Lafayette Apartments

Amendment 20 Apr 2, 2025

The amendment offers 13 unsold apartments at printed prices, adds the building's 2023 and 2024 audited financial statements, and extends the term of the offering plan.

• Holder of Unsold Shares offers 13 unsold apartments at prices from $354,000 to $688,800 (Exhibit A; apartment 1H shows no price)
• Term of the Plan extended (no new end date printed)
• 2023 and 2024 audited financial statements added as Exhibit B
• 2025 Apartment Corporation budget not yet available; purchasers referred to the budget in the Nineteenth Amendment
• Holder of Unsold Shares pays maintenance of approximately 15,500 monthly on unsold apartments and receives approximately $18,000 monthly in rent
• None of the unsold apartments are encumbered by a loan
• FinCEN reporting threshold printed as $300,000; the Geographic Targeting Order remains in effect until April 14, 2025
• Board of Directors list added: Faye Young (President) and others, not controlled by or affiliated with the Holder of Unsold Shares

Amendment 19 May 9, 2024

This amendment offers 14 unsold apartments, including professional office 1J, for sale at the printed prices, adds 2021 and 2022 financial statements and the 2023/2024 budget, updates the board list, and extends the plan's term.

• Office 1J offered for sale at $210,000, issued May 6, 2024 in exchange for a lease trade of 565 shares
• Unsold apartments offered at prices from $354,000 (7C) to $688,800 (4M), per Exhibit A
• Audited financial statements for fiscal years ending June 30, 2021 and June 30, 2022 added as Exhibit B; 2023 statements available from the Managing Agent
• 2023/2024 budget (July 1, 2023 to June 30, 2024) added as Exhibit C
• Board of Directors list updated to seven members, none associated with the Holder of Unsold Shares
• Holder of Unsold Shares discloses aggregate monthly maintenance of approximately 12,252 and monthly rents of approximately $17,385; none of the Unsold Apartments are encumbered by a loan
• FinCEN reporting threshold stated as $300,000; Geographic Targeting Order in effect until October 15, 2024
• Term of the Plan extended

Amendment 18 Apr 21, 2023

The holder of unsold shares offers the remaining unsold apartments for sale as-is, adds 2019 and 2020 financial statements and a 2023 budget, lists the board of directors, and sets buyer closing fees and escrow arrangements.

• Holder of Unsold Shares offers the Unsold Apartments listed in Exhibit A at the prices set forth there, sold "as is" and possibly occupied by tenants
• Holder's monthly maintenance on Unsold Apartments totals approximately 13,699 and monthly rents received total approximately $ 18,560; no Unsold Apartments are encumbered by a loan
• Exhibit B adds audited financial statements for fiscal years ended June 30, 2019 and June 30, 2020; buyers should ask the Managing Agent about 2021 and 2022 statements
• Exhibit C adds the 2023 budget for the fiscal year July 1, 2022 to June 30, 2023
• Board of Directors member list is provided, with Ho Chu Yao as President
• Buyers pay Hirsch & Gibaldi LLP $1,500 for closing documents, $350 for each buyer-requested rescheduled closing, and $500 if they obtain mortgage financing, plus NYS and NYC transfer taxes
• Hirsch & Gibaldi LLP is Escrow Agent, holding deposits in a segregated escrow account at JP Morgan Chase Bank
• Plan tax information may be inaccurate because of the Tax Cuts and Jobs Act of 2017, effective January 1, 2018

Amendment 17 Jan 13, 2016

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

Amendment 16 Feb 22, 2012

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

Amendment 15 Nov 21, 2006

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

Amendment 14 Oct 3, 2005

The OCR text is unreadable symbol noise, so this amendment's changes cannot be identified.

Amendment 13 Nov 7, 2003

The OCR text is unreadable symbol noise with no legible words, numbers, dates, or prices, so no changes to the offering plan can be identified.

Amendment 12 Sep 13, 2002

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

Amendment 11 Oct 11, 2000

The OCR text is unreadable garbage with no legible words, dates, prices, or plan terms, so this amendment's changes cannot be determined.

Amendment 10 Nov 25, 1996

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

Amendment 9 May 26, 1992

The OCR text is unreadable, so no changes to the plan can be identified from it.

Amendment 8 May 21, 1991

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

Amendment 7 May 30, 1990

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

Amendment 6 Nov 13, 1989

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

Amendment 5 Aug 19, 1988

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

Amendment 4 Nov 19, 1987

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

Amendment 3 Feb 20, 1987

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

Amendment 2 Feb 20, 1987

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

Amendment 1 Nov 18, 1986

The amendment extends existing tenants' purchase rights, corrects several figures and details in the original plan, adds a $300 subletting fee, and discloses asbestos, mortgage, gas and transfer tax terms.

• Existing tenants' exclusive right to buy shares at $140 per share extended 30 days from the presentation date of this First Amendment
• Existing tenants' right to buy a vacant apartment extended to 30 days from the presentation date; reduced-price dollar amount corrected from "$175" to "$200"; fixed-up apartment will include a new range and refrigerator
• Sponsor must disclose asbestos report amendment by February 8, 1987; subscriber may delay closing 30 days after it; escrow of no less than $2,500 if closings occur before asbestos work is complete
• Subletting fee of $300 for each year (or portion) of the sublease term, in addition to maintenance and managing agent fees, not applying to non-purchasing tenants or Holders of Unsold Shares
• Wraparound Mortgage principal corrected from $2,200,000 to $2,500,000
• First Mortgage refinanced on October 9, 1986 with The Lincoln Savings Bank; original consolidated principal $2,500,000; matures October 9, 1991
• Cooking gas is not separately metered and is included in regular maintenance charges (correcting footnote 6(i) of Schedule A)
• Sponsor pays New York City Real Property Transfer Tax on its sales; each subscriber signs a Real Property Transfer Tax Return at signing of the Proprietary Lease