Greenwich Lane

Amendment 38 2021

Amendment updates unit pricing, working capital balance, financial statements, and relocates escrow account from JPMorgan Chase to Bank of America.

• Unit 133 price amended to $19,950,00
• 198 of 199 units have closed; Unit 133 is the only unsold unit
• Working capital fund balance as of April 1, 2021 is $1,794,403
• Master Escrow Account relocated from JPMorgan Chase to Bank of America
• Escrow agent account now at Bank of America, 345 Park Avenue, New York, with Goldfarb & Fleece LLP as escrow agent
• Remaining $42,497 payment due Sponsor for Resident Manager's Unit due on first to occur of final unsold unit sale or October 14, 2025

Amendment 36 Sep 11, 2019

Parking space license prices increased.

• Standard Vehicle parking license price raised to $275,000
• SUV Vehicle parking license price raised to $325,000

Amendment 35 Jul 17, 2019

Amendment updates board control, budget, financial status, smoking policy, tax law changes, and extends offering term.

• Sponsor relinquished board control on June 26, 2019; new board elected
• Permanent certificate of occupancy issued May 1, 2019
• Only 3 unsold units remain: Unit 133, 141, and S82
• Working capital fund balance $1,758,493.00 as of June 1, 2019
• Updated smoking policy prohibits smoking in common areas and within 25 feet of building entrances
• Real estate tax refunds of approximately $387,000 (net) obtained for unit owners in 2017
• NYS tax law changes effective July 1, 2019 increase transfer tax rates for residential property $3,000,000+
• Offering term extended for an additional twelve (12) months

Amendment 34 May 6, 2019

Price of Unit 141 updated to $21,850,000.00.

Amendment 33 Feb 6, 2019

Parking space license prices increased.

• Standard Vehicle parking license price raised to $250,000
• SUV Vehicle parking license price raised to $300,000

Amendment 32 Sep 24, 2018

Purchase price for Unit 133 revised to $19,850,000.

Amendment 31 2018

Amendment updates unit closing status, permanent certificate of occupancy escrow, operating budget, board composition, and adds tax law disclosure.

• 194 units closed; 5 unsold units remain (133, 135, 141, S1, S2)
• Temporary certificate of occupancy renewed April 19, 2018; permanent certificate anticipated by July 2019
• $50,000 in escrow held for permanent certificate of occupancy completion
• Working capital fund balance $4,569,585.48 as of June 1, 2018
• Sponsor voluntarily reduced board seats from 7 to 4 residential member designations
• Offering term extended 12 months
• Added disclosure on Geographic Targeting Order requirements for purchases over $3,000,000 in Manhattan or $1,500,000 in other boroughs
• Added disclosure on Tax Cuts and Jobs Act of 2017 affecting homeownership tax deductions

Amendment 30 Apr 2, 2018

Cellar Storage Bin License purchase prices increased for three units.

• Cellar Storage Bin 43 price increased to $64,600
• Cellar Storage Bin 56 price increased to $51,000
• Cellar Storage Bin 66 price increased to $56,100

Amendment 29 Aug 1, 2017

Amendment updates unit closing status, certificates of occupancy, park conveyance, operating budget, and board composition as of July 2017.

• 191 of the condominium units have closed; only 7 unsold units remain: 133, 135, 141, 7A, PHE, S1, and S2
• Temporary certificate of occupancy renewed July 28, 2017; permanent certificate estimated to cost $604,938
• Triangle Park memorial completed and conveyed to City of New York on February 15, 2017
• Operating budget and working capital fund balance of $3,297,825.72 as of July 18, 2017 provided
• Sponsor current on all financial obligations; aggregate monthly common charges for unsold units $63,360.56 and taxes $80,510.03
• Board of Managers elected July 11, 2017 with eight Sponsor-affiliated members and one independent member
• Sponsor retains voting control until 95% of residential units close or final certificate of occupancy issued, whichever is later
• Offering term extended for additional 12 months

Amendment 28 Apr 20, 2017

Cellar Storage Bin License purchase prices are updated in Schedule A.

Amendment 27 Jan 26, 2017

Parking space license prices increased.

