111 West 57th Street Condominium

Amendment 23 Mar 20, 2025

Alternative floor plan for penthouse unit PT72 as 5-bedroom, nine new storage lockers created, and staff locker room relocated.

• Unit PT72 offered as alternative 5-bedroom configuration with 7,256 GSF at $66,000,000
• Nine additional storage lockers created from reconfigured cellar locker room
• Staff locker room moved from cellar to Floor 1
• Real estate taxes on alternative unit based on current assessment as of amendment filing date
• Alternative floor plan does not currently conform to Building Department-approved plans; approval required before closing if purchased

Amendment 22 Nov 8, 2024

Updated floor plans for Units 42 and 44 add fourth bedroom and bathroom; new Schedule A pricing; alternative floor plan option for combining Units PT80 and PT82; 2025 budget adopted.

• Residential Units 42 and 44 now have 4 bedrooms and 4.5 bathrooms (previously fewer)
• Updated floor plans for Units 42-49 replace Eighteenth Amendment plans
• Alternative floor plan option to combine Residential Units PT80 and PT82 into single unit PT80
• 2025 condominium budget for year commencing January 1, 2025 adopted by Board
• Updated Schedule A with new bedroom/bathroom totals and prices for unsold units
• FinCEN reporting threshold for residential property purchases is $300,000, Order in effect until April 14, 2025

Amendment 21 May 6, 2024

Twenty-First Amendment updates 2022 financial statements, 2024 budget, board composition, sponsor financial disclosure, and PCO status; waiver period ended December 31, 2023.

• 2022 audited financial statements annexed
• 2024 condominium budget adopted by Board
• Working capital of approximately $328,580 on deposit as of July 15, 2024
• Sponsor owns 27 unsold residential units and 2 unsold non-residential units
• Mortgage outstanding balance $162,353,388, maturity November 2025 at 4.5% + SOFR
• Waiver period for common charges expired December 31, 2023; collection commenced January 1, 2024
• PCO anticipated in or around December 31, 2024
• Board members are Michael Stern (President), Randy Marble (Vice President), David Cordova (Secretary/Treasurer)

Amendment 20 Aug 11, 2022

Two founder principals removed and sponsor refinanced with new lender.

• Joshua Crane and Robert Schwartz removed as Principals of Sponsor, effective August 10, 2022
• Michael Stern and Kevin Maloney remain as Principals of Sponsor
• Sponsor refinanced mortgage loan with ACREFI Holdings J-I, LLC on August 10, 2022
• New Mortgage Loan amount: $238,790,282
• Maturity Date: September 2023
• Interest Rate: 6.82%

Amendment 19 Feb 9, 2022

Change in selling agent to Corcoran Group and FinCEN disclosure regarding transaction reporting requirements.

• Corcoran Group (590 Madison Avenue, New York, NY 10022) is the new Selling Agent
• FinCEN reporting threshold for residential real property purchases is $300,000
• FinCEN Geographic Targeting Order currently in effect until April 29, 2022
• Purchasers must deliver required documents to title company at Closing or face Event of Default

Amendment 18 Jul 22, 2021

This amendment redesignates certain residential units, updates floor plans and property descriptions, extends the common charge waiver period to March 31, 2022, introduces partial mortgage assignment provisions to reduce mortgage recording taxes, and updates tax law calculations for closing costs.

• Nine residential units redesignated (11A to 11S, PH 20 to Landmark Penthouse, PH 61 to PT 61, PH 72 to PT 72, PH 74 to PT 75, PH 76 to PT 76, PH 78 to PT 78, PH 80 to PT 80, PH 82 to PT 82)
• Updated floor plans for redesignated units and floors 9, 10, 10-MEZ, 51-MEZ, 71-MEZ, PT 61, units 64 and 70
• Common charge waiver period extended to March 31, 2022 (previously June 30, 2021)
• Partial mortgage assignment provision added to reduce mortgage recording tax obligations
• Purchase Agreement modified with new Section 10.2 regarding mortgage tax credit and partial mortgage assignment requirements
• Tax law updates effective July 1, 2021 change calculation of taxable consideration for State Transfer Tax and Mansion Tax

Amendment 17 Jan 6, 2021

Extension of common charges waiver period to June 30, 2021, updated sponsor financial disclosures as of December 1, 2020, and confirmation of pending loan maturity.

• Common charges waiver period extended from September 30, 2020 to June 30, 2021
• Working capital account balance approximately $19,454 as of December 1, 2020
• Sponsor loan outstanding balance $393,308,438 with expiration date June 15, 2021
• 56 residential units and 2 non-residential units remain unsold
• Permanent certificate of occupancy anticipated in or around December 2021
• First annual meeting to be held approximately 30 days after second anniversary of first closing or closing of 50% of residential units

Amendment 16 Feb 20, 2020

Reconfigures Units 50 and PH72 with new loggia spaces, updates floor plans and Schedule A pricing, and adds easement provisions.

