15 West 12th Street

Amendment 27 Apr 22, 2014

This amendment updates the unsold-share holder's financial status, the current maintenance and fuel charges, the board of directors, rent-stabilization and tax-abatement status, the attached audited financials and 2014 budget, and the period the plan may be used.

• Maintenance charge is $2.62 per share per month, up approximately 3.90% as of January 1, 2014; a monthly fuel surcharge of $0.051 per share is imposed for the full calendar year
• Holder of Unsold Shares holds 12 apartments (8,546 shares), priced at $2,600.00 per share as set forth in the 26th amendment
• As of February 1, 2014, aggregate monthly maintenance on unsold shares is $22,390.54, fuel surcharges are $435.85, and rents received are $15,458.43
• Board elected June 25, 2013; David Iwanier and Andres Reynoso are affiliated with the Holder of Unsold Shares
• All rental tenants are rent stabilized except apartment 2D, first rented in 2013; no units have been deregulated; J-51 abatements expire at various dates through 2014
• Holder of Unsold Shares states it is current on its obligations to the Apartment Corporation, has no mortgaged units, and has adequate reserves
• Audited financial statements for year ended December 31, 2012 (Exhibit B) and 2014 budget (Exhibit C) are attached
• Offering Plan may be used for twelve (12) months from the date of this amendment

Amendment 26 2013

This amendment raises the price of unsold shares to $2,600.00 per share, updates maintenance and fuel surcharges, announces a tax abatement recapture assessment, names a new escrow agent with revised deposit terms, and attaches the 2011 audited financials and 2013 budget.

• Purchase price for all unsold shares increased to $2,600.00 per share (new prices on Exhibit "A")
• Current maintenance charge is $2.5217 per share per month, after an increase of approximately 1.75% as of January 2013
• Monthly fuel surcharge of $0.051 per share imposed for the full calendar year
• Assessment of approximately $128,252 to recapture the projected Coop/Condo Tax Abatement, appearing on the April 2013 maintenance billing
• Gross & Stabile LLP named as escrow agent, with deposits held at Hudson Valley Bank at 0.1% interest and a revised Contract (Exhibit "D")
• Board of directors elected at the June 14, 2012 stockholders' meeting; two directors are affiliated with the Holder of Unsold Shares
• Holder of Unsold Shares reports aggregate monthly maintenance due of $21,550.44 and fuel surcharges of $435.87 on unsold shares as of February 1, 2013, against monthly rents of $15,318.58
• Audited financial statements for year ended December 31, 2011 (Exhibit "B") and 2013 budget (Exhibit "C") attached

Amendment 25 Feb 11, 2012

This amendment updates the sponsor's unsold-share holdings and financial status, the maintenance charge, the board, and the building's rent-stabilization and tax-abatement status, attaches 2010 audited financials and the 2011 budget, and limits use of the plan to twelve months from the amendment date.

• Current maintenance charge is $2.32 per share per month
• Unsold shares: 14 apartments totaling 9,596 shares (Exhibit A)
• As of December 1, 2011, monthly maintenance on unsold shares is $22,281.91 versus $16,749.10 in monthly rents received from tenants
• Last maintenance increase was 4.36% in January 2011
• Holder of Unsold Shares has no financial obligations beyond maintenance charges, no mortgages on its units, and is current on its obligations
• Board elected June 16, 2010; David Iwanier and Andres Reynoso are affiliated with the Holder of Unsold Shares
• All tenants in unsold-share apartments are currently rent stabilized; J-51 abatements expire at various dates through 2014
• Plan may be used for twelve (12) months from the date of this amendment

Amendment 24 2010

This amendment to the 15 West 12' Street cooperative plan raises maintenance to $2.32 per share effective January 1, 2011, and adds updated sponsor, unsold-share, financial, and rent-regulation disclosures.

