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530 Park Avenue Condominium

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530 Park Avenue Condominium FIFTH AMENDMENT To 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 TO 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. (c) Financial Obligations to the Condominium 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. (c) Financial Obligations to Lenders 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. (c) Interest Rate: Adjustable rate based on LIB OR. (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:
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