530 Park Avenue Condominium

FIFTH AMENDMENT

CONDOMINIUM OFFERING PLAN 530 PARK AVENUE CONDOMINIUM

530 PARK AVENUE NEW YORK, NEW YORK 10065

DATED: July 29,2015

{v.2} TABLE OF CONTENTS

SECTION PAGE

INTRODUCTION ...... 1

1. OFFER TO SELL SPONSOR UNITS AND NEW SPONSOR UNITS ...... 1

2. CONDOMINIUM BOARD ...... 1

3. 2014 FINANCIAL STATEMENTS ...... 2

4. 2015 CONDOMINIUM BUDGET ...... 2

5. FINANCIAL DISCLOSURE OF SPONSOR ...... 2

6. FINANCIAL DISCLOSURE OF NEW SPONSOR ...... 3

7. PRIOR PUBLIC OFFERINGS OF SPONSOR AND NEW SPONSOR ...... 4

8. INCORPORATION OF PLAN ...... 4

9. DEFINITIONS ...... 4

10. NO MATERIAL CHANGES ...... 4

EXHIBITS

A - SCHEDULE A - OFFERING PRICES AND RELATED INFORMATION FOR SPONSOR UNITS

B - SCHEDULE A - OFFERING PRICES AND RELATED INFORMATION FOR NEW SPONSOR UNITS

C - 2014 FINANCIAL STATEMENTS

D - 2015 CONDOMINIUM BUDGET

E - SCHEDULE OF PRIOR PUBLIC OFFERINGS

00037411.DOC {v.2}i FIFTH AMENDMENT

CONDOMINIUM OFFERING PLAN

INTRODUCTION

This Fifth Amendment modifies and supplements the terms of the Condominium Offering Plan for the Premises known as 530 Park Avenue Condominium ("Condominium") located at 530 Park Avenue, New York, New York 10065 ("Building") dated June 18, 2012 ("Plan"), as previously amended.

The terms of this Amendment are as follows:

1. OFFER TO SELL SPONSOR UNITS AND NEW SPONSOR UNITS

(a) Sponsor and New Sponsor each hereby offer for sale their respective Units and at the offering prices set forth on "Schedule A, Offering Prices and Related Information" and on such other terms set forth below.

Annexed hereto as Exhibit "A" Offering Prices and Related Information for Sponsor Units.

Annexed hereto as Exhibit "B" Offering Prices and Related Information for New Sponsor Units.

2. CONDOMINIUM BOARD

The members of the Condominium Board are as follows:

Name: Title: Ross Fleming President Tom Lavin Vice President Stephen Passalacqua Secretary/Treasurer

All of the members of the Condominium Board are affiliated with Sponsor and New Sponsor. These Sponsors control the Condominium Board. These Sponsors will relinquish control of the Condominium Board upon the earlier to occur of (i) the closing of title with purchasers under the Plan to Units having at least 50% of the aggregate Common Interest pertaining to all Units, or (ii) 5 years after the First Closing. Each of the members of the Condominium Board has an address c/o these Sponsors at 390 Park Avenue, 3rd Floor, New York, New York 10022.

Sponsor is scheduling the First Annual Unit Owners meeting to elect a new Condominium Board to include three (3) resident Unit Owners and two (2) Sponsor representatives.

00037411.DOC {v.2}1 3. 2014 FINANCIAL STATEMENTS

Annexed hereto as Exhibit "B" are the Financial Statements for the Condominium for the year ended December 31, 2014 prepared by Newman, Newman & Kaufman, LLP.

4. 2015 CONDOMINIUM BUDGET

Annexed hereto as Exhibit "c" is the Condominium Budget for the year commencing January 1,2015 and ending December 31,2015.

5. FINANCIAL DISCLOSURE OF SPONSOR

The information set forth herein is a required disclosure of all offering plans for buildings in which the sponsor or holders of unsold units own more than ten percent of the units, even if there has been no material change in the fmancial position of the sponsor or holders of unsold units and all payments are current.

(a) Ownership of Unsold Residential Units Owned by Sponsor as of July 20,2015

1. As of July 20,2015, 7 Residential Units remained unsold (the "Unsold Residential Units").

ii. The aggregate monthly Common Charges payable by Sponsor to the Condominium with respect to the Unsold Residential Units equals approximately $14,844.

iii. The aggregate monthly rents received by Sponsor from tenants of Unsold Residential Units equals approximately $6,444.

iv. The aggregate real estate taxes payable by Sponsor with respect to the Unsold Residential Units (ifpaid on a monthly basis) equal approximately $13,387.

(b) Ownership of Non-Residential Units Owned by Sponsor as of July 20,2015

i. The aggregate monthly Common Charges payable by Sponsor to the Condominium with respect to the Unsold Non-Residential Units equals approximately $6,301.

ii. The aggregate monthly base rents received by Sponsor from tenants of Unsold Non- Residential Units equals approximately $13,867.

iii. The aggregate real estate taxes payable by Sponsor with respect to the Unsold Non- Residential Units (ifpaid on a monthly basis) equal approximately $5,170.

Sponsor has no financial obligations to the Condominium, other than the payment of common charges, which will become due within twelve (12) months from the Filing Date of this Amendment.

(d) Financial Obligations to Lenders

No Unsold Residential Units or Unsold Non-Residential Units of Sponsor are encumbered by a mortgage.

00037411.DOC {v.2}2 (e) Payment of Sponsor Obligations

Sponsor will fund its obligations to pay monthly common charges to the Condominium by means of ( a) rents and other charges with respect to the Unsold Residential Units and Unsold Non-Residential Units owned by Sponsor; (b) net proceeds available from sales of Units owned by Sponsor; (c) internal cash flow; and (d) other sources.

(1) Status of Financial Obligations

Sponsor is current on all fmancial obligations to the Condominium.