• Residential Unit 50 and PH72 reconfigured with approximately 1,798 and 1,367 square feet of loggia space respectively
• Revised Purchase Prices for Reconfigured Units in updated Schedule A
• Increased Common Interest percentages for Reconfigured Units with corresponding decreases for other Units
• New easement added for Sponsor, Board, Managing Agent access to Reconfigured Units for maintenance and ventilation verification
• Loggias designated as Residential Limited Common Elements with restrictions on items that could obstruct air flow
• Definition of 'Terrace' updated to include loggias
• Updated floor plans for cellar, ground, Floors 3, 4, 8, 49, 50, 71, and 74/75

Amendment 15 Oct 24, 2019

Plan declared effective with 15% of units under contract; first year of condominium operation projected to commence February 1, 2020; managing agent changed; litigation status updated.

• Plan declared effective based on purchase agreements for at least 15% of 60 residential units
• First Year of Condominium Operation scheduled to commence February 1, 2020
• Managing Agent changed from Halstead Management Company, LLC to Douglas Elliman Property Management
• Updated Schedule A with Common Charges and Real Estate Taxes for February 1, 2020 – January 31, 2021
• Updated Schedule B Budget for First Year commencing February 1, 2020 and ending January 31, 2021
• Rescission rights offered if First Closing does not occur by January 31, 2021
• Updated pending litigation disclosures for three matters

Amendment 14 Jul 11, 2019

Unit PH20 bathroom count corrected to 4½, Kitchen Cabinet Finish upgrade option discontinued, closing timeline and litigation updates provided.

• Unit PH20 bathroom count corrected from previous amount to 4½ bathrooms
• Kitchen Cabinet Finish upgrade option no longer offered; purchasers may only choose Kitchen Upgrade or Stairs Upgrade
• First closing projected during first year of condominium operation; if not by October 31, 2019, Plan will be amended with updated Schedule B
• Litigation: First Department affirmed dismissal on January 17, 2019; plaintiffs amended complaint May 14, 2019
• Second Circuit appeal of Federal District Court decision fully briefed and pending
• New litigation commenced May 23, 2019 by 111 West 57th Investment LLC challenging 2017 UCC foreclosure
• Notice of Pendency vacated August 6, 2019; motion for stay pending appeal returnable August 26, 2019
• New York State transfer tax and mansion tax increases effective July 1, 2019; title insurance premiums decreased 5% as of February 15, 2019

Amendment 13 Jul 8, 2019

Updated Schedule A with current purchase prices for residential units, storage units, and non-residential spaces, and projected common charges and real estate taxes for the first year of operation (May 1, 2019–April 30, 2020).

• Schedule A updated with new purchase prices for all residential units
• Storage unit prices listed, ranging from $40,000 to $70,000
• Projected monthly and annual common charges updated for each unit
• Projected monthly and annual real estate taxes updated for each unit
• First year of condominium operation: May 1, 2019–April 30, 2020
• Non-residential units included in pricing schedule
• Grand total common charges: $5,891,345.00 annually; real estate taxes: $6,780,000.00 annually

Amendment 12 May 23, 2019

Updated Schedule A with current purchase prices for residential units offered for sale.

Amendment 11 Dec 12, 2018

Schedule A unit prices, bedroom/bathroom designations, and common charges updated; Schedule B budget reduced; floor plans reconfigured; elevator service changed; lot line window closure cost clarified; stack effect and tuned mass damper disclosed.

• Schedule A: unit designations, bedrooms/bathrooms, square footage, and common charges updated
• Schedule B: common charges reduced due to updated insurance and utility costs
• Unit 14N reconfigured with additional bedroom and bathroom
• Unit 17S converted from simplex to duplex with mezzanine/loft
• 10th Floor amenity levels updated including changing rooms
• Private elevators eliminated in Penthouse Units 80/81 and 82/83
• Lot line window closure cost estimated at approximately $5,000 per window, borne by unit owner
• Stack effect disclosure added for tall building pressure variations below 20 degrees Fahrenheit

Amendment 10 Oct 16, 2018

Amendment adds smoking policy required by NYC law, FinCEN financial disclosure, and updates construction timeline and budget procedures.