• Maintenance rises from $2.22 to $2.32 per share per month, effective January 1, 2011 (an increase of 4.36%)
• Aggregate monthly maintenance on Unsold Shares rises from $21,303.12 to $22,262.72 as of January 1, 2011
• Offering Plan may be used for twelve (12) months from the date of this amendment
• Unsold Shares: 14 apartments totaling 9,596 shares, listed in Exhibit A
• Board elected June 16, 2010; David Iwanier and Andres Reynoso are affiliated with the Holder of Unsold Shares
• J-51 tax abatements expire at various dates through 2014; 2009 tax savings approximately $7,000
• All rental tenants in Unsold Share apartments are rent stabilized; none previously deregulated
• Audited financial statements for year ended December 31, 2009 (Exhibit B) and 2010 budget (Exhibit C) attached

Amendment 23 Nov 12, 2009

This amendment raises the purchase price of all unsold shares in the cooperative to $1,500.00 per share, with the new prices for each unsold apartment listed in the annexed schedule.

• Purchase price of all unsold shares increased to $1,500.00 per share
• New prices for the 15 unsold apartments are listed in Exhibit "A"
• Unsold shares total 10,296 shares, with a total price of $15,444,000

Amendment 22 Jul 27, 2009

This amendment extends the proprietary lease term to September 30, 2080, replaces the escrow agent and sales contract form, sets a new maintenance charge and assessment, and updates disclosures about the holder of unsold shares, the board, and the financials.

• Proprietary lease term extended to September 30, 2080
• Gross, Scully & Stabile LLP replaces the prior escrow agent for buyer deposits, held in a non-interest-bearing IOLA account
• Current maintenance charge is $2.08 per share per month, after a 6.6% increase as of January 1, 2009
• Board of directors imposed an assessment of $1.80 per share, due in April 2009
• Revised form of contract for sale of unsold shares adopted (Exhibit "D")
• Plan may be used for twelve (12) months from the date of this amendment
• Holder of Unsold Shares has moved offices and retained a new law firm, Gross, Scully & Stabile LLP
• Two of the six directors elected in June 2008 are affiliated with the Holder of Unsold Shares

Amendment 21 Jul 27, 2004

This amendment updates the holder of unsold shares, its board representation, its monthly maintenance and rent figures, the 2003 financial results, and the terms for selling unsold shares, which now require board approval.

• Fraydun Manocherian holds 11,645 unsold shares allocated to 17 apartments (Exhibit A)
• Sales of Unsold Share apartments are subject to Board of Directors approval
• Holder of Unsold Shares has 2 of 7 board designees and does not control the Board
• Maintenance on unsold shares is approximately $1.59 per Share per month, or $19.12 per Share per year; aggregate monthly maintenance is $18,572.61
• Aggregate monthly rent from tenants of Unsold Share apartments is $17,438.45
• 2003 Net Loss of $62,465 compared with 2002 Net Income of $22,066
• No budget for the Corporation is available for public distribution
• Current interest rate on Contract Deposits for purchasers from the New Holder of Unsold Shares is approximately .50% per annum

Amendment 20 Jul 21, 2003

The amendment discloses the unsold-share holder's maintenance, rent, and board position, attaches 2002/2001 financial statements, reports a January 2003 mortgage refinancing and line of credit, and describes a pending lawsuit and contract deposit interest rate.

• Fraydun Manocherian holds 12,175 unsold shares allocated to 18 apartments; maintenance is approximately $1.41 per Share per month, or $16.92 per Share per year, including an 18.5% real property tax increase
• Holder has two designees (Andy Reynoso, David Iwanier) on a seven-member Board and does not control it; control was surrendered in September, 1986
• Aggregate monthly maintenance on unsold shares is $17,253.20; aggregate monthly rent from tenants of unsold share apartments is $16,980.58
• Unsold shares are free and clear of debts, liens and encumbrances, and the holder is current on Plan obligations
• January, 2003 refinancing with National Consumer Cooperative Bank: original principal $2,900,000.00 at 5.51% per annum, maturing February 1, 2013 (approximately $2,635,000.00 due); prepayment prohibited before August 1, 2011
• $1,000,000.00 line of credit with NCCB secured by a second mortgage at prime plus 1.4%; prepayment penalty of $75,956.00 incurred on payoff of the prior mortgage
• Lawsuit commenced June, 2000 over a leak during renovation; the Corporation expects insurance to cover any damages
• Current interest rate on Contract Deposits for purchasers from the Holder of Unsold Shares is approximately 50% per annum

Amendment 19 Oct 30, 2001

This Nineteenth Amendment updates the unsold-share holder's holdings, board designees, maintenance and rent figures, debt status, contract deposit interest rate, 2000 financial results, and a 2000 lawsuit.