6. FINANCIAL DISCLOSURE OF NEW SPONSOR

The information set forth herein is a required disclosure of all offering plans for buildings in which the sponsor or holders of unsold units own more than ten percent of the units, even if there has been no material change in the fmancial position of the New Sponsor or holders of unsold units and all payments are current.

(a) Ownership of Unsold Residential Units Owned by New Sponsor as of July 20,2015

i. As of July 20, 2015, 37 Residential Units remained unsold (the "Unsold New Sponsor Residential Units").

ii. The aggregate monthly Common Charges payable by New Sponsor to the Condominium with respect to the Unsold New Sponsor Residential Units equals approximately $51,215.

iii. The aggregate monthly rents received by New Sponsor from tenants of Unsold New Sponsor Residential Units equals approximately $89,836.

iv. The aggregate real estate taxes payable by New Sponsor with respect to the Unsold New Sponsor Residential Units (if paid on a monthly basis) equal approximately $43,250.

(b) Financial Obligations to the Condominium

New Sponsor has no fmancial obligations to the Condominium, other than the payment of common charges, which will become due within twelve (12) months from the Filing Date of this Amendment.

New Sponsor has pledged the Unsold New Sponsor Residential Units owned by New Sponsor, as collateral for a loan ("Loan") with Manufacturers Traders and Trust Company ("Lender"), having an office at 350 Park Avenue, New York, NY.

The material terms of the Loan are as follows:

(a) Outstanding Balance: $15,590,216 (as of July 20,2015).

(b) Maturity Date: January 2, 2019.

(d) At the closing of the sale of each Unit, New Sponsor pays a release price to Lender and Lender delivers to New Sponsor a partial release of the lien of the loan for the Unit.

00037411.DOC {v.2}3 (d) Payment of New Sponsor Obligations

New Sponsor will fund its obligations to pay monthly common charges to the Condominium by means of (a) rents and other charges with respect to the Unsold New Sponsor Residential Units; and (b) net proceeds available from sales of Units owned by New Sponsor; (c) internal cash flow; and (d) other sources.

(e) Status of Financial Obligations

New Sponsor is current on all fmancial obligations to the Condominium and to the Lender.

7. PRIOR PUBLIC OFFERINGS OF SPONSOR AND NEW SPONSOR

Annexed hereto as Exhibit "D" is a "Schedule of Prior Public Offerings" in which Sponsor and New Sponsor (collectively "Sponsors") or Sponsors' principals own an unsold apartment or unsold residential unit in other buildings in New York State. The offering plans for for these buildings are on file with the Department of Law, 120 Broadway, 23 rd Floor, New York, New York and are available for public inspection. The principals of Sponsors are current in their fmancial obligations with respect to those buildings.

8. INCORPORATION OF PLAN

The Plan, as modified and supplemented by this and prior Amendments, is incorporated herein by reference with the same effect as if set forth at length.

9. DEFINITIONS

Any term used in this Amendment not otherwise defmed herein shall have the same meaning ascribed to it in the Plan.

10. NO MATERIAL CHANGES

Except as set forth in this Amendment, there have been no material changes of facts or circumstances affecting the Property or the offering.

SPONSOR:

DIAMOND 530 PARK AVENUE OWNER LLC

NEW SPONSOR:

530 PARK RESIDENTIAL HOLDINGS LLC

00037411.DOC {v.2}4 EXHIBIT "A"

SCHEDULE A - OFFERING PRICES AND RELATED INFORMATION FOR SPONSOR UNITS

{V2}00037411.DOC SCHEDULE A ｾ＠ SPONSOR UNITS 530 PARK AVENUE CONDOMINIUM 530 PARK AVENUE NEW YORK, NY 10065

OFFERING PRICES AND RELATED INFORMATION COMMON CHARGES AND REAL ESTATE TAXES

(3 ) (3) PERCENTAGE ""INTEREST (5 j (6 ) ('1) (1) (2 ) OF (4) !NTHE (0111/2015 -IlS/30J21l1S) (\lUMBER OF APPROXSQFT COMMON OFFERING COMMON COMMON CHARGES REAL ESTATE TAXES CARRYING CHARGES UNIT BEDROOMS BATHS UNIT TERRACE INTEREST PRICE EXPENSES MONTHLY ANNUAL MONTHLY ANNUAL MONTHLY ANNUAL RES!DENTIAl UNITS:

2A 2.0 2.5 2,422 1.3609% $7,500,000 1.3679% $2,675.73 $32,108,74 $2,259.59 $27,115.03 $4,935.31 $59,223.77 7C 3.0 3.0 D,2PR 2,698 1.5160% $9,600,000 1.5238% $2,980,71 $35,768.56 $2,517.09 $30,205.12 $5,497J31 $65,973.68

3D 2.0 3.0 1,660 0.9327% $4,800,000 0.9375% $1,833.83 $22,005.95 $1,548.65 $18,583.81 $3,382.48 $40,589.76

2F 2.0 2.5 2,218 1.2463% $6,400,000 1,2527% $2,450.45 $29,405.40 $2,069.34 $24,832.11 $4,519.79 $54,237.51 SF 1.0 1.0 858 0.4821% $2,310,000 0.4846% $947,92 $11,375.02 $800.47 $9,605.62 $1,748.39 $20,980.64 18 F 3.0 I 3.5 2T 3,328 1,009 2,0117% $16,500,000 2.0221% $3,955.35 $47,464.20 $3,340.11 $40,081,36 $7,295.46 $87,545.56

3 J 1.0 f 1.0 S 912 0.5124%

7 14,096 1,009 8.0621% $48,410,000 7.5886% $14,843.99 $118.121.81 $13,386.51 $160,638.13 $28,230.50 $338,166.00