• Smoking prohibited in all indoor common areas; permitted in private units and outdoor common areas if no nuisance to others
• Construction expected to be sufficiently completed for closings to begin on or about May 1, 2019
• If first closing does not occur by October 31, 2019, Sponsor will amend Plan with updated Schedule B - First Year's Budget
• Added Special Risk #37 disclosing FinCEN Geographic Targeting Order requirements for cash purchases over threshold amounts
• Smoking policy incorporated into By-Laws Section 7.15, Use and Occupancy Agreement Paragraph 25, and Purchase Agreement Rider

Amendment 9 Oct 18, 2018

Updated Schedule A with current purchase prices for residential units, including Unit 61 which had been reserved.

• Schedule A updated with current purchase prices for all residential units
• Purchase price for Residential Unit 61 (previously reserved) now included

Amendment 8 Jun 19, 2018

The eighth amendment changes the selling agent for the condominium.

Amendment 7 Jun 13, 2018

Updated purchase prices for residential units, non-residential units, and storage units.

• Schedule A updated with current purchase prices for all units
• Projected common charges and real estate taxes for first year of condominium operation May 1, 2019–April 30, 2020
• Residential units priced from $1,600,000 to $57,000,000
• Non-residential units total $1,312,840,000
• Storage units priced from $40,000 to $70,000, total $1,510,000

Amendment 6 May 9, 2018

Amendment discloses pending litigation involving former member AmBase, adds new principals Joshua Crane and Robert Schwartz, updates construction timeline, and warns that tax projections may be inaccurate due to the Tax Cuts and Jobs Act of 2017.

• Litigation: AmBase foreclosure appeal pending; expected full submission September 2018
• Litigation: AmBase joint venture dispute; third amended complaint filed May 18, 2018
• New principals: Joshua Crane and Robert Schwartz of Spruce Capital Partners added
• First closing expected on or about May 1, 2019; if not by October 31, 2019, updated Schedule B required
• If first closing delayed past April 30, 2020, purchasers under Fourth Amendment Schedule B may rescind within 15 days
• Tax projections in plan may be inaccurate; Tax Cuts and Jobs Act of 2017 changed homeownership deductions effective January 1, 2018

Amendment 5 Aug 9, 2017

Fifth Amendment updates construction timeline and discloses pending litigation involving AmBase Corporation.

• First closing expected on or about May 1, 2019
• If first closing does not occur by October 31, 2019, Sponsor will amend plan with updated Schedule B
• AmBase Corporation (non-controlling indirect member of Sponsor) filed lawsuit July 25, 2017 against Spruce Capital Partners LLC regarding Junior Mezzanine Loan
• Litigation has not affected Sponsor's ability to perform obligations under Plan

Amendment 4 Mar 24, 2017

Updated purchase prices, common charges, real estate taxes, and first year operation date to May 1, 2019.

• First Year of Condominium Operation now scheduled to commence May 1, 2019
• Updated Schedule A with new purchase prices for residential and non-residential units
• Updated Schedule B budget for first year ending April 30, 2020
• Updated projected monthly and annual common charges for all units
• Updated projected monthly and annual real estate taxes for all units
• Storage units added with prices ranging from $40,000 to $70,000

Amendment 3 Jan 26, 2017

Third Amendment updates construction timeline and confirms pricing for unsold units.

• First closing expected on or about May 1, 2018
• If First Closing does not occur by November 1, 2018, Schedule B - Budget will be updated
• Sponsor reserves right to extend offering for units 61, PH80 and PH82 by price change amendment
• Residential units offered at prices in Schedule A - Exhibit A to First Amendment

Amendment 2 Sep 12, 2016

This amendment updates the construction timeline and discloses pending litigation involving a non-controlling member of the sponsor.

• First closing expected on or about May 1, 2018
• If first closing delayed past October 31, 2018, sponsor will amend Schedule B - Budget for First Year of Condominium Operation
• Pending lawsuit: Ambase Corporation v. 111 West 57th Sponsor LLC regarding membership interest and buyout option
• Sponsor states pending litigation will not affect its ability to perform obligations under the plan

Amendment 1 Dec 7, 2015

Amendment withdraws 3 units from sale, updates pricing and board control, corrects budget, adds floor plan, and offers upgrade options.

• 57 Residential Units offered for $1,291,750,000 (down from 60); 3 units (61, PH80, PH82) reserved, not for sale
• Total Offering Amount: $1,293,260,000
• Michael Stern and Kevin Maloney as Co-Presidents, no Vice President initially
• Sponsor designates 3 of 5 board members during Initial Control Period; retains right to designate 2 members after if owning at least 1 unsold unit
• Schedule B corrected for typographical errors in Common Charges
• Master Floor Plan for Floor 17 added (was inadvertently omitted)
• Kitchen Upgrade: additional cabinetry over island in Chateau Gray Oak, $80,000
• Stairs Upgrade: duplex interior stairs in white Macauba stone, $450,000