.00 Total Offering Amount ...•....•....................•..........•..•..•...•.•..•.....•..•..•........$875,839,950.00 The Condominium will also include the Non-Residential Unit which is not being offered for sale at this time. SPONSOR: SALES CENTER: SELLING AGENT: VS 125LLC One World Trade Center Douglas Elliman, LLC c/o Bizzi & Partners Development New York, New York 10048 575 Madison Avenue LLC, 55 East 59th Street (212) 257-6600 New York, New York 10022 New York, New York 10022 (212) 891-7000 Filing Date of this Restated Offering Plan: ______ 201 . This Restated Offering Plan may not be used after _____ _, 201_, unless this Restated Offering Plan is extended by amendment. This Restated Offering Plan contains Special Risks to Purchasers. See Page 1. BECAUSE SPONSOR IS RETAINING THE UNCONDIDONAL RIGHT TO RENT RATHER THAN SELL RESIDENTIAL UNITS, AFTER PLAN CONSUMMATION, THIS RESTATED OFFERING PLAN MAY NOT RESULT IN THE CREATION OF A CONDOMINIUM IN WHICH A MAJORITY OF THE RESIDENTIAL UNITS ARE OWNED BY OWNER-OCCUPANTS OR INVESTORS UNRELATED TO SPONSOR. (SEE THE SECTION OF THIS OFFERING PLAN ENTITLED "SPECIAL RISKS") PURCHASERS FOR THEIR OWN OCCUPANCY MAY NEVER GAIN CONTROL OF THE CONDOMINIUM BOARD UNDER THE TERMS OF THIS OFFERING PLAN. THIS RESTATED OFFERING PLAN IS SPONSOR'S ENTIRE OFFER TO SELL THESE CONDOMINIUM UNITS. NEW YORK LAW REQUIRES SPONSOR TO DISCLOSE ALL MATERIAL INFORMATION IN THIS OFFERING PLAN AND TO FILE THIS RESTATED OFFERING 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 OF LAW OR ANY OTHER GOVERNMENT AGENCY HAS APPROVED THIS OFFERING. THIS FIRST AMENDMENT TO THE ORIGINAL PLAN AMENDS, CONSOLIDATES AND RESTATES THE ORIGINAL PLAN. ALL REFERENCES TO THE PLAN OR THE OFFERING PLAN AS USED IN THIS FIRST AMENDMENT REFER TO THIS RESTATED PLAN, EXCEPT AS OTHERWISE NOTED. {v.13 }00035849.DOC TABLE OF CONTENTS PART I Section SPECIAL RISKS ............................................................................................................................................. 1 INTRODUCTION ........................................................................................................................................... 20 DEFINITIONS ................................................................................................................................................. 27 DESCRIPTION OF PROPERTY AND IMPROVEMENTS .......................................................................... 35 LOCATION AND AREA INFORMATION ................................................................................................... 41 SCHEDULE A - PURCHASE PRICES OF UNITS AND RELATED INFORMATION ............................ .43 SCHEDULE B - BUDGET FOR FIRST YEAR OF CONDOMINIUM OPERATION ................................ 57 SCHEDULE B-1 - PROJECTED INDIVIDUAL ENERGY COSTS BUDGET ............................................ 71 OPINION OF COUNSEL RE: REAL PROPERTY LAW SECTION 339-I .................................................. 85 REAL PROPERTY LAW SECTION 339-I COMPLIANCE LETTER ......................................................... 89 NON-RESIDENTIAL UNIT ........................................................................................................................... 93 CHANGES IN PRICES AND UNITS ............................................................................................................. 96 USE AND OCCUPANCY AGREEMENTS ................................................................................................... 98 PROCEDURE TO PURCHASE ...................................................................................................................... 99 ESCROW AND TRUST FUND REQUIREMENTS ...................................................................................... 103 ASSIGNMENT OF OPTION AGREEMENTS .............................................................................................. 109 EFFECTIVE DA TE ......................................................................................................................................... 110 TERMS OF SALE ........................................................................................................................................... 11 l CLOSING COSTS AND ADJUSTMENTS .................................................................................................... 114 RIGHTS AND OBLIGATIONS OF SPONSOR ............................................................................................. 122 CONTROL BY SPONSOR ............................................................................................................................. 135 CONDOMINIUM BOARD ............................................................................................................................. 137 RIGHTS AND OBLIGATIONS OF UNIT OWNERS ................................................................................... 139 RIGHTS AND OBLIGATIONS OF THE CONDOMINIUM BOARD/ SUMMARY OF BY-LAWS ......... 149 INCOME TAX DEDUCTIONS TO RESIDENTIAL UNIT OWNERS AND TAX STATUS OF THE CONDOMINIUM .............................................................................................................................. 155 REAL ESTATE TAXES ................................................................................................................................. 157 WORKING CAPITAL FUND AND APPORTIONMENTS .......................................................................... 159 RESER VE FUND ............................................................................................................................................ 161 MANAGEMENT AGREEMENT ................................................................................................................... 162 IDENTITY OF PARTIES ................................................................................................................................ 164 REPORTS TO UNIT OWNERS ..................................................................................................................... 167 DOCUMENTS ON FILE ................................................................................................................................. 167 GENERAL ....................................................................................................................................................... 168 SPONSOR'S STATEMENT OF BUILDING CONDITION .......................................................................... 169 TABLE OF CONTENTS PART II Section DESCRIPTION OF PROPERTY AND IMPROVEMENTS .................................................................... 173 FLOOR PLANS ......................................................................................................................................... 219 OPTION AGREEMENT ........................................................................................................................... 325 UNIT DEED .............................................................................................................................................. 361 USE AND OCCUPANCY AGREEMENT ............................................................................................... 369 STORAGE LOCKER LICENSE ............................................................................................................... 381 ASSIGNMENT AND ASSUMPTION OF STORAGE LOCKER LICENSE .......................................... 387 DECLARATION OF CONDOMINIUM .................................................................................................. 391 BY-LAWS OF THE CONDOMINIUM .................................................................................................... 431 UNIT POWER OF ATTORNEY .............................................................................................................. 493 UNIT OWNER'S SPECIMEN TITLE POLICY ....................................................................................... 497 ATTORNEY'S INCOME TAX OPINION ............................................................................................... 511 REAL EST ATE TAX PROJECTION OPINION ...................................................................................... 517 FORM W-8 (CERTIFICATION OF FOREIGN STATUS) ..........· ............................................................ 527 FORM W-9 (REQUEST FORT AXP A YER IDENTIFICATION NUMBER) ........................................ 531 ESCROW AGREEMENT ......................................................................................................................... 535 CERTIFICATION OF SPONSOR AND PRINCIPALS ........................................................................... 545 CERTIFICATION OF ARCHITECT OR ENGINEER ............................................................................ 549 CERTIFICATION OF BUDGET EXPERT .............................................................................................. 553 CERTIFICATION OF BUDGET EXPERT CONCERNING ADEQUACY OF COMMON CHARGES PAY ABLE BY THE NON-RESIDENTIAL UNIT OWNER .........................................