PROFESSIONAL UNITS: 1 A 2,562 1.4416% 1.4486% $2,833.60 $34,003.15 $2,325.09 $27,901,03 $5,158.68 $61,904,18 1 F 851 0.4835% 0.4857% $950.08 $11,400.98 $179.82 $9,357.88 $1,729.91 $20,758.86 1 G 2,275 1.2802% 1.2861% $2,516.91 $30,202.87 $2,004.79 $24,777.46 $4,581.69 $54,980.33 PROFESSIONAL UNITS: 3 5,694 3.2053% $0 3.2210% $6,300,58 $15,607.00 $5,169.70 $62,036.31 $11A10.28 $131,643.37

PROPERTY TOTALS: 10 $18,556.21 $222,674.50 $39,100.78 $476,409.31

The abbreviations used in the Schedule A have the following meaning: '''0'' denotes a Duplex "PR" denotes a Powder Room "S" denotes the Resident Manager's Unit "T" denotes a Terrace SCHEDULE A - SPONSOR UNITS 530 PARK AVENUE CONDOMINIUM 530 PARK AVENUE NEW YORK, NY 10065

OFFERING PRICES AND RELATED INFORMATION COMMON CHARGES AND REAL ESTATE TAXES

(J) Pl PERCENTAGE % INTEREST { 5) {S} (7) (1) (.2 ) OF (4) IN THE (0111/.2015 - 06130/2(16) NUMBER OF APPROXSq FT COMMON OFFERING COMMON COMMON CHARGES REAL ESTATE TAXES CARRYING CHARGES UNiT BEDROOMS BATHS UNIT TERRACE INTEREST PRICE EXPENSES MONTHLY ANNUAL MONTHLY ANNUAL MONTHLY ANNUAL

NOTE: Since the Resident Manager's Unit 3J, is a Genera! Common Element for budget purposes, Genera! Common Expenses have been apportioned to the Units based on the % Interest in the Common Expenses as set forth in this Schedule. EXHmIT "B"

SCHEDULE A - OFFERING PRICES AND RELATED INFORMATION FOR NEW SPONSOR UNITS

{V2}00037411.DOC SCHEDULE A - 530 PARK RESIDENTIAL HOLDINGS LLC

530 PARK AVENUE CONDOMINIUM 530 PARK AVENUE NEW YORK, NY 10065

OFFERING PRICES AND RELATED INFORMATION COMMON CHARGES AND REAL ESTATE TAXES

(3) (3 ) PERCENTAGE % iNTEREST un (G) (1) ( 1 ) (2 ) Of (4) IN THE (1)7/1/2015 ｾ＠ 0613012(16) NUMBER OF APPROXSg FT COMMON OfFERING COMMON COMMON CHARGES REAL ESTATE TAXES CARRYING CHARGES UNIT BEDROOMS BATHS UNiT TERRACE iNTEREST PRICE EXPENSES MONTHLY ANNUAL MONTHLY ANNUAL MONTHLY ANNUAL RESIDENTIAL UNITS: 8A 3.0 I 3.0 1,843 1.0356% $6,300,000 1.0409% $2,036.09 $24,433.06 $1,719.50 $20,634.05 $3,755.59 $45,067.11 15 A 3.0 I 3.0 1,843 1.0356% $6,650,000 1.0409% $2,036.09 $24,433.06 $1,719.50 $20,634.05 $3,755.59 $45,067.11 16 A 3.0 I 3.0 1,843 1.0356% $6,750,000 1.0409% $2,036.09 $24,433.06 $1,719.50 $20,634.05 $3,755.59 $45,067.11 PH A 2.0 I 3.5 FP,T 1,925 1,143 1.2422% $7,500,000 1.2486% $2,442.37 $29,308.41 $2,062.49 $24,749.84 $4,504.85 $54,058.25 PH B 2.0 3.0 T 1,685 570 1.0269% $6,600,000 1.0322% $2,019.07 $24,228.85 $1,705.00 $20,460.00 $3,724.07 $44,688.85 3C 0.0 1.0 693 0.3894% $1,625,000 0.3914°/0 $765.61 $9,187.34 $646.54 $7,758.49 $1,412.15 $16,945.83 4C 0.0 1.0 693 0.3894% $1,645,000 0.3914% $765.61 $9,187.34 $646.54 $7,758.49 $1,412.15 $16,945.83 9C 2.0 2.5 0 1,530 0.8597% $5,800,000 0.8641% $1,690.25 $20,283.03 $1,427.46 $17,129.52 $3,117.71 $37,412.55