• Fraydun Manocherian holds 12,795 unsold shares allocated to 19 apartments (Exhibit A)
• Holder has two designees on a seven-member Board of Directors; paragraph 9 says three
• Maintenance on unsold shares is approximately $1.32 per Share per month, or $15.91 per Share per year
• Aggregate monthly maintenance on unsold shares is $16,970.02
• Aggregate monthly rent from tenants of unsold share apartments is $18,688.40
• Unsold shares are free and clear of debts, liens and encumbrances
• Current interest rate on Contract Deposits for purchasers from the New Holder of Unsold Shares is approximately 1.30% per annum
• 2000 Net Income of $24,140 compared with a 1999 Net Loss of $8,148; a shareholder lawsuit begun in June 2000 is handled by special counsel through the insurance carrier

Amendment 18 May 15, 2000

This amendment updates the plan's disclosure on the 15,295 unsold shares (23 apartments) held by Fraydun Manocherian, covering their maintenance, rent, debt-free status and board representation, and adds the Apartment Corporation's 1998 and 1999 financial information, the 1998 mortgage refinancing, and the current contract deposit interest rate.

• Fraydun Manocherian holds the 15,295 unsold shares allocated to 23 apartments
• Monthly maintenance on unsold share apartments is $19,319.11; monthly rent from their tenants is $24,019.85
• Unsold shares are free and clear of any debts, liens and encumbrances
• Holder's three designees sit on a seven-member Board, so the holder does not control it
• Maintenance is approximately $.1263 per share per month, or $15.1572 per share per year
• Financial statements for 1999/1998 and 1998/1997 attached as Exhibit B; 1998 loss of $130,135 was caused by a pre-payment penalty on refinancing
• Building mortgage refinanced November 1998 for $2,000,000, due December 1, 2008
• Current interest rate on contract deposits is approximately 2.50% per annum

Amendment 17 Jul 7, 1998

This amendment updates the plan's disclosure about the unsold shares held by Fraydun Manocherian, including their share count, monthly maintenance and rent, board representation, debt status, and attached financial statements.

• Holder of Unsold Shares Fraydun Manocherian holds 15,760 shares allocated to 24 apartments (Exhibit A)
• Aggregate monthly maintenance for unsold shares is $19,515.63
• Aggregate monthly rent from tenants of unsold share apartments is $19,590.62
• Holder has three designees on the seven-member Board of Directors and does not control the Board
• Unsold shares are free and clear of any debts, liens and encumbrances
• Holder is current on all Offering Plan financial obligations
• Current interest rate on contract deposits for purchasers from the new Holder of Unsold Shares is approximately 2.50% per annum
• Financial statements for years ended December 31, 1996 and 1995 attached as Exhibit B

Amendment 16 Feb 5, 1997

The amendment reports that Fraydun Manocherian now holds the plan's 17,535 unsold shares (26 apartments), states that the holder has three of seven board seats, and gives maintenance, rent, debt and financial-statement details.

• Unsold shares (17,535 shares, 26 apartments) now held by Fraydun Manocherian, who bought the debt and shares from Paul Raymond
• Unsold shares are free and clear of any debts, liens and encumbrances
• Holder of unsold shares has three designees on a seven-member Board and does not control the Board
• Aggregate monthly maintenance on unsold shares is $21,713.41
• Aggregate monthly rent from tenants of unsold share apartments is $23,279.88
• Interest on contract deposits for purchasers from the new holder is approximately 2.50% per annum
• Apartment Corporation financial statements for 1995 and 1994 attached as Exhibit B
• Apart from maintenance, no financial obligations to the co-op come due in the next twelve months