• Standard Vehicle parking license price increased to $200,000
• SUV Vehicle parking license price increased to $250,000

Amendment 26 Jan 5, 2017

Purchase price for Unit 7C increased to $6,470,000.00.

Amendment 25 Oct 14, 2016

Purchase price of Unit PHA increased to $12,935,000.00

Amendment 24 Sep 19, 2016

The Twenty Fourth Amendment updates closing status, escrow amounts, board control, and extends the offering term by twelve months.

• 136 of 198 units closed; 47 residential units under contract
• Temporary Certificate of Occupancy renewed July 29, 2016; permanent certificate estimated to require $32,468,697
• JPMorgan Chase mortgage fully paid off
• Five additional cellar storage bins available for license
• All units separately assessed for real estate taxes by City of New York
• Updated floor plans filed with amended easements for retail and storage units
• Triangle Park Memorial expected to complete by December 1, 2016
• Working capital fund balance $1,067,425.36 as of August 31, 2016; offering term extended 12 months

Amendment 23 Jul 13, 2016

Price of Unit 9B increased to $8,250,000.

Amendment 22 Mar 1, 2016

Amendment updates unit closings (28 closed, 152 under contract), confirms temporary certificate of occupancy renewed February 22, 2016, updates unit floorplans for six units, adds new board rules on lighting and smoking, and extends the offering term by twelve months.

• 28 units closed; 152 units under contract (approximately 90%)
• Temporary certificate of occupancy renewed February 22, 2016
• Permanent certificate of occupancy estimated cost: $73,468,007
• Sponsor holding $270,576,228.11 in escrow as of February 22, 2016
• Six units have updated floorplans approved by buyers
• New rules: exterior lighting requires Board and Landmarks Preservation Committee approval; no smoking within 25 feet of windows, doors, or ventilation intakes
• Working capital fund balance: $276,135.28 as of February 22, 2016
• Offering term extended for additional twelve (12) months

Amendment 21 Nov 19, 2015

Amendment confirms first closings, permanent occupancy escrow, Triangle Park completion and bond requirements, working capital balance, and sponsor control terms.

• First Unit Closing occurred October 14, 2015; 6 units and RM unit closed; 191 residential unsold units remain; 171 under contract
• PCO Escrow Amount set at $126,008,947; downpayments held in escrow total $300,661,187.79 as of October 21, 2015
• Temporary Certificate of Occupancy issued August 19, 2015; permanent certificate anticipated within 2 years after last TCO
• Triangle Park substantially completed August 31, 2015; AIDS Memorial anticipated completion by May 31, 2016; Park maintenance bonds total $136,400 and $87,505 with annual premium $3,359
• Working capital fund balance $586,934.30 as of November 4, 2015
• First annual meeting of Unit Owners estimated March 30, 2016; Board expanding to 9 members (7 residential, 1 community facility, 1 retail)
• Sponsor voting control continues until 95% residential units sold or FCO issued; Sponsor may designate 6 of 7 residential board members during control period

Amendment 20 Aug 27, 2015

Purchase prices for units, storage bins, and parking spaces are updated.

Amendment 19 Jul 21, 2015

Amendment reduces Unit PH1's size, updates floor plans and Schedule A, extends the plan term, and makes conforming changes to condominium documents.

• Unit PH1 storage area reduced, square footage decreased by 19 sq ft from 4,536 to 4,617 sq ft
• Revised Schedule A reflects de minimis changes to common interest percentages
• Common charges, real estate taxes, and Resident Manager's Unit purchase price adjusted accordingly
• Updated unit floor plans for internal dimensioning due to construction changes and site conditions
• Option Agreement Form Article 50 supplemented with language on ILSA exemption purpose
• Tax lot numbers to be updated to reflect final numbers issued by Department of Finance
• Plan term extended for an additional six (6) month period

Amendment 18 Apr 30, 2015

Schedule A purchase prices for units, storage bin licenses, and parking space licenses have been updated.

