125 Eastern Owners Corp.

Amendment 41 Aug 25, 2017

The amendment discloses the unsold-share holder's finances and a dispute over its unpaid charges, attaches 2015 and 2016 financial statements and a 2017 budget, and sets a 2% maintenance increase and a $3.21-per-share assessment for 2017.

• Corporation claims Holder owes arrears on its units; Holder disputes this and says it has paid all assessed maintenance
• 2% maintenance increase effective March 1, 2017
• Assessment of $3.21 per share to be assessed in 2017, which may be offset by eligible shareholders' NYC tax abatement or other City tax relief programs
• Holder's 2,770 shares (17.42%) in eight apartments: $11,320.99 aggregate monthly maintenance ($3.42 per share) and $4,308.56 aggregate monthly rents
• Certified financial statements for years ended December 31, 2016 and 2015 added (Exhibit C)
• 2017 budget added (Exhibit D)
• As of July 31, 2017, only two non-Holder shareholders have arrears over 120 days
• No Holder representative on the Board

Amendment 40 Aug 23, 2016

This amendment raises the purchase prices of two unsold apartments, 2C and 6A, and discloses the 2016 budget status, the Corporation's arrears, the holder's unsold-share holdings and finances, and attached 2014 and 2015 financial statements.

• Unit 2C price raised from $1,032,000 to $1,204,000 ($3000 to $3500 per share)
• Unit 6A price raised from $1,201,200 to $1,638,000 ($2200 to $3000 per share)
• Board has not approved a 2016 operating budget
• Corporation arrears of $79,608.00 exceeding 120 days as of June 30, 2016
• Holder of unsold shares owns 2,770 shares (17.42%) allocated to 8 apartments and has no representative on the Board
• Holder's aggregate monthly maintenance on its units is $9,279.50 ($3.35 per share)
• Holder units are not subject to any financing
• Certified financial statements for 2015 and 2014 annexed as Exhibit C

Amendment 39 Aug 6, 2015

This amendment raises monthly maintenance and adds two per-share assessments in 2015 to balance the 2015 budget, names Goldin Management as the new managing agent, and makes financial disclosures about the sponsor-holder of unsold shares.

• Maintenance increased from $2.79 to $3.35 per share monthly effective July 1, 2015
• $0.50 per share monthly assessment payable March 1, 2015 through February 1, 2016
• $1.05 per share monthly assessment payable August 1, 2015 through January 1, 2016
• Goldin Management retained as new Managing Agent effective August 1, 2015
• Holder owns 2,770 shares (17.42%) allocated to 8 apartments, with aggregate monthly maintenance of $9,279.50 and aggregate monthly rents of $4,227.10
• 2015 Operating Budget approved by the Board and annexed as Exhibit D
• One shareholder had maintenance arrears of $36,189.73 as of June 30, 2015

Amendment 38 Apr 4, 2014

This amendment raises the purchase prices of four unsold units, raises maintenance by 8% and reports a 10.5% deficit in the 2014 budget, and updates the holder's disclosures, board representation, and financial statements.

• Price of unit 2C raised from 774,000 (2250 per share) to 1,032,000 (3000 per share)
• Price of unit 6A raised from 1,092,000 (2000 per share) to 1,201,200 (2200 per share)
• Price of unit 3B raised from 488,400 (1850 per share) to 580,800 (2200 per share)
• Price of unit 4B raised from 493,950 (1850 per share) to 587,400 (2200 per share)
• Monthly maintenance raised 8% effective March 1, 2014 to $2.79 per share
• 2014 budget shows a 10.5% deficit
• Holder Arbern 125 Eastern Parkway L.L.C. owns 3,037 unsold shares (19.09%) across nine apartments, with aggregate monthly maintenance of $8,431.39
• Certified financial statements for 2012 and 2011 added as Exhibit C

Amendment 37 Mar 7, 2013

This amendment raises the purchase prices of Apartments 3B and 4B, revises the escrow deposit procedures, and adds disclosures about the holder of unsold shares, the board, the 2011 finances, and unpaid charges.

• Purchase price of Apartment 3B (264 shares) increased from $1,000.00 per share to $1,850.00 per share, totaling $488,400
• Purchase price of Apartment 4B (267 shares) increased from $1,000.00 per share to $1,850.00 per share, totaling $493,950
• Escrow agent named as Morrison Cohen LLP, with the escrow account held at HSBC and insured by the FDIC up to $250,000.00 per deposit
• Escrow procedures revised: Purchaser may cancel within 90 days if no deposit notice is received within 15 business days; deposits may be released only under the listed conditions, with 30 days' prior written notice for contested releases
• Holder of unsold shares owns 3,037 shares (19.09% of the building) across nine apartments; aggregate monthly maintenance is $7,806.24
• As of December 31, 2011, the corporation was owed $149,959.47 in unpaid charges, nearly 30% of projected 2011 cash requirements, and intends to pursue legal action
• Board of Directors: Holder is not in control; Lawrence Bernstein is the Holder's sole representative on the board
• No 2013 budget approved as of filing; 2012 budget and 2011 certified financial statements annexed

Amendment 36 May 30, 2012

This amendment raises the purchase prices of three unsold apartments at 125 Eastern Parkway and states there are no other material changes to the plan.