70 2.0 ! 3.0 1,652 0.9282% $6,100,000 0.9330% $1,825.03 $21,900.32 $1,541.12 $18,493.44 $3,366.15 $40,393.76 9D 2.0 I 3.0 1,660 0.9327% $6,200,000 0.9375% $1,833.83 $22,005.95 $1,548.65 $18,583.81 $3,382,48 $40,589.76 170 2.0 ! 3.0 1,652 0.9282% $6,800,000 0.9330% $1,825.03 $21,900.32 $1,541.12 $18,493.44 $3,366.15 $40,393.76 6E 1.0 ! 1.0 856 0.4810% $2,255,000 0.4834% $945.57 $11,346.85 $798.67 $9,584.03 $1,744.24 $20,930.88 7E 1.0 I 1.0 848 0.4765% $2,275,000 0.4789% $936.77 $11,241.22 $791.16 $9,493.91 $1,727.93 $20,735.13 10 E 1.0 I 1.0 856 0.4810% $2,335,000 0.4834% $945.57 $11,346.85 $798.67 $9,584.03 $1,744.24 $20,930.88 15 E 1.0 I 1.0 856 0.4810% $2,455,000 0.4834% $945.57 $11,346.85 $798.67 $9,584.03 $1,744.24 $20,930.88 17 E 1.0 I 1.0 848 0.4765% $2,525,000 0.4789% $936.77 $11,241.22 $791.16 $9,493.91 $1,727.93 $20,735.13 19 E 1.0 I 1.0 T 822 48 0.4686% $2,625,000 0.4710% $921.32 $11,055.79 $778.08 $9,336.95 $1,699.40 $20,392.74 4F 1.0 I 1.0 858 0.4821% $2,270,000 0.4846% $947.92 $11,375.02 $800.47 $9,605.62 $1,748.39 $20,980.64 7 F 1.0 J 1.0 858 0.4821% $2,330,000 0.4846% $947.92 $11,375.02 $800,47 $9,605.62 $1,748.39 $20,980.64 14 F 1.0 I 1.0 858 0.4821% $2,480,000 0.4846% $947.92 $11,375.02 $800.47 $9,605.62 $1,748.39 $20,980.64 5G 2.0 2.0 1,480 0.8316% $5,500,000 0.8359% $1,635.09 $19,621.09 $1,380.79 $16,569.43 $3,015.88 $36,190.52 6G 2.0 2.0 1,480 0.8316% $5,550,000 0.8359% $1,635.09 $19,621.09 $1,380.79 $16,569,43 $3,015.88 $36,190.52 7G 2.0 2.0 1,472 0.8271% $5,600,000 0.8314% $1,626.29 $19,515.46 $1,373.29 $16,479.45 $2,999.58 $35,994,91 8G 2.0 2.5 1,480 0.8316% $5,650,000 0.8359% $1,635.09 $19,621.09 $1,380.79 $16,569.43 $3,015.88 $36,190.52 9G 2.0 2.0 1,432 0.8046% $5,700,000 0.8088% $1,582.08 $18,984.97 $1,335.92 $16,031.06 $2,918.00 $35,016.03 SCHEDULE A .. 530 PARK RESIDENTIAL HOLDINGS LlC

530 PARK AVENUE CONDOMINIUM 530 PARK AVENUE NEW YORK, NY 10065

OFFERING PRICES AND RELATED INFORMATION COMMON CHARGES AND REAL ESTATE TAXES

(3 ) P) PERCENTAGE % INTEREST Pi) (6 ) (7) ( 1 ) (2: ) OF (It) IN THE (0111/2015 ｾ＠ as/SO/lOiS) NUMBER OF APPROX sgFT COMMON OFFERING COMMON COMMON CHARGES REAL ESTATE TAXES CARRYING CHARGES UNIT BEDROOMS BATHS UNIT TERRACE INTEREST PRlCE tXPENSES MONTHLY ANNUAL MONTHLY ANNUAL MONTHLY ANNUAL 10 G 2.0 2.0 1,441 0.8097% $5,750,000 0.81391% $1,592.06 $19,104.69 $1,344.40 $16,132.75 $2,936.45 $35,237.44 14 G 2.0 2.5 1,441 0.8097% $5,900,000 0,8139% $1,592.06 $19,104.69 $1,344.40 $16,132.75 $2,936.45 $35,237.44 15 G 2.0 2.0 1,441 0.8097% $5,950,000 0.8139% $1,592.06 $19,104.69 $1,344.40 $16,132.75 $2,936.45 $35,237.44 16 G 3.0 3.0 T 2,235 150 1.2769% $7,975,000 1,2835% $2,511164 $30,127.62 $2,120.14 $25,441.70 $4,630.78 $55,569.32 7H 1.0 1.0 1,010 0.5675% $2,650,000 0,5704% $1,115.75 $13,389.01 $942.29 $11,307.50 $2,058.04 $24,696.51 9H 1.0 1.0 1,010 0.5675% $2,690,000 0.5704% $1,115.75 $13,389.01 $942.29 $11,307.50 $2,058.04 $24,696.51 0 19 H 1.0 1.0 1,050 0.5900 /0 $3,260,000 0.5930% $1,159.96 $13,919.50 $979.62 $11,755.49 $2,139.58 $25,674.99 2 J 0.0 1.0 597 0.3354% $1,450,000 0.3371% $659.40 $7,912.75 $556.90 $6,682.78 $1,216.29 $14,595.53 6J 1.0 I 1.0 897 0.5040% $2,520,000 0.5066% $990.95 $11,891.43 $836.87 $10,042.43 $1,827.82 $21,933.86 15 J 1.0 I 1.0 912 0.5124% $2,870,000 0.5151% $1,007.58 $12,090.95 $850,77 $10,209.29 $1,858.35 $22,300.24 16 J 1,0 I 1.0 912 0.5124% $2,905,000 0.5151% $1,007.58 $12,090.95 $850.77 $10,209.29 $1,858.35 $22,300.24 17 J 1.0 ! 1.0 912 0.5124% $2,940,000 0.5151 % $1,007,58 $12,090.95 $850.77 $10,209.29 $1,858.35 $22,300.24 RES1DENTIAl UNITS: 37 45,881 1,911 26.0485% $158,380,000 26.1826% $51,215.38 $614,584.52 $43,25CL44 $519,005.22 $94,465.81 $1,133,589.74

The abbreviations used in the Schedule It have the following meaning: "'D" denotes a Duplex "FP" denotes a Wood Burning Fireplace "T" denotes a Terrace

NOTE: Since the R.esident Manager's Unit 3J, is a General Common Element for budget purposes, Genera! Common Expenses have been apportioned to the Units based on the % Interest in the Common Expenses as set forth in this Schedule. EXHIBIT "C"

2014 FINANCIAL STATEMENTS

{V2}00037411.DOC 530 PARK AVENUE CONDOMINIUM

Financial Statements for the Year Ended December 31,2014 With Comparative Balance Sheets

Certified Public Accountants 530 PARK AVENUE CONDOMINIUM

CONTENTS

Page

Independent Auditor's Report 1

Financial Statements for the year ended December 31.2014:

Comparative Balance Sheets 2 Statement of Operations 3 Statement of Changes in Members' Equity 4 Statement of Cash Flows 5 Notes to Financial Statements 6

Supplementary and Prospective Information:

Independent Auditor's Report on Supplementary and Prospective Information 10

Supporting Schedules - Statement of Operations 11 Comparative Schedules of Revenues and Expenses - Budget. Historical and Budget Forecast 12 Summary of Significant Accounting Policies and Budget Forecast Assumptions 13 Certified Public Accountants INDEPENDENT AUDITOR'S REPORT

To the Board of Managers and Unit Owners of 530 Park Avenue Condominium New York, NY

We have audited the accompanying financial statements of 530 Park Avenue Condominium, which comprise the balance sheets as of December 31, 2014 and 2013, and the related statement of operations, changes in members' equity and cash flows for the year ended December 31,2014, and the related notes to the financial statements.

Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation offinancial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the aud it to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of materia I misstatement of the financial statements, whether due to fraud or error. I n rna king those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in orderto design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the a ud it evidence we have obtai ned is sufficient a nd a ppropriate to provide a basis for our audit opinion.

Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of 530 Park Avenue Condominium as of December31 , 2014 and 2013, and the results of its operations and its cash flows for the year ended December 31, 2014 in conformity with accounting principles generally accepted in the United States of America.

Other Matter Management has omitted the supplementary information on future major repairs and replacements that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Financial Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. Our opinion on the basic financial statements is not affected by the missing information.

March 6, 2015

Newman, Newman & Kaufman, LLP Rockefeller Center T 516,364,0700 575 Underhill Blvd, One Rockefeller Plaza F 516,364,9407 Suite 100 11th Floor i [email protected] Syosset, NY 11791 New York, NY 10020 www.nnkllp.com 530 PARK AVENUE CONDOMINIUM

BALANCE SHEETS

December 31, 2014 2013

Assets

Current Assets:

Cash and cash equivalents $ 547,032 $ 145,181 Receivables (Note 3) 45,499 Prepaid expenses (Note 4) 89.062 19.683

Total Current Assets 681 .593 164.864

Reserve fund (Note 5) 91829 1868

Other Asset:

Utility deposits 46.727 44,662

Total Assets $ 10,558,188 $ 209,526

Liabilities

Accounts payable $ 258,434 $ 69,840 Due to Sponsor 84,323 61,242 Security deposits paya ble 58,500 Accrued income taxes 8,247

Advance common charges 6 1913 23.964

Total Liabilities 416,417 155,046

Members' Equity 101141 1771 54A80

Total Liabilities and Members' Equity $ 10.558.188 $ 209.526

The accompanying notes are an integral part of these financial statements.

- 2- 530 PARK AVENUE CONDOMINIUM

STATEMENT OF OPERATIONS

Year Ended December 31,2014

Revenues

Common charges $ 2,347,303 Electric submeter charges 175,100 Other unit owner fees 23,526 Laundry income 14,100 Interest income 10.995

Total Revenues $ 2,571,024

Cost of Operations

Administrative expenses Schedule 1 89,131 Operating expenses Schedule 2 2,150,707 Repairs and maintenance Schedule 3 207,096 Provision for income taxes 8,247

Total Cost of Operations 2.455.181

Excess Revenues Over Expenses $ 115.843

The accompanying notes are an integral part of these financial statements.

-3- 530 PARK AVENUE CONDOMINIUM

STATEMENT OF CHANGES IN MEMBERS' EQUITY

Year Ended December 31,2014

Working Capital Contributions (Note 6) Balance - January 1 , $ 51,325 Working capital contributions 151.458 Balance - December 31, 202,783

Contributed Capital (Note 5) Balance - January 1, Contributed capital 9,819,990 Balance - December 31, 9,819,990

Excess Revenues Over Expenses Balance - January 1 , 3,155 Excess revenues over expenses 115,843 Balance - December 31, 118,998

Total Members' Equity $ 10 141,771

The accompanying notes are an integral part of these financial statements.

-4- 530 PARK AVENUE CONDOMINIUM

STATEMENT OF CASH FLOWS

Year Ended December 31,2014

Cash Flows From Operating Activities

Excess revenues over expenses $ 115,843

Changes in operating assets and liabilities that provided (used) cash: Receivables ($ 45,499) Prepaid expenses ( 69,379) Utility deposits ( 2,065) Accounts payable 188,594 Security deposits payable 58,500 Other current liabilities 14.277 Total Adjustments 144,428

Cash Provided By Operating Activities 260,271

Cash Flows From Investing Activities

Increase in reserve fund ( 9,829,868)

Cash Flows From Financing Activities

Reserve fund contribution 9,819,990 Working capital contributions 151,458

Cash Provided By Financing Activities 9,971,448

Net change in cash and cash equivalents 401,851

Cash and cash equivalents at January 1, 145.181

Cash and cash equivalents at December 31, $ 547,032

Supplemental Disclosure

Income taxes paid $

The accompanying notes are an integral part of these financial statements. 530 PARK AVENUE CONDOMINIUM

Notes to Financial Statements

Note 1. THE ASSOCIATION

530 Park Avenue Condominium (the "Condominium") was formed in accordance with the terms of an Offering Plan to create condominium ownership for the property located at 530 Park Avenue, New York, New York. The Condominium is comprised of 112 residential units (including one Resident Manager's unit) and three professional units. Operations commenced on December 16, 2013 (the date of the initial residential unit closing). The primary purpose of the Condominium is to manage the operations of the property and maintain the common facilities.

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Recognition of Assets Real property and common areas acquired from the original Sponsor and subsequent improvements to such property are not recorded in the Condominium's financial statements because those properties are owned by the individual unit owners in common and not by the Condominium. The Condominium recognizes personal property at cost.

Revenue Recognition The principal source of revenue is derived from common charge assessments levied on unit owners in accordance with expense allocation percentages attributable to each unit as provided for in the Offering Plan. Common charges are recognized as revenue when due and payable. Any excess assessments at year end are retained by the Condominium for use in future years.

Income Taxes Condominium associations may be taxed either as homeowners' associations or as regular corporations. For the year ended December 31, 2014. the Condominium elected to be taxed as a homeowners' association. As a homeowners' association. membership income is exempt from taxation and the Condominium is taxed only on its nonmembership income, such as interest earnings, at a special federal tax rate and at regular New York State and New York City corporate tax rates or prescribed minimums.

The Condomi nium 's tax returns for all years si nce 2013 are open to exam ination by the respective taxing authorities. There are currently no tax examinations in progress.

Cash and Cash Equivalents Cash and cash equivalents consist primarily of cash, money market accounts, and other highly liquid investments that are readily convertible into cash and purchased with original maturities of three months or less.

Concentration of Credit Risk The Condominium maintains its cash in bank deposit accounts which. at times, may exceed federally insured limits. The Condominium has not experienced any losses in such accounts, and believes it is not exposed to any significant credit risk with respect to such balances.

- 6- 530 PARK AVENUE CONDOMINIUM

Notes to Financial Statements

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Future Major Repairs and Replacements The Condominium's governing documents do not require the accumulation of funds to finance estimated future major repairs and replacements. The Condominium has not promulgated a study to determine the remaining useful lives of the components of the building but periodically estimates the costs of major repairs and replacements that may be required. When funds are required for major repairs and replacements, the Condominium has the right to utilize available cash reserves and/or borrow, increase common charges and/or impose assessments, or delay repairs and replacements until funds are available.

Evaluation of Subsequent Transactions and Events In accordance with FASB ASC 855, the Condominium has evaluated transactions and events that occurred after Decem ber 31 , 2014 th roug h March 6, 2015, the date the financial statements were availa ble to be issued, and has determined that there were no subsequent transactions or events which would require recognition or disclosure in the financial statements, except as noted herein.

Note 3. RECEIVABLES 2014

Unit owners' charges $ 24,769 Due from M&T Bank 12,047 Accrued electric submeter charges 8,683

Total $ 45,499

Note 4. PREPAID EXPENSES 2014 2013

Insurance $ 75,870 $ Fuel 8,592 12,542 Service contracts 4,375 2,235 Real estate tax 225 4,906

Total $ 89.062 $ 19.683

Note 5. RESERVE FUND

In accordance with the terms of the Offering Plan and the Administrative Code of the City of New York, Local Law 70 (the "Reserve Fund Law"), Diamond 530 Park Avenue Owner, LLC (the "Sponsor") contributed $9,819,990 to establish a reserve fund to be used exclusively for making capital repairs, replacements and improvements to the property. The reserve fund is held in an M& T Bank money market account. At December 31, 2014, the reserve fund balance was $9,829,868.

Note 6. WORKING CAPITAL CONTRIBUTIONS

At the closing of title to each residential unit, the purchaser (other than Sponsor) is req uired to make a contribution to the working capital fund in the amount equal to two months' common charges then in effect for the unit. For the year ended December 31,2014, the Condominium recorded $151,458 of working capital contributions. 530 PARK AVENUE CONDOMINIUM

Notes to Financial Statements

Note 7. MULTIEMPLOYER UNION AGREEMENT AND PENSION PLAN

Substantially all of the Condominium's employees are covered by a union sponsored, collectively bargained, multiemployer defined benefit pension, annuity and health insurance plan. Contributions to the plan are determined in accordance with the provisions of the negotiated labor contract. The contract is in effect throug h April 20, 2018.

Contributions to the Building Service 32BJ Pension Fund are not segregated or otherwise restricted to provide benefits only to the Condominium's employees. The risks of participating in a multiemployer pension plan differ from those of a single-employer pension plan in the following aspects: a) assets contributed to a multiemployer pension plan by one employer may be used to provide benefits to employees of other participating employers, b) if a participating employer stops contributing to the plan, the unfunded obligation of the plan may be borne by the remaining participating employers, and c) if the Condominium chooses to stop participating in the multiemployer plan, it may be required to pay the plan an amount based on the unfunded status of the plan, which is referred to as the withdrawal liability. The Condominium has no intention of withdrawing from the plan.

The information for 32BJ Service Employees International Union multiemployer pension plan is as follows:

Legal Name: Building Service 32BJ Pension Fund Employer Identification Number: 13-1879376 Plan Number: 001 Type of Plan: Defined Benefit Pension Plan Plan Year End Date: June 30,2013 and June 30,2012 Certified Zone Status: Red* Funding Improvement Plan/Rehabilitation Plan: 1m plemented* Surcharges Paid to Plan in 2014: None Pension contributions made: Year ended December 31,2014 Minimum required pension contributions (per week/per employee): Year ended December 31,2014 $94.75 Year ending December 30,2015 $98.75

*Certified pension zone status (as defined by the Pension Protection Act) represents the level at which the pension plan is funded. Plans in the red zone are less than 65% funded; plans in the yellow zone are less than 80% funded; and plans in the green zone are at least 800/0 funded. The pension plan is considered to be in critical status for the plan year beg inning July 1 ,2014. I n order for the plan to achieve yellow a nd/or green funding status, the trustees of the fund adopted a Rehabilitation Plan which terms have been incorporated into the collective bargaining agreement. The current agreement provides for increased employer contributions of $4.00 per week per year for each eligible employee.

The information provided above is from the pension plan's most current annual report for the year ended June 30, 2013. The Pension Protection Act Zone Status, the most recent zone status available, was provided to the Condominium by the plan and is certified by the plan's actuary. The Condominium's contributions to the pension plan are less than 50/0 of all employers' contributions to the plan.

Note 8. RELATED PARTY TRANSACTION

At December 31 , 2014, Diamond 530 Park Avenue Owner, LLC (the "Sponsor") owned 18 units which represents approximately 19.2% of the total common elements. 530 Park Residential Holdings LLC (the "New Sponsor") owned 40 units which represents approximately 28.3% of the total common elements. 530 Park Residential Holdings II. LLC (the "New Sponsor 11") owned 2 units which represents approximately 1.00/0 of the total common elements.

- 8- SUPPLEMENTARY AND PROSPECTIVE INFORMATION Certified Public Accountants

INDEPENDENT AUDITOR'S REPORT ON SUPPLEMENTARY AND PROSPECTIVE INFORMATION

To The Board of Managers and Unit Owners 530 Park Avenue Condominium New York, NY

We have audited the financial statements of 530 Park Avenue Condominium as of and for the year ended December 31,2014 and our report thereon dated March 6,2015, which expressed an unmodified opinion on that financial statement, appears on Page 1. Our audit was performed for the purpose of forming an opinion on the financial statements as a whole. The accompanying Supporting Schedules

and Comparative Schedules of Revenues and Expenses M Budget, Historical and Budget Forecast, which is the responsibility of the Condominium's management, is presented for purposes of additional analysis and is not a required part of the financial statements. Such information, except for the portion marked "unaudited", was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. That information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, that information is fairly stated in all material respects in relation to the financial statements as a whole. The information marked "unaudited" has not been subjected to the auditing procedures applied in the audit of the financial statements and, accordingly, we do not express an opinion or provide any assurance on it.

March 6, 2015 for Historical Statements

Newman, Newman & Kaufman, LLP Rockefeller Center T 516.364.0700 575 Underhill Blvd. One Rockefeller Plaza F 516.364.9407 Suite 100 11th Floor [email protected] Syosset, NY 11791 New York, NY 10020 www.nnkllp.com 530 PARK AVENUE CONDOMINIUM

SUPPORTING SCHEDULES· STATEMENT OF OPERATIONS

Year Ended December 31,2014

Administrative Expenses: Schedule 1

Management fee $ 60,000 Other administrative 12,626 Professional fees 9,850 Telephone and communications 6,655

Total Administrative Expenses $ 89 131

Operating Expenses: Schedule 2

Utilities Fuel $ 299,926 Electricity and gas 279,949 Water and sewer 62,884 $ 642,759

Labor Wages 901,078 Union benefits 297,927 Payroll taxes 78,650 Workers' compensation and disability insurance 36.459 1,314,114

Other Insurance 100,849 Resident Manager's unit expenses 68,398 Permits and other operating 19,627

Submetering service 4 1960 193,834

Total Operating Expenses $ 2,150707

Repairs and Maintenance: Schedule 3

Grounds and plant maintenance $ 61,377 Exterm i nating 33,969 Elevator contract and repairs 32,484 Supplies 31,466 Uniforms 16,660 Heating and boiler 9,731 Air conditioning 7,322 Intercom 6,658 Equipment repairs and other 3,907 Plumbing repairs 1,670 Painting, plastering and flooring 1,105 Doors, locks and windows 747

Total Repairs and Maintenance $ 207096

- 11 - 530 PARK AVENUE CONDOMINIUM

Comparative Schedules of Revenues and Expenses· Budget, Historical and Budget Forecast

For The Year Next Year Januarv 1. 2014 - December 31. 20 14 ｟］ｊ｡］ｮＮＡＮＺＺｵ］｡ｾｲｹｴＭＮＱＮＺＮｊＮＮＭ］Ｒ］ＰＮＮＺＮＮＱＵＺＺＺＺＮＮＮＮＮＮＮＮＭ _ Offering Plan December 31. 2015 Budget Actual Offering Plan Budget (Unaudited) (Unaudited)

REVENUES

Common charges $ 2,347,300 $ 2,347,303 $ 2,347,300 Electric submeter charges 208,000 175,100 208,000 Other unit owner fees 23,526 Laundry income 15.600 14.100 15.600

TOTAL REVENUES 2,570,900 2,560,029 2,570,900

EXPENSES

Management fee 60,000 60,000 60,000 Other administrative 8,500 12,626 8,500 Professional fees 19,500 9,850 19,500 Telephone and communications 6,500 6,655 6,500 Fuel 264,000 299,926 264,000 Electricity and gas 283,800 279,949 283,800 Water and sewer 79,000 62,884 79,000 Wages 1,036,400 901,078 1,036,400 Union benefits 369,700 297,927 369,700 Payroll taxes 86,600 78,650 86,600 Workers' compensation and disability insurance 31,500 36,459 31,500 Insurance 100,000 100,849 100,000 Resident Manager's unit expenses 72,200 68,398 72,200 Permits and other operating 10,000 19,627 10,000 Submetering service 5,500 4,960 5,500 Repairs and maintenance 130,200 207,096 130,200 Provision for income taxes 7,500 8,247 7,500

TOTAL EXPENSES 2,570,900 2,455,181 2,570,900

Budgeted Surplus $ -0- $ -0-

EXCESS REVENUES OVER EXPENSES BEFORE OTHER ITEM 104,848

Interest income 10,995

EXCESS REVENUES OVER EXPENSES $ 115843

See Independent Auditor's Report on Supplementary and Prospective Information and Summary of Significant Accounting Policies and Budget Forecast Assumptions. - 12- 530 PARK AVENUE CONDOMINIUM

Summary of Significant Accounting Policies and Budget Forecast Assumptions Year Ending December 31,2015

This financial budget forecast presents, to the best of management's knowledge and belief, the Condominium's expected results of operations for the budget forecast period. Accordingly, the budget forecast reflects management'sjudgment, as of the date of this budget forecast, of the expected conditions and its expected course of action. The assumptions disclosed herein are those that management believes are significant to the budget forecast. There will usually be differences between forecasted and actual results, because events and circumstances frequently do not occur as expected, and those differences may be material. The comparative historical information for 2014 is extracted from the Condominium's financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The budget forecast has been prepared using generally accepted accounting principles that the Condominium expects to use when preparing its historical financial statements.

BUDGET FORECAST ASSUMPTIONS

Revenues

Common charges have been computed at approximately $195.608 per month which remains unchanged from the previous year.

Expenses

Utilities Utilities are calculated based on prior actual usage and reflect increases, if any, based upon industry consensus and projected rates set by appropriate regulatory agencies.

Labor The Condominium's labor union contract with Local 32B-32J covers substantially all building employees. Labor costs and union benefit costs are forecasted based upon the current union contract.

Repairs and Maintenance Based upon historical experience and expected maintenance requirements.

-13- EXHIBIT "D"

2015 CONDOMINIUM BUDGET

{V2}00037411.DOC 530 PARK AVENUE CONDOMINIUM

Comparative Schedules of Revenues and Expenses· Budget, Historical and Budget Forecast

REVENUES

Common charges $ 2,347,300 $ 2,347,303 $ 2,347,300 Electric submeter charges 208,000 175,100 208,000 Other unit owner fees 23,526 Laundry income 15.600 14.100 15.600

TOTAL REVENUES 2,570,900 2,560,029 2,570,900

EXPENSES

TOTAL EXPENSES 2,570,900 2,455,181 2,570,900

Budgeted Surplus $ -0- $ -0-

EXCESS REVENUES OVER EXPENSES BEFORE OTHER ITEM 104,848

Interest income 10,995

EXCESS REVENUES OVER EXPENSES $ 115843

See Independent Auditor's Report on Supplementary and Prospective Information and Summary of Significant Accounting Policies and Budget Forecast Assumptions. - 12- EXHmIT "E"

SCHEDULE OF PRIOR PUBLIC OFFERINGS

I. Set forth below are proprieties in which Aby J. Rosen and Michael Fuchs are principals of the original sponsoring entity:

OffEringHru AG First Unit Pro]2ertv Address Entity File Date FileNo. OosingDate

425 Fifth Avenue, RFD 425 Fifth Avenue 07/10/01 CD 01-0094 12/29/03 New York, New York L.P.

291 Central Park West, 291 Central Park West 08/25/97 CD 96-0091 04/01/98 New York, New York Partnership, L.P.

177 East 77th Street, 177 East 77th Street, 06/09/04 CD 03-0166 01/06/05 New York, New York LLC

1 Scarsdale Road, R & F Scarsdale LLC 2114/07 CD 05-0497 4117/08 Tuckahoe, New York

25 Fifth Avenue, 25 Fifth Ave. Holdings 2/22/07 CD 06-0101 11/27/07 New York, New York LLC th th 60 East 55 Street, RFD 55 Street, LLC 11124/04 CD 03-0083 7/5/05 New York, New York

350 West Broadway, R&F350West 5/22/08 CD 08-0074 1119112 New York, New York Broadway LLC

530 Park Avenue, Diamond 530 Park 6/18112 CD 11-0078 12/16/13 New York, New York Avenue Owner LLC 300 East 64th Street New York, New York 300 East 64th Street 5/6114 CD 13-0028 6/23/15 Partners, LLC

{V2}00037411.DOC II. Set forth below are properties in which entities of which Aby J. Rosen and Michael Fuchs are ｰｲｩｮ｣ｩｰ｡ｬｳｾ＠ acquired unsold apartments from other sponsors:

Acguisition Pro12etlY Address Entity AG File No. Date

219 West 81 st ｓｴｲ･･ｴｾ＠ 219 West 81 st Residential CD 06-0274 2/26/10 New York, New York Holdings LLC

200 East 16th Street, 16th Street Holdings LLC C 86-0275 8/28/02 New York, New York

30 East 9th Street, Ninth Street LLC CC 86-0008 4/30/98 New York, New York

40 East 9th Street, New Ninth Street LLC CC 86-0009 4/30/98 York, New York

60 East 9th Street, Ninth Street LLC CC 86-0010 4/30/98 New York, New York

200 East End Ave., Ninth Street LLC C 80-0508 7/29/98 New York, New York

210 East 73rd Street, RAMILLC C 85-0501 3/21/96 New York, New York

215 East 73rd Street, RAMILLC C 85-0502 3/21/96

New York, New York

220 East 73rd Street, RAMILLC C 85-0505 3/21/96 New York, New York

225 East 73rd Street, RAMILLC C85-0504 3/21/96 New York, New York

230 East 73rd Street, RAMILLC C 85-0508 3/21/96 New York, New York

235 East 73rd Street, RAMILLC C 85-0503 3/21/96 New York, New York

245 East nnd Street, RAMILLC C 85-0509 3/21/96 New York, New York

433 East 51 st Street RAMILLC C 85-0488 3/21/96 400 East 52nd Street 414 East 52nd Street 424 East 52nd Street 434 East 52nd Street New York, New York ("SOUTHGATE")

162 West 56th Street, RAMILLC CD 85-0362 3/21/96 New York, New York

235 West End Avenue, RAMILLC CD 85-0483 3/21/96 New York, New York

2 Horatio Street, RAMILLC CC 85-0021 3/21/96 New York, New York

00037411.DOC {v.2} Acguisition Pro12e!!y Address Entity AG File No. Date

129 East 82nd Street RAMILLC CC 85-0022 3/21/96 New York, New York

66 East 83rd Street, RAMILLC C 85-0524 3/21/96 New York, New York

45 East 66th Street, RAMILLC C 85-0031 3/21/96 New York, New York

970 Park Avenue, RAMILLC C 85-0523 3/21/96 New York, New York

1000 Park Avenue, RAMILLC C 85-0511 3/21/96 New York, New York

100 West 12th Street, Twelfth Street LLC C 81-0570 2/11/97 New York, New York

3 East 69th Street, 3 East 69 LLC C 80-0215 4/1/96 New York, New York

530 Park Avenue 530 Park Residential CD 11-0078 12/16/13 New York, New York Holdings LLC

00037411.DOC {v.2}