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Cooperative Offering Plan for Leasehold Cooperative Ownership of 100 Barrow Street New York, New York

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Cooperative Offering Plan for Leasehold Cooperative Ownership of 100 Barrow Street New York, New York COOPERATIVE OFFERING PLAN FOR LEASEHOLD COOPERATIVE OWNERSHIP OF 100 BARROW STREET NEW YORK, NEW YORK Offering Price for 33 Apartments .......................................................................$156,717,740.00 (having a total of 1,000 Shares) Offering Price for 12 Storage Spaces* .......................................................................$925,000.00 Total Offering Amount .........................................................................................$157,642,740.00 *Storage Spaces are being offered by Sponsor pursuant to 99-year license agreements. The license agreements are independent of the Shares that will be issued to Purchasers under the terms of this Plan. See Schedule A-1 for further information. APARTMENT CORPORATION: THE 100 BARROW STREET APARTMENT CORP. c/o Seiden & Schein, P.C. 570 Lexington Avenue New York, New York 10022 SPONSOR: SELLING AGENT: 100 Barrow Street LLC Toll Brothers Real Estate Inc. 75 Broad Street, Suite 2100 40 Merritt Boulevard New York, New York 10004 Fishkill, New York 12524 The date of acceptance of this Plan for filing is April 25, 2016. This offering plan may not be used after April 24, 2017 unless extended by amendment. THIS OFFERING PLAN IS SPONSOR’S ENTIRE OFFER TO SELL THESE COOPERATIVE APARTMENTS. 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 COOPERATIVE APARTMENT. FILING WITH THE DEPARTMENT OF LAW DOES NOT MEAN THAT THE DEPARTMENT OR ANY OTHER GOVERNMENT AGENCY HAS APPROVED THIS OFFERING. SPONSOR INTENDS TO SELL ALL OF THE APARTMENTS OFFERED UNDER THIS OFFERING PLAN. HOWEVER, BECAUSE SPONSOR IS RETAINING THE UNCONDITIONAL RIGHT TO RENT UP TO EIGHTY-FIVE PERCENT (85%) OF THE APARTMENTS IN THE BUILDING BEING CONSTRUCTED FOR COOPERATIVE OWNERSHIP, FUTURE MARKETABILITY OF THE APARTMENTS MAY BE ADVERSELY AFFECTED (SEE SPECIAL RISKS SECTION OF THIS PLAN.) THIS PLAN DOES NOT GUARANTEE THAT OWNER-OCCUPANT SHAREHOLDERS WILL EVER CONSTITUTE A MAJORITY OF THE COOPERATIVE BOARD OF DIRECTORS. (SEE SPECIAL RISKS SECTION OF THIS PLAN). THIS PLAN CONTAINS SPECIAL RISKS TO PURCHASERS. SEE PAGE 1. TABLE OF CONTENTS PART I Page SPECIAL RISKS .............................................................................................................................1 DEFINITIONS ...............................................................................................................................20 INTRODUCTION .........................................................................................................................29 DESCRIPTION OF PROPERTY AND IMPROVEMENTS ........................................................37 LOCATION AND AREA INFORMATION .................................................................................43 OFFERING PRICES AND RELATED INFORMATION (SCHEDULE A AND NOTES) ........47 LICENSE FEES FOR STORAGE SPACES AND RELATED INFORMATION (SCHEDULE A-1) .............................................................................................................51 PROJECTED OPERATING BUDGET OF APARTMENT CORP. (SCHEDULE B AND FOOTNOTES) ...................................................................................................................52 ESTIMATED INDIVIDUAL ELECTRICITY COSTS (SCHEDULE B-1) .................................60 THE 421-a AFFORDABLE APARTMENTS ...............................................................................66 CHANGES IN PRICES AND APARTMENTS ............................................................................71 OPINION OF REASONABLE RELATIONSHIP ........................................................................74 PROCEDURE TO PURCHASE AND CLOSE ............................................................................75 EFFECTIVE DATE .......................................................................................................................96 UNSOLD SHARES .......................................................................................................................97 FINANCIAL FEATURES ...........................................................................................................102 SUMMARY OF GROUND LEASE ..........................................................................................103 SUMMARY OF PROPRIETARY LEASE .................................................................................112 APARTMENT CORPORATION AND BY-LAWS ...................................................................121 COUNSEL’S 421-a REAL ESTATE TAX BENEFITS OPINION LETTER.............................127 CLOSING COSTS AND ADJUSTMENTS ................................................................................162 WORKING CAPITAL FUND .....................................................................................................166 THE RESERVE FUND ...............................................................................................................167 APARTMENT CORPORATION’S ACQUISITION OF THE PREMISES ...............................168 SPECIAL TAX CONSEQUENCES OF CONTRACT OF EXCHANGE ..................................175 COUNSEL’S INCOME TAX OPINION LETTER .....................................................................177 MANAGEMENT AGREEMENT AND OTHER CONTRACTUAL ARRANGEMENTS.......187 IDENTITY OF PARTIES ............................................................................................................190 RIGHTS AND OBLIGATIONS OF SPONSOR .........................................................................193 ASSIGNMENT OF PURCHASE AGREEMENTS ....................................................................201 REPORTS TO SHAREHOLDERS .............................................................................................202 DOCUMENTS ON FILE .............................................................................................................203 GENERAL ...................................................................................................................................204 SPONSOR’S STATEMENT OF BUILDING CONDITION ......................................................205 P:\Offering Plans\100 Barrow Street\Accepted for Filing\Table of Contents(R).doc i PART II Page FORM OF PURCHASE AGREEMENT FOR MARKET-RATE APARTMENTS ..................207 FORM OF PURCHASE AGREEMENT FOR 421-a AFFORDABLE APARTMENTS ...........236 FORM OF MARKET-RATE APARTMENT PROPRIETARY LEASE ...................................266 FORM OF 421-a AFFORDABLE APARTMENT PROPRIETARY LEASE ............................315 W-9 FORM ..................................................................................................................................364 DESCRIPTION OF PROPERTY AND SPECIFICATIONS ......................................................368 FLOOR PLANS ..........................................................................................................................407 APARTMENT CORPORATION HOUSE RULES ....................................................................466 BY-LAWS OF THE APARTMENT CORPORATION ..............................................................471 FORM OF ESCROW DEPOSIT BOND AND GENERAL INDEMNITY AGREEMENT ......503 AHC GRANT ENFORCEMENT NOTE AND SECURITY AGREEMENT ............................511 FORM OF 421-a RESTRICTIVE DECLARATION ..................................................................519 GROUND LEASE OF PROPERTY............................................................................................523 POST-CONSTRUCTION REAL ESTATE TAX ESTIMATE, PREPARED BY ISRAEL SCHECHTER, PLLC ........................................................................................668 ESCROW AGREEMENT BETWEEN SPONSOR AND SEIDEN & SCHEIN, P.C. ...............673 CERTIFICATIONS: SPONSOR AND PRINCIPALS ......................................................................................680 ARCHITECT’S CERTIFICATION .................................................................................682 BUDGET EXPERT’S CERTIFICATION .......................................................................684 P:\Offering Plans\100 Barrow Street\Accepted for Filing\Table of Contents(R).doc ii PART I - 1 - SPECIAL RISKS THIS OFFERING PLAN IS FOR THE OFFER OF SHARES IN A LEASEHOLD COOPERATIVE. PURCHASING SHARES IN THE APARTMENT CORPORATION INVOLVES CERTAIN SPECIAL RISKS THAT MAY DIFFER FROM A FEE INTERESTCOOPERATIVE. FOR ALL PURCHASERS: 1. Sponsor entered into that certain Amended and Restated Agreement of Lease (the "Ground Lease"), dated as of May 11, 2015, but effective as of February 25, 2015, with The Rector, Churchmembers and Vestrymembers of the Church of St. Luke in the Fields, New York New York, as landlord ("Landlord"), for the Land and all buildings, structures, and other improvements located thereon and all development rights that may be acquired by Sponsor, as tenant, in the future and transferred to the Land and improvements, and all rights of way or of use, servitudes, licenses, tenements, appurtenances and easements now or hereafter belonging or pertaining to the Land. The term of the Ground Lease is ninety-nine (99) years, commencing on February 25, 2015 (the "Commencement Date") and expiring on February 24, 2114, unless the Ground Lease is otherwise terminated pursuant to its terms, or extended by Landlord. UPON THE GROUND LEASE'S EXPIRATION, THE PROPERTY WILL REVERT BACK TO THE LANDLORD, OR ITS SUCCESSOR IN INTEREST,
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