157 West 57th Street Condominium (One57)

Amendment 33 Nov 22, 2021

Amendment updates common charges and real estate taxes, extends the plan's effective period, and provides updated financial disclosures and Schedule A.

• Plan effective period extended 12 months from filing date
• Updated Schedule A with changes to common charges, real estate taxes, and unit pricing
• Sponsor's unsold units: 9 units with $40,386 monthly common charges and $58,651 monthly real estate taxes
• New Sponsor's unsold units: 3 units with $6,192 monthly common charges and $10,237 monthly real estate taxes
• New Sponsor's unsold units encumbered by $100,000 mortgage held by RCG LV DEBT VI REIT, LLC
• Working Capital Fund balance as of August 31, 2021: approximately $1,299,134
• 2020 and 2019 financial statements and 2021 budgets included

Amendment 32 Jun 29, 2020

Transfer of unsold tower units to a new sponsor affiliate with revised purchase terms and financing details.

• Unsold Tower Units transferred to Extell West 57th Street II LLC (New Sponsor) on June 29, 2020
• New Sponsor Units sold 'As Is' condition; no repairs or alterations required unless by law
• New Sponsor Mortgage principal balance approximately $100,000.00 as of July 1, 2020; maturity January 1, 2022
• Monthly payment obligation approximately $170,000.00 under both New Sponsor loans
• Purchaser must pay sponsor for mortgage tax credit benefits if financed with purchase money mortgage
• Purchaser prohibited from listing, advertising or reselling unit for 12 months after acquisition (except after all Tower Units conveyed)
• Purchaser must reimburse New Sponsor for legal fees if New Sponsor prevails in enforcement action
• New Sponsor's principal is Gary Barnett; attorney Kramer, Levin, Naftalis & Frankel LLP; escrow agent Polsinelli PC

Amendment 31 May 29, 2020

The amendment provides financial updates and reflects new board members, sponsor's counsel, and changes to the resident manager's unit arrangement.

• Sponsor owns 26 unsold units as of May 6, 2020; monthly common charges approximately $92,523.00, real estate taxes approximately $98,881.00
• Sponsor receives monthly rental income of approximately $76,800.00 from unsold units
• Deutsche Bank mortgage has been satisfied
• Working Capital Fund balance approximately $1,151,746.00 as of April 1, 2020
• Board membership updated for both Residential and Condominium boards
• Sponsor's counsel changed to Kramer, Levin, Naftalis & Frankel LLP
• Residential Board to sell Unit 34C and purchase Tower Unit 33F as resident manager's unit; Sponsor to provide zero percent interest loan of approximately $1,680,000.00 for five years
• FinCEN title company reporting requirements explained for purchasers using non-traditional payment methods

Amendment 30 Apr 22, 2019

Updates sponsor financial disclosures, board memberships, 2019 budget and operating charges, smoking policy requirements, and FinCEN reporting obligations for residential real estate purchases.

• Sponsor's aggregate monthly Common Charges for unsold units approximately $88,995.00; real estate taxes approximately $68,929.70 as of May 1, 2019
• Working Capital Fund balance approximately $1,080,474.00 as of May 1, 2019
• Deutsche Bank mortgage has been satisfied
• Temporary Certificate of Occupancy expires August 19, 2019
• Condominium Board and Residential Board membership updated
• 2019 Condominium Budget adopted for January 1 through December 31, 2019
• Smoking policy adopted by Condominium Board; Purchase Agreement and Interim Lease Agreement must include Smoking Policy Rider
• FinCEN Geographic Targeting Order disclosure for beneficial owner reporting on residential real estate purchases over $300,000

Amendment 29 Sep 7, 2018

Purchase prices revised for two condominium units.

• Unit 35F price set to $9,950,000.00
• Unit 38F price set to $10,950,000.00

Amendment 28 May 25, 2018

Purchase prices revised for three condominium units.

• Unit 60B price set to $28,900,000.00
• Unit 62B price set to $28,900,000.00
• Unit 66B price set to $29,900,000.00
• Schedule A prices increased for 3 homes (median +4.9%): 60B $27,300,000 → $28,900,000; 62B $27,700,000 → $28,900,000; 66B $28,500,000 → $29,900,000

Amendment 27 Apr 5, 2018

Amendment updates financial disclosures, board members, budget, and extends plan validity period.

• Unsold Units schedule: 45 units owned by Sponsor as of March 1, 2018
• Monthly Common Charges for unsold units: approximately $144,843.23
• Monthly real estate taxes for unsold units: approximately $105,592.23
• Mortgage held by Deutsