150 Hawthorne Street

Amendment 36 2017

This amendment raises the price of the Sponsor's unsold shares to $5,000.00 per share, discloses the Sponsor's unsold-apartment finances and attaches the 2015–2016 financials and the 2018 proposed budget, and adds FinCEN reporting and federal tax-law notices for buyers.

• Price of unsold shares held by 150 Hawthorne Associates raised to $5,000.00 per share (list in Exhibit A)
• Aggregate monthly maintenance for unsold apartments is $28,452.19; aggregate monthly rents received are $61,915.15
• Current monthly maintenance is $3.77 per share; Board approved a $2.47 per share assessment payable August 1, 2017, offset by tax abatement and STAR credits
• Financial statements for years ending December 31, 2015 and 2016 attached; 2017 statement not yet available
• Apartment Corporation's proposed 2018 budget attached for information only
• FinCEN reporting requirement for certain title insurers takes effect September 22, 2017, covering purchases over $3,000,000 in Manhattan or $1,500,000 elsewhere without bank financing
• Tax Cuts and Jobs Act of 2017 may make the plan's tax information inaccurate; buyers should consult a tax expert
• Current Board of Directors listed; Sponsor is not in control of the Board

Amendment 35 Feb 9, 2017

The sponsor raises the purchase price of apartment 3D to $450,000.00 and states there are no other material changes beyond Amendments One through Thirty-Four.

• Purchase price of apartment 3D increased to $450,000.00
• No other material changes to the Offering Plan except as set forth in Amendments One through Thirty-Four and this Thirty-Fifth Amendment

Amendment 34 2016

This amendment updates the unsold share list and sponsor figures, adds 2013 and 2014 financial statements, and discloses the current maintenance charge and a $2.47 per-share assessment payable October 2015.

• Unsold share list updated (Exhibit A); no change in purchase price for unsold shares
• Sponsor's unsold apartments: aggregate monthly maintenance $27,111.24; aggregate monthly rents $59,846.00
• Unsold shares are not subject to mortgages or financing commitments
• Sponsor reports no financial obligations to the Apartment Corporation due within 12 months, other than monthly maintenance charges
• Financial statements for years ended December 31, 2014 and 2013 added (Exhibit C), for information only
• 2015 budget included in the financial statement (see page 15); 2015 financial statement and 2016 budget not yet available
• Current monthly maintenance charge is $3.51 per share, per month
• Assessment of $2.47 per share payable October 2015, offset by tax abatement and STAR credits for eligible shareholders

Amendment 33 Mar 4, 2015

This amendment lists the sponsor's unsold shares and their carrying costs, attaches 2012 and 2013 financial statements, notes that the 2015 budget was not yet available, and updates the board list and maintenance charge.

• Unsold shares listed in Exhibit A (total 7,724); no change in purchase price for unsold shares
• Aggregate monthly maintenance on unsold apartments is $27,111.24
• Aggregate monthly rents from tenants of unsold apartments is $56,395.46
• Current monthly maintenance charge is $3.51 per share
• Board approved an assessment of $2.10 per share, payable June 2014, offset by tax abatement and STAR credits
• Unsold shares are not subject to mortgages or financing commitments
• Financial statements for years ended December 31, 2013 and 2012 attached as Exhibit C; 2015 budget not yet available
• Current list of directors provided; Sponsor states it is not in control of the Board

Amendment 32 Mar 12, 2014

This amendment updates the sponsor's unsold-share figures, the building's maintenance charge and assessment, its underlying mortgage and credit line, and its financial and board information for home buyers.

• Sponsor holds 54 unsold units totaling 7,724 shares, listed in Exhibit A; no change in their purchase price
• Current monthly maintenance charge is $3.51 per share, per month
• Board approved a $2.10 per share assessment payable August 2013, offset by tax abatement and STAR credits for eligible shareholders
• Underlying mortgage refinanced January 10, 2012 with New York Community Bank for $1,750,000.00, interest only at 4.25%, maturing February 1, 2022
• Apartment Corporation will have to refinance the mortgage on or before February 1, 2022
• $300,000.00 line of credit available, not drawn as of the amendment date
• Aggregate monthly maintenance on unsold apartments is $27,111.24; aggregate monthly rents are $55,539.19
• Financial statements for 2012 and 2011 attached; 2014 budget not yet available

Amendment 31 Feb 6, 2013

This amendment updates the sponsor's unsold-share and maintenance figures, adds a warning about lender restrictions, revises escrow rules and attaches a new Contract of Sale, and discloses the board and financial statements.

• Sponsor's 54 unsold apartments (7,724 shares) may still be sold; the sponsor may negotiate terms, and no contract is binding until signed by both buyer and seller
• Warning added: the sponsor owns approximately fifty-six (56%) percent, lenders may require up to 70% of units sold before lending, and some lenders won't lend where an investor other than the original sponsor owns 10% or more
• Maintenance is $3.51 per share per month; as of January 1, 2013, the sponsor pays approximately $27,111 monthly to the Corporation and receives approximately $54.003 monthly rent from subtenants
• Escrow rules revised: the Attorney General no longer adjudicates disputes over deposits, for purchasers who had not received a fully executed Contract of Sale before this amendment was served
• Escrow agent is Sonnenschein, Sherman & Deutsch LLP; the non-interest bearing escrow account is at JP Morgan Chase Bank and is set to expire December 31, 2013
• Revised Contract of Sale attached as Exhibit D
• Only the last two named directors, Solomon Rokowsky and Jay Katz, are affiliated with the sponsor, so the sponsor does not control the board
• Certified 2011 financial statement with 2012 budget attached as Exhibit C; no 2013 budget has been provided

Amendment 30 Feb 10, 2012

The amendment updates the sponsor's unsold shares, maintenance charges, sponsor finances, board makeup, and the building's refinanced mortgage and line of credit, and attaches the 2010 financial statements with the 2011 budget.

• 55 unsold apartments (7,901 shares) remain available, with terms negotiable between sponsor and buyer
• Maintenance charges are $3.51 per share per month
• Sponsor pays $27,732.51 monthly in maintenance as of January 1, 2012, and receives $53,817.84 monthly rent from its subtenants
• Mortgage refinanced January 10, 2012 with New York Community Bank: $1,750,000, matures February 1, 2022, interest-only at 4.25%, monthly payments of $6,197.92
• $300,000 revolving line of credit added; not drawn
• Sponsor owns approximately 56% of apartments; lender minimum sales requirements may make loans difficult to obtain
• Only two of five directors are affiliated with the sponsor, so the sponsor does not control the board
• Attached 2010 certified financial statements include the 2011 budget; no 2012 budget provided

Amendment 29 Feb 8, 2011

The amendment restates the sponsor's unsold-share sales terms, maintenance and assessment figures, sponsor payments and fund status, and adds disclosures on lender restrictions and rent deregulation.

• Unsold shares (8,168 shares, 57 apartments) may continue to be offered at $1,500 per share, with the sponsor free to negotiate all terms
• Maintenance charges are $3.51 per share per month
• Assessment of $2.10 per share imposed May 1, 2010
• No 2011 budget provided; the 2010 budget is included in the 2008 and 2009 certified financial statements
• As of December 1, 2010, the sponsor pays $28,669.68 monthly in maintenance and receives $53,589.66 monthly in subtenant rent; one apartment was vacant
• Sponsor owns approximately 61% of apartments, so lender sales minimums may make buyer financing and resale difficult
• Disclosure on J-51 tax benefits and possible deregulation of rent-stabilized tenants under Roberts v. Tishman Speyer Properties
• Sponsor is not in control of the board of directors

Amendment 28 Feb 8, 2010

This amendment confirms that the sponsor still holds the 60 unsold apartments (8,661 shares) for sale at $1,500 per share, updates maintenance, assessments, and the sponsor's financial status as of 2009, lists the board, and attaches the 2008 financial statements with the 2009 budget.

• 60 unsold apartments (8,661 shares) remain with sponsor 150 Hawthorne Associates, offered at $1,500 per share, with negotiable terms
• Maintenance increased to $3.51 per share per month as of April 1, 2009
• Assessment of $2.10 per share imposed April 1, 2009
• As of December 1, 2009, sponsor pays $30,400.11 monthly to the Corporation and receives $50,618.20 monthly in subtenant rent; five apartments were vacant
• Sponsor owns approximately sixty one (61%) percent of apartments; lenders may require minimum sold percentages, which could make loans harder to get and resales harder
• Board listed: Lloyd Henderson, Chaim Simkowitz, Philip Simmons, Solomon Rokowsky, Victor Fein; sponsor does not control the board
• 2008 certified financial statements attached, including the 2009 budget; no 2010 budget provided
• Exhibit B lists other properties in which sponsor principals hold over 10% of shares; principals are current on maintenance there

Amendment 27 Feb 23, 2009

This amendment updates unsold share pricing, 2009 maintenance and Sponsor finances, board membership, a 2008 assessment, and a warning about lender sales minimums.

• Unsold shares (8,767 shares for 61 apartments) remain with the Sponsor and may be offered at $1,500 per share, with negotiable terms
• Maintenance is $3.44 per share per month as of January 1, 2009
• Assessment of $2.10 per share imposed August 1, 2008
• Sponsor pays $30,158.48 monthly in maintenance and receives $54,775.75 monthly in subtenant rent as of January 1, 2009
• Current board listed; Sponsor is not in control of the Board
• Financial statements for 2007 with 2008 budget included; no 2009 budget provided
• Sponsor owns approximately 62% of apartments; buyers may face loan difficulty due to lender sales minimums
• Sponsor principals' other properties listed in Exhibit B

Amendment 26 Apr 3, 2008

The amendment restates the unsold shares and their $1,500 per-share price, updates maintenance charges and Sponsor finances as of March 1, 2008, lists the current board, attaches 2006 financial statements, and warns that lender sales minimums may make loans harder to obtain.

• Sponsor's 8,767 unsold shares for 61 apartments may be offered at $1,500 per share
• Maintenance is $3.44 per share per month as of March 1, 2008
• Sponsor pays $30,158.48 per month in maintenance and receives $52,935.07 per month in rent from its subtenants
• Current board listed: Lloyd Henderson, Chaim Simkowitz, Philip Simmons, Solomon Rokowsky, Victor Fein; Sponsor does not control the board
• Attached 2006 certified financial statements include the proposed 2007 budget; no 2008 budget provided
• Maintenance increased to $3.44 per share per month effective August 1, 2007
• Sponsor owns approximately sixty two (62%) percent of apartments; lenders may require minimum sold percentages (such as 35% or 50%), which may make loans harder to obtain
• Sponsor's principals' other cooperatives are listed in Exhibit B

Amendment 25 Apr 19, 2007

This amendment restates that the Sponsor's unsold shares remain for sale at $1,500 per share, updates maintenance and Sponsor payment figures as of March 1, 2007, lists current directors, adds a warning about lender minimum-sales requirements, and attaches 2005 financial statements with a 2006 budget.

• Unsold shares for 63 apartments (9,148 shares) may continue to be offered at $1,500 per share
• Sponsor may negotiate all terms of unsold share offers; a contract is not binding until signed by both buyer and seller
• Maintenance charges are $3.27 per share per month as of March 1, 2007
• Sponsor pays $29,913.96 monthly maintenance and receives $49,684.83 monthly sublet rent as of March 1, 2007; three apartments were vacant
• Sponsor owns about 64% of apartments; lenders may require minimum sold percentages (such as 35% or 50%), which may make loans or resales harder
• Current directors listed; Sponsor does not control the board
• Certified 2005 financial statements with proposed 2006 budget attached as Exhibit C; no 2007 budget provided
• Sponsor principals' other cooperatives listed in Exhibit B

Amendment 24 May 11, 2006

The amendment updates the unsold-share offering terms, the sponsor's maintenance payments and obligations, the board roster, the attached 2004 financials and 2005 budget, and adds a warning about lender sales minimums.

• 9,706 unsold shares for 66 apartments remain with the Sponsor, 150 Hawthorne Associates, offered at $1,500 per share, with terms open to negotiation
• Maintenance increased to $3.27 per share effective September 1, 2005
• As of March 1, 2006, Sponsor pays $31,738.62 monthly in maintenance and receives $50,367.26 monthly in subtenant rent, with three apartments vacant
• Sponsor is current on its obligations and has fully funded the working capital and reserve funds
• Board roster listed; Sponsor does not control the Board of Directors
• Certified 2004 financial statements and proposed 2005 budget attached as Exhibit C; 2006 statement not yet completed
• Warning added that Sponsor owns 66.67% of apartments and lenders may require a minimum percentage of units sold (such as 35% or 50%) before lending, which may make financing or resale difficult
• Exhibit B lists other cooperatives in which the Sponsor's principals hold more than 10% of shares

Amendment 23 Apr 18, 2006

The amendment says the Sponsor's 9,706 unsold shares for 66 apartments may continue to be offered for sale at $1,500 per share, subject to negotiation, and reports no other material changes.

• Sponsor's unsold shares for 66 apartments (9,706 shares) may continue to be offered at $1,500 per share, subject to negotiation
• No other changes of fact or circumstances materially affecting the property or Plan are disclosed

Amendment 22 May 3, 2005

This amendment states that the sponsor still holds unsold shares for 66 apartments, now offered at $650 per share, updates maintenance charges and sponsor payments, lists the board, attaches 2003 financials with a 2004 budget, and warns that lenders may require minimum sales before making loans.

• Unsold shares for 66 apartments (9,706 shares) remain with the Sponsor and may be offered at $650 per share
• Sponsor may negotiate all terms of offers for unsold shares; contracts are not binding until signed by both purchaser and seller
• Maintenance charges are $2.97 per share per month as of March 1, 2005
• Sponsor pays $28,826.82 monthly in maintenance and receives $50,167.66 monthly rent from subtenants; one apartment was vacant
• Current board listed; Sponsor is not in control of the Board of Directors
• Certified 2003 financial statements with proposed 2004 budget attached as Exhibit C
• Sponsor principals' other cooperatives listed in Exhibit B
• Lenders may require minimum percentages of sold units (such as 35% or 50%), which may make loans and resales difficult

Amendment 21 Apr 30, 2004

This amendment updates the sponsor's unsold shares and their price, the 2004 maintenance charge, the sponsor's financial position, the board, the building's mortgage, and a warning about lender sales minimums.

• 9,706 unsold shares allocated to the 66 apartments remain on offer at $650 per share, with the sponsor free to negotiate all terms
• Maintenance charges are $2.97 per share per month as of March 1, 2004
• Sponsor pays $28,826.82 monthly to the Corporation and receives $48,853.13 monthly rent from subtenants, a gross positive of $20,026.31 per month or $240,315.72 per year
• Mortgage refinanced May 13, 2003 with Independence Community Bank for $1,600,000, maturing June 1, 2013, with monthly payments of $9,004.53 at 5.42%
• Prepayment penalty of 5% in the first six years, decreasing 1% each year to 1% in the tenth year, with no penalty in the last ninety days of the tenth year
• Current board lists five directors; only Victor Fein and Solomon Rokowsky are affiliated with the Sponsor, so the Sponsor does not control the board
• Sponsor owns 68% of apartments, and buyers may face loan difficulty if lenders require a minimum percentage of units sold
• Certified 2002 financial statements with the proposed 2003 budget are attached; the Sponsor has no 2004 budget

Amendment 20 Apr 11, 2003

This amendment extends the proprietary lease termination date to September 30, 2078, restates unsold share pricing, maintenance and Sponsor finances as of February 2003, and discloses that the Sponsor does not control the board and that city real property tax rates rose about 18%.

• Proprietary lease termination date extended to September 30, 2078 (shareholder vote February 26, 2003)
• Unsold shares may be offered at $500.00 per share; price and terms negotiable; contract not binding until written contract is signed and delivered
• Maintenance charges are $2.97 per share per month as of February 1, 2003
• Sponsor pays $28,826.82 monthly in maintenance and receives $47,378.37 monthly in subtenant rent, a gross positive of $18,551.55 per month ($222,618.60 per annum)
• Sponsor owns 68% of apartments; lender minimum-sales requirements may make purchaser loans difficult
• Sponsor does not control the Board of Directors; only two of five directors are Sponsor-controlled
• City real property tax rates increased about 18% effective January 1, 2003; Sponsor has no 2003 budget
• Annexed Exhibit C is the 2001 certified financial statement, including the proposed 2002 budget

Amendment 19 Mar 22, 2002

This amendment updates the sponsor's unsold shares, maintenance and rent figures, board composition, related cooperatives, and financial statements, and attaches the 2000 financial statements with the proposed 2001 budget.

• Unsold shares may be offered at $500.00 per share, and their price and terms may be negotiated
• Maintenance charges are $2.80 per share per month as of January 31, 2002
• Sponsor pays $27,176.80 monthly in maintenance and receives $45,738.32 monthly in subtenant rent, a positive of $18,561.52 per month ($222,738.24 per year)
• Sponsor is current on maintenance and has fully funded the working capital and reserve funds
• Five directors are listed, and the Sponsor controls two of them, so it does not control the board
• Exhibit B lists other cooperatives where the Sponsor's principals own more than 10% of the shares
• Exhibit C adds Arden House Owners, Inc. 2000 financial statements, including the proposed 2001 budget
• The Sponsor has not been provided with a 2002 budget

Amendment 18 Mar 5, 2001

This amendment updates the sponsor's unsold-share sales terms, the sponsor's maintenance and rent figures, board control, sponsor-principal holdings in other co-ops, and attaches the Corporation's 1999 financial statements with the proposed 2000 budget.

• 66 unsold apartments (9,706 shares) may still be offered by the sponsor at Plan prices, unpledged; a contract binds only once the seller signs it and the purchaser receives it
• Maintenance charge is $2.80 per share per month as of December 31, 2000
• Sponsor pays $27,176.80 monthly in maintenance and receives $42,249.26 monthly rent, a positive $15,072.46 per month ($180,869.52 per year)
• Sponsor has been current on maintenance for the prior twelve months and has fully funded the working capital and reserve funds
• Sponsor controls only two of the five board directors, so it does not control the board
• Sponsor principals' other co-op holdings are listed in Exhibit B; they are current on maintenance there
• Attaches 1999 audited financial statements with the proposed 2000 budget

Amendment 17 Feb 22, 2000

This seventeenth amendment updates the board roster, states that the Sponsor does not control the board, restates the unsold-share and Sponsor maintenance figures as of January 2000, and annexes the 1998 financial statements with the proposed 1999 budget.

• Sponsor is not in control of the Board of Directors; five current directors are listed
• 66 unsold apartments (9,706 shares) remain issued to 150 Hawthorne Associates and may continue to be offered for sale; shares are not pledged or hypothecated
• As of January, 2000, maintenance charges are $2.80 per share per month
• As of January, 2000, Sponsor pays $27,176.80 monthly maintenance and receives $40,854.67 monthly rent from subtenants, a gross positive of $13,677.87 per month or $164,134.44 per annum
• Sponsor is current on all maintenance obligations for the prior twelve months and has fully funded the working capital and reserve funds
• Sponsor's principals are principals of other listed cooperatives in which they hold over 10% of shares and are current on maintenance there
• Certified financial statement for 1998, including the proposed 1999 budget, is annexed as Exhibit C

Amendment 16 Feb 3, 1999

This amendment updates the board roster, reports the Sponsor's unsold shares and maintenance payments, adds a 1998 mortgage refinancing, and adds the 1998 rental-payment rules of GBL Section 352-1, escrow details, and 1997 tax deduction figures.

• Unsold shares for the Exhibit A apartments are issued to 150 Hawthorne Associates and may continue to be offered for sale; they are not pledged or hypothecated
• First mortgage refinanced June 10, 1998 with Independence Savings Bank for $1,500,000, maturing July 1, 2005 with a five-year extension option, initially at 7.25% per annum
• As of January, 1999, maintenance is $2.80 per share per month; Sponsor pays $26,754.00 monthly, receives $38,127.70 monthly rent from subtenants, for a gross positive of $11,373.70 per month ($136,484.40 per annum)
• GBL Section 352-1 (effective July 22, 1998) lets the Board require rent from subtenants of non-occupying owners who are 60 days or more behind on maintenance, assessments or late fees to be paid to the Corporation
• Escrow agent Sonnenschein, Sherman & Deutsch, LLP is at 888 Seventh Avenue, New York, New York; the escrow account is at Chase Manhattan Bank, 970 Eighth Avenue, New York, NY 10019
• Current directors are Lloyd Henderson, Deborah Woods, Laura Washington, Solomon Rokowsky and Victor Fein; the last two are affiliated with the Sponsor, which does not control the Board
• For 1997, shareholder deductions were $7.8404 per share for mortgage interest and $2.5391 per share without abatement or $1.9851 per share with abatement
• Subordinate financing up to $200,000 is permitted for capital improvements or reserve fund replenishment

Amendment 15 1998

This amendment updates the board of directors, lists 66 unsold apartment share allocations still held by the sponsor, and reports maintenance charges, sponsor payment figures, 1996 tax deduction amounts, and 1996 financial statements.

• Current directors listed: Lloyd Henderson, Deborah Woods, Laura Washington, Solomon Rokowsky, Victor Fein; the sponsor is not in control of the board, and the latter two are affiliated with the sponsor
• Exhibit A lists 66 unsold units totaling 9,706 shares, held by 150 Hawthorne Associates, which may continue to be offered for sale
• Maintenance charges as of January 1998 are $2.80 per share per month
• Sponsor pays $27,176.80 monthly maintenance and receives $38,181.95 rent from subtenants, a gross positive of $11,005.15 per month ($132,061.80 per annum)
• 1996 individual tax deductions: $8.2847 per share (mortgage interest) and $5.4652 per share (real estate taxes)
• Certified financial statement for the year ended December 31, 1996 attached as Exhibit C, including the proposed 1997 budget
• Sponsor's principals also sponsor the cooperative conversions listed in Exhibit B, in which they own more than 10% of shares

Amendment 14 Jan 27, 1997

This amendment updates the board of directors, confirms the sponsor's unsold shares and maintenance figures as of December 1996, adds 1995 tax deduction figures, and attaches the 1995 financial statements with the proposed 1996 budget.

• Maintenance charges as of December 1996 are $2.80 per share per month
• Sponsor pays $27,176.80 monthly maintenance and receives $34,513.20 monthly rent from subtenants, a gross overage of $7,336.40 per month ($88,036.80 per year)
• Unsold shares listed in Exhibit A are held by 150 Hawthorne Associates, may continue to be offered for sale, and are not pledged or hypothecated
• Current directors listed: Lloyd Henderson, Deborah Woods, Laura Washington, Solomon Rokowsky, Victor Fein; the sponsor does not control the board, and the last two are affiliated with the sponsor
• 1995 individual tax deductions: $8.0498 per share for mortgage interest and $5.4900 per share for real estate taxes
• Exhibit C adds the 1995 certified financial statements, including the proposed 1996 budget
• Sponsor's principals have interests in other cooperative conversions listed in Exhibit B and are current on those maintenance obligations
• Sponsor is current on its maintenance obligations and has fully funded the working capital and reserve funds

Amendment 13 Dec 12, 1995

This amendment updates the board of directors, the Sponsor's unsold shares and maintenance/rent figures, the Sponsor's other cooperative conversions, 1994 shareholder tax deduction amounts, and attaches the 1994 financial statements with the proposed 1995 budget.

• Current board of directors listed as Lloyd Henderson, Deborah Woods, Laura Washington, Solomon Rokowsky and Victor Fein; Sponsor not in control of the board, and the latter two persons are affiliated with the Sponsor
• Unsold Shares listed in Exhibit A remain issued to 150 Hawthorne Associates and may continue to be offered for sale; they have not been pledged or hypothecated
• Maintenance charges stated as $2.80 per share per month as of November 1995
• Sponsor's maintenance/rent overage stated as $8,929.81 per month, or $107,157.72 per annum
• 1994 shareholder tax deductions stated as $7.7352 per share (mortgage interest) and $5.4153 per share (real estate taxes)
• Sponsor's principals' other cooperative conversions listed in Exhibit B
• Certified financial statements for the year ended December 31, 1994, including the proposed 1995 budget, attached as Exhibit C

Amendment 12 Nov 14, 1994

The amendment updates the board roster, reports the sponsor's unsold-share holdings and maintenance position, sets current maintenance charges, and attaches 1993 financials, the 1994 budget, and 1993 tax deduction figures.

• Current directors listed: Philip Gill, Arleen Johnson, Laura Washington, Solomon Rokowsky, Victor Fein; first three are resident shareholders
• Sponsor relinquished control of the board of directors on August 30, 1993
• Unsold shares for the apartments on Exhibit A are held by 150 Hawthorne Associates and may continue to be offered for sale
• As of September, 1994, Sponsor pays $26,754 monthly maintenance and receives $32,048.53 rent from subtenants, a net profit of $5,294.53 per month ($63,534.36 per annum)
• Sponsor is current on all maintenance obligations for the prior twelve months
• Current maintenance charges are $2.80 per share per month
• Certified financial statements for the year ended December 31, 1993 and the proposed 1994 budget are attached as Exhibit C
• For 1993, shareholder tax deductions were $8.8149 per share for mortgage interest and $5.1782 per share for real estate taxes

Amendment 11 Oct 4, 1993

This amendment updates the 150 Hawthorne Street co-op plan with the current board, the sponsor's unsold shares and finances, the current maintenance charge, 1992 financial statements with the proposed 1993 budget, and 1992 tax deduction figures.

• Current maintenance charges are $2.80 per share per month
• Sponsor relinquished control of the board of directors on August 30, 1993; current directors are Philip Gill, Arleen Johnson, Laura Washington, Solomon Rokowsky and Victor Fein
• Unsold Shares (Exhibit A apartments) remain issued to 150 Hawthorne Associates and may continue to be offered for sale; they have not been pledged or hypothecated
• As of August 1993, sponsor pays $26,754 monthly in maintenance and receives $33,221.79 monthly in subtenant rent, a net profit of $6,467.00 per month or $77,604.00 per annum
• Sponsor is and has been current on maintenance and reserve fund contributions for the prior twelve months
• Sponsor principals also sponsor the cooperative conversions listed on Schedule B, in which they own more than 10% of the shares, and are current on maintenance there
• 1992 tax year deductions for shareholders: $9.9757 per share for mortgage interest and $4.8529 per share for real estate taxes
• Exhibit C attached: certified financial statement for year ended December 31, 1992 and proposed 1993 budget

Amendment 10 Sep 28, 1992

The amendment sets maintenance at $2.80 per share per month effective October 1, 1992, sets the terms for Sponsor's relinquishing board control, and reports the Sponsor's unsold shares, payments, and 1991 tax-deduction figures.

• Maintenance charges are $2.80 per share per month, effective October 1, 1992
• Sponsor relinquishes board control at the earlier of March 29, 1993, or when it no longer owns over 50% of the corporation's shares
• Unsold Shares (Exhibit A units) are held by 150 Hawthorne Associates, may continue to be offered, and are not pledged or hypothecated
• As of September 1992, Sponsor pays $26,754.00 per month in maintenance and receives $32,927.35 per month in subtenant rent
• Sponsor and its principals are current on maintenance and reserve fund contributions, and principals' other cooperative conversions are listed in Exhibit B
• Updated directors and officers listed; the last three are Sponsor representatives
• For 1991, shareholder tax deductions were $11.275 per share for mortgage interest and $4.5077 per share for real estate taxes
• Attached: certified 1991 financial statement and proposed 1992 budget

Amendment 9 1992

This amendment adds New York General Business Law Section 352-e(2-d) protections that let the cooperative redirect rent from tenants of delinquent non-occupying owners, and it replaces the plan's escrow section with new deposit escrow terms.

• Rent from non-purchasing tenants of non-occupying owners payable directly to the cooperative corporation if maintenance, assessments or late fees are more than thirty days late, upon board notice given within forty-five days
• Rent returns to the non-occupying owner, with tenants notified within three business days, once payments are current
• Offeror must give each non-purchasing tenant irrevocable notice of these provisions
• Escrow section replaced: purchaser deposits placed within five business days in a segregated escrow account of Sonnenschein, Sherman & Deutsch as Escrow Agent
• Escrow account interest rate stated as approximately 2.25-2.58
• Purchaser may rescind if escrow deposit notice is not received within fifteen business days after tender of deposit
• Escrow agent to maintain escrow records for seven years after release of funds

Amendment 8 Jun 10, 1991

This eighth amendment updates the 150 Hawthorne Street cooperative plan with 1991 maintenance and special assessment figures, the 1990 operating loss, tax figures, Sponsor board-control terms, and the status of unsold shares.

• Maintenance charges set at $2.7 per share per month, effective January 1, 1991
• Special assessment equal to one month's maintenance, payable February-May 1991
• 1990 loss of approximately $52,000 before depreciation (appx. 11% of the operating budget)
• Sponsor relinquishes board control earlier of March 29, 1993, or when it no longer owns over 50% of the corporation's shares
• Sponsor pays $25,798.50 monthly maintenance as of May 1, 1991, and receives $30,170 rent from subtenants
• Assessed valuation for 1991/92: $749,250 (actual) and $682,250 (transition); 1990/91 tax rate is 9.154%; 1991/92 rate not yet established
• Unsold Shares held by 150 Hawthorne Associates may continue to be offered for sale and have not been pledged or hypothecated
• Attaches 1990 certified financial statements and proposed 1991 budget

Amendment 7 May 24, 1990

This 1990 amendment discloses the sponsor's Sponsor-owned unsold apartments and its maintenance payments, updates the current maintenance per share and tax figures, and lists the apartment corporation's officers and attached 1989 financials.

• Sponsor pays $25,695.66 per month in maintenance and receives $27,926.56 in rent from subtenants, as of May 1, 1990
• 3 Sponsor-owned apartments are vacant and offered for sale; Sponsor's maintenance drops by $1,389.17 per month once they sell
• Sponsor contributes 3% of the sales price of each apartment sold to the reserve fund until March 29, 1993
• Sponsor relinquishes board control at the earlier of March 29, 1993 or when it no longer owns over 50% of the shares
• Current maintenance is $2.5869 per share per month
• 1990/91 actual assessed valuation is $837,000; transition assessed valuation is $649,400; 1989/90 tax rate is 9.229%
• Directors and officers listed; the Assistant Secretary and Treasurer are resident shareholders
• Certified financial statement for the year ended December 31, 1989 attached

Amendment 6 1989

The amendment names the current board and officers, notes that the Sponsor's affiliates control the board, confirms that unsold shares remain with the Sponsor for sale, sets the monthly maintenance per share, gives 1989/90 tax valuations and rate, and annexes the 1988 financial statement and 1989 budget.

• Sponsor affiliates Solomon Rokowsky, Isaac Rokowsky and Victor Fein hold three of the five director and officer posts, so the Sponsor controls the Board of Directors. Other current officers: Deborah Woods (President) and Arlene Johnson (Secretary)
• Unsold shares remain issued to 150 Hawthorne Associates and may continue to be offered for sale under the Plan; annexed list of apartments allocated unsold shares
• Current maintenance is $2.5896 per share per month
• 1989/90 actual assessed valuation is $655,000 and transition valuation is $602,000; 1989/90 tax rate is 9.229t
• Annexed certified statement of income and expense for the year ended December 31, 1988, which also contains the 1989 budget
• No other material changes of fact or circumstances affecting the property or the Plan

Amendment 5 Dec 1, 1988

This fifth amendment updates the board and officers, confirms the unsold shares remain available for sale, sets the current maintenance per share, updates the 1988/89 tax valuations and rate, notes two new garbage compactors, and annexes the 1987 income statement and the 1989 budget.

• Current directors and officers listed: Deborah Woods (President), Robert Hayes (Treasurer), Isaac Rokowsky (Vice-President), Victor Fein (Secretary), George Cener (Assistant Secretary)
• Unsold shares remain issued to 150 Hawthorne Associates and may continue to be offered for sale under the Plan; list of apartments allocated unsold shares annexed
• Current maintenance per share is $2.5896 per month
• 1988/89 actual assessed valuation $585,000; transition valuation $607,000; 1988/89 tax rate 9.272t
• Two new garbage compactors installed in the building
• Certified income and expense statement for the year ended December 31, 1987 (prior to conversion) annexed
• Certified budget for the year commencing January 1, 1989 annexed: projected income $459,049, projected expenses $450,965, net surplus $8,084

Amendment 4 May 1988

This fourth amendment records the 1988 closing of the building's conveyance to the Apartment Corporation, sets reserve fund, mortgage, escrow and tax figures, and offers tenants relocation payments to vacate.

• Conveyance from Sponsor to Arden House Owners Inc. closed March 29, 1988
• $31,196 to be paid to the Apartment Corporation for the Reserve Fund within thirty days of closing; additional payments per Local Law 70
• Existing first mortgage of $1,472,796.59 assumed by the Apartment Corporation at closing
• Unsold Shares issued to 150 Hawthorne Associates may continue to be offered and may be held in partnership name
• Sponsor placed $3,675 in escrow to secure removal of violations of record
• Relocation Payments for bona fide tenants: $4,000 for studio, 2 or 2-1/2 room; $6,500 for 3 room; $7,500 for 4 room, if the apartment is vacated within ninety (90) days and written notice is given within thirty (30) days
• Tentative actual assessed valuation for 1988/89 tax year is $585,000
• No Relocation Payment to tenants who subscribe for shares allocated to another apartment, or to non-vacating tenants

Amendment 3 Jan 15, 1988

This amendment sets the closing date of March 8, 1988, sets the February 8, 1988 deadline for buyers to pay their purchase balances, and reports the plan's effectiveness and sales progress.

• Closing date set for March 8, 1988 at the offices of Sonnenschein, Sherman & Deutsch, 10 Columbus Circle, New York, New York 10019
• Balance of purchase price due by February 8, 1988, by certified check or official bank check payable to "ARDEN HOUSE SPECIAL ACCOUNT", sent to Kings Highway Realty
• Plan declared effective by notice dated December 29, 1987, as a non-eviction plan
• Subscriptions received for 24.24% of the 99 dwelling units offered (8 from bona-fide tenants, 16 from non-tenants)
• Purchasers who obtain financing must pay a $200 fee to Sonnenschein, Sherman & Deutsch with the loan commitment
• Purchasers who default, cure, and close later or at another location must pay a $300.00 fee to Sonnenschein, Sherman & Deutsch at closing
• Purchasers must sign proprietary leases and New York State gains tax forms in order to close
• Tenants must pay all rent and other charges due through the Closing Date in order to close

Amendment 2 Nov 5, 1987

This second amendment gives tenants who buy their apartments a new microwave and replacement or repaired kitchen and air-conditioning appliances, requires re-plastering and re-painting for leak or water damage, and extends the time to subscribe to thirty (30) days from the date of presentation of this second amendment.

• Tenants who buy within the period receive a Whirlpool microwave oven (model MW3500XS) or an equivalent brand and model
• Existing refrigerators, stoves, ovens and air conditioning units repaired, or replaced if not repairable
• Replacement units: Hotpoint refrigerator (model CTF14EG), Imperial Cooktop (model SP1246300), caloric wall ovens (model RWD212, Mark Royal range model S402N for units with ranges), and Welbilt air conditioning unit (model WC1513), or similar new models
• Areas damaged by leaks or water damage before closing re-plastered and re-painted if necessary, after Sponsor repairs the outside source of leaks
• Work completed before or as soon as practical after closing; appliance work completed within two weeks after closing
• Subscription period extended to thirty (30) days from the date of presentation of this second amendment
• No other changes that materially affect the Plan or the premises

Amendment 1 Aug 31, 1987

This amendment cuts prices and maintenance for buyers who subscribe on time, adds a renovation allowance, financing contingency and assignment rights for tenant subscribers, and adds windows and a lobby camera.

• Tenant subscriber price reduced from $260.00 to $220.00 per share if subscription documents are delivered within 30 days of the amendment
• Tenant subscribers pay $2.25 per share per month maintenance for the first two years, with the Sponsor covering the excess
• Renovation allowance credited against price: Studio $500, 2 rooms $650, 2-1/2 rooms $750, 3 rooms $1,000, 4 rooms $1,500
• Tenant subscribers may make the subscription contingent on financing of up to 95% of the cash purchase price
• Tenant subscribers may assign their subscription to a natural person who intends to reside in the apartment, for a $300.00 check, with the financing contingency then void
• Price for vacant apartments bought by non-tenants reduced to $374 per share if documents are delivered within 120 days
• Non-tenant subscribers also get the $2.25 per share per month maintenance subsidy for the first two years
• New double-hung, double-pane windows installed at Sponsor's expense for tenant subscribers who close, and a remote surveillance camera installed in the lobby