Amendment 17 Mar 5, 2015

ILSA exemption removes federal registration requirements, updates Unit 139 floorplans, modifies bylaws for Triangle Park insurance and grilling permissions, renames two penthouse units, updates sponsor's attorney address, and extends the plan term by six months.

• ILSA registration exemption effective March 25, 2015; Option Agreements no longer require ILSA disclosures or property reports
• Unit 139 floorplans updated for minor interior changes; no change in square footage
• Bylaws amended to include Triangle Park casualty and liability insurance obligations
• Units PH7B and PH2 permitted to grill on exterior terraces at specified locations
• Unit previously named 'PH North' renamed to 'PHA'; unit previously named 'PHA' renamed to 'PH North'
• Sponsor's Attorneys (Goldfarb & Fleece LLP) address updated to 560 Lexington Avenue, 6th Floor, New York, New York 10022
• Plan term extended for additional six (6) month period
• Open violations to be cured by Sponsor or Condominium as soon as practicable after First Closing

Amendment 16 Oct 6, 2014

Schedule A purchase prices for units, storage bins, and parking spaces are updated.

Amendment 15 Sep 19, 2014

Units combined, terrace sizes adjusted at multiple units, storage bins modified, and offering plan term extended.

• Sponsor's acquisition and construction loan increased from $585,000,000 to $666,000,000
• Units 4A and 4F combined into new Unit 4A; total residential units reduced to 198
• Six units have increased terrace square footage; nine units have decreased terrace/garden square footage
• Multiple units in 160 Building have minor interior square footage adjustments
• Five storage bins withdrawn: Cellar Storage Bins #48, #61, #64 and Vault Storage Bins #94, #95
• Seven new storage bins offered: Cellar Storage Bins #111, #112, #113, #114, #115, #116, #117
• Multiple storage bins have de minimis square footage changes and five bins relocated
• Offering plan term extended for additional six months

Amendment 14 May 29, 2014

This amendment updates purchase prices for units, storage bin licenses, and parking space licenses.

Amendment 13 May 15, 2014

Updated purchase prices for units, storage bin licenses, and parking space licenses.

Amendment 12 May 12, 2014

Updated purchase prices for units, storage bins, and parking spaces.

Amendment 11 Apr 16, 2014

Eleventh amendment updating unit purchase prices, storage bin licenses, and parking space licenses.

Amendment 10 Feb 28, 2014

Plan declared effective with 88 option agreements (44% of units); Shared Amenities Agreement established with 130 West 12th Street Condominium.

• Plan declared effective January 24, 2014; 88 option agreements received representing 44% of units
• 78 bona fide purchasers counted toward effectiveness, representing 39% of units
• Shared Amenities Agreement with 130 West 12th Street Condominium provides 130 unit owners access to Exercise Facility and pool
• First year Shared Amenities Charge: $163,582; subsequent years calculated as 1.546% of total annual common charges
• Agreement provides twenty consecutive automatically renewing five-year terms; 130 West 12th Street has one-time termination right during first five-year term

Amendment 9 Feb 18, 2014

Purchase prices for units, storage bins, and parking spaces are updated.

Amendment 8 Dec 3, 2013

Updated purchase prices for units, storage bin licenses, and parking space licenses.

• Revised Schedule A with current purchase prices for all units
• Updated storage bin license prices
• Updated parking space license prices
• Common charges and real estate taxes projected for March 1, 2016–February 28, 2017

Amendment 7 Nov 22, 2013

Updated purchase prices for units, storage bin licenses, and parking space licenses.

Amendment 6 Nov 1, 2013

This amendment updates purchase prices for units, storage bins, and parking spaces.

Amendment 5 Oct 28, 2013

Amendment updates purchase prices for units, storage bins, and parking spaces.

Amendment 4 Oct 23, 2013

Amendment updates purchase prices for units, storage bins, and parking spaces.

Amendment 3 Oct 21, 2013

Amendment updates purchase prices for units, storage bins, and parking spaces.

Amendment 2 Oct 18, 2013

This amendment updates purchase prices for units, storage bin licenses, and parking space licenses.

Amendment 1 Oct 15, 2013

Amendment updates purchase prices for units, storage bin licenses, and parking space licenses.