• Purchase prices of three unsold apartments raised to $540,000, $774,000 and $1,092,000
• No other material changes to the Offering Plan

Amendment 35 Jan 31, 2012

This amendment updates the buyer disclosures for 125 Eastern Parkway: the unsold-shares holder's finances, board makeup, the new managing agent, unpaid owner charges, the 2011 budget and assessment, and rent-regulation risk from a past J-51 tax benefit.

• Holder owns 4,104 shares in 13 apartments (25.8%); 3,912 shares in 12 apartments are unsold (24.6%)
• Holder's aggregate monthly maintenance on its units is $10,563.25; monthly rents received from tenants of Holder Units are $5,153.89
• Owners are owed $149,959.47 in monthly maintenance and other charges as of December 31, 2011, nearly 30% of projected 2011 cash requirements; the corporation intends legal action
• Esquire Management Corporation retained as new managing agent in September, 2011
• Board members: Monifa Anderson, Lawrence Bernstein, Natasha Dure, Kerri McMains, with one vacancy; Lawrence Bernstein is the sole Holder representative
• 2012 budget not yet approved; 2011 budget attached; $1.514048 per share assessment payable in June, 2011
• Certified financial statements for years ending December 31, 2010 and December 31, 2009 added as Exhibit C
• J-51 disclosure: building received J-51 tax benefits from 1984 to 1996; rent-regulation status of some units may be uncertain, so buyers should consult counsel

Amendment 34 Feb 10, 2011

This amendment discloses the sponsor's unsold-share holdings, maintenance and rent figures, board control, and a J-51 rent-regulation notice, and states that no 2011 budget has been approved.

• Holder (Arbern 125 Eastern Parkway L.L.C.) deemed to hold 3,912 unsold shares in 12 apartments, 24.6% of building shares; list annexed as Exhibit A
• Holder also owns 192 shares in Apartment 6-K, purchased July 20, 2004, not deemed unsold
• Aggregate monthly maintenance on Holder Units is $10,474.48, or $2.552261 per share
• Aggregate monthly rents from tenants of Holder Units are $5,868.69
• Holder Units are not subject to any financing
• As of submission, no 2011 operating budget has been approved by the Board
• Certified financial statements for years ending December 31, 2009 and 2008 annexed as Exhibit C
• J-51 disclosure added: building received J-51 tax benefits from 1984 to 1996; prospective purchasers of occupied units should consult counsel on rent-law rights

Amendment 33 Feb 5, 2010

This amendment discloses the unsold-share holder's holdings, monthly maintenance and rent, adds the 2010 operating budget with a 7% maintenance increase and a one-time per-share assessment, annexes the 2008 financial statements, and updates the board composition.

• Holder owns 4,104 shares (25.8%) across 13 apartments; 3,912 shares (24.6%) across 12 apartments are deemed unsold
• Aggregate monthly maintenance on Holder Units is $10,474.48
• Maintenance increased 7% as of January 1,2010
• $1.462098 per share assessment payable February, 2010
• Operating Budget for 2010 adopted (Exhibit D)
• Certified Financial Statements for year ending December 31, 2008 annexed (Exhibit C)
• Holder is not in control of the Board; Lawrence Bernstein is the sole Holder representative; one vacancy
• Holder Units are not subject to any financing

Amendment 32 Dec 2, 2008

The amendment reports a 2008 refinancing of the building's underlying mortgage, a 9.5% maintenance increase with two 2008 assessments, a new escrow bank, revised lender list in the contract addendum, and updated sponsor-holder financial disclosures.

• Underlying mortgage refinanced on September 12, 2008 with a $2,300,000 loan from Sovereign Bank at 6.02%, interest only at $13,819.25 monthly, maturing October 1, 2018
• Corporation obtained a $1.5 million line of credit from Sovereign, not drawn as of this date
• Maintenance increased 9.5% as of January 1, 2008
• Fuel assessment of $0.0415241 per share per month for 6 months (January-June) 2008
• $1.178921 per share assessment payable June, 2008 (April-June 2008)
• Escrow account moved to HSBC Bank at 950 Third Avenue, New York, NY
• Contract of sale addendum: Institutional Lenders limited to Citibank, N.A. (or CitiMortgage) and JP Morgan Chase Bank, N.A. (or Chase Mortgage)
• Holder of unsold shares owns 4,104 shares (25.8%) across 13 apartments, of which 3,912 shares (24.6%) in 12 apartments are deemed unsold

Amendment 31 Nov 23, 2007

This thirty-first amendment updates the 125 Eastern Parkway co-op plan with a 5% maintenance increase and a temporary assessment for 2007, new financial disclosures about the sponsor's unsold shares, annexed 2006 financial statements and a 2007 budget, and a revised escrow agreement.

• Maintenance increased 5% as of April 1, 2007
• $0.79 per share assessment for 3 months (April-June 2007)
• Holder owns 4,104 shares (25.8%) in 13 apartments, including 3,912 unsold shares (24.6%) in 12 apartments
• Escrow Agreement revised to add Paragraph 5.3, limiting escrow agent liability and requiring Holder and subscriber to indemnify the escrow agent
• Holder's aggregate monthly maintenance on holder units is $8,353.24
• Holder units are not subject to any financing
• Board includes Holder appointees Terry Bernstein and Lawrence Bernstein; Holder is not in control of the Board
• 2006 certified financial statements (Exhibit C) and 2007 operating budget (Exhibit D) annexed

Amendment 30 Nov 1, 2006

This amendment discloses the unsold-share holder's stake, finances and obligations, the Corporation's 2005 financial statements and 2006 budget, and a 12.5% maintenance increase effective March 1, 2006.

• Maintenance increased 12.5% as of March 1, 2006
• 2006 operating budget adopted (Exhibit D)
• Assessment of .046875 per share per month imposed for 2 months, partially offset by the City's annual abatement
• Holder owns 4,622 shares (25.8%), including 3,912 unsold shares allocated to 12 apartments (24.6%)
• Aggregate monthly maintenance on holder units is $7,955.44 ($1.93846 per share)
• Holder units are not subject to any financing; holder posts no security for future obligations
• Holder is not in control of the Board; Terry Bernstein and Lawrence Bernstein are Holder appointees
• Corporation's 2005 operating loss before depreciation and amortization was $53,776 (Exhibit C)

Amendment 29 Jun 8, 2006

This amendment raises the purchase price of two unsold apartments, to $796,250 and $512,400, and states that there are no other material changes to the plan.

• Unsold apartment at $1,750 per share raised to new price $796,250
• Unsold apartment at $1,525 per share raised to new price $512,400
• No other material changes to the Offering Plan

Amendment 28 Aug 25, 2005

The OCR text is too garbled to read, so this amendment's changes cannot be determined from it.

Amendment 27 Oct 14, 2004

The supplied amendment text is unreadable OCR noise, so no changes to the plan can be identified.

Amendment 26 May 18, 2004

The amendment text is too garbled by OCR to identify any changes to the offering plan.

Amendment 25 Sep 23, 2003

The OCR text is too garbled to identify any changes this amendment makes to the offering plan.

Amendment 24 Apr 24, 2002

The OCR text is unreadable garbage characters, so no changes to the offering plan can be identified.

Amendment 22 Jan 31, 2001

The amendment text is unreadable OCR noise, so no plan changes can be identified.

Amendment 20 Mar 3, 2000

The amendment text is too garbled to read, so its changes cannot be determined from it.

Amendment 19 Nov 12, 1999

The OCR text is too garbled to identify any changes this amendment makes to the plan.

Amendment 18 Nov 23, 1998

The OCR text is unreadable garbage characters, so no plan changes can be identified.

Amendment 17 Apr 16, 1991

The OCR text is too garbled to identify any changes this amendment makes to the plan.

Amendment 16 Jun 1, 1990

The OCR text is too garbled to identify any changes this amendment makes to the plan.

Amendment 15 May 11, 1990

The OCR text is too garbled to identify any changes this amendment makes to the offering plan.

Amendment 14 Nov 22, 1989

The OCR text is too garbled to identify any changes this amendment makes to the plan.

Amendment 13 Oct 21, 1988

The OCR text is too garbled to read, so this amendment's changes cannot be determined from it.

Amendment 12 Apr 21, 1988

The OCR text is too garbled to identify any changes this amendment makes to the plan.

Amendment 10 Apr 16, 1987

The OCR text is too garbled to identify any changes this amendment makes to the plan.

Amendment 9 Mar 10, 1987

The OCR text is unreadable garbage characters, so no changes to the offering plan can be identified.

Amendment 8 Sep 18, 1986

The OCR text is too garbled to identify any changes this amendment makes to the plan, so no changes can be reported.

Amendment 7 Jul 11, 1986

The OCR text is too garbled to identify any changes to the offering plan.

Amendment 6 Apr 30, 1986

The OCR text is too garbled to identify any changes this amendment makes to the plan.

Amendment 5 Dec 27, 1985

The OCR text is too garbled to identify any changes this amendment makes to the plan.

Amendment 4 Dec 17, 1985

The OCR text is too garbled to read, so no changes to the offering plan can be identified.

Amendment 3 Oct 15, 1985

The OCR text is too garbled to identify any changes to the offering plan.

Amendment 2 Jun 6, 1985

The OCR text is too garbled to identify any specific changes this amendment makes to the plan.

Amendment 1 Jan 11, 1985

The amendment text is too garbled by OCR to identify any changes to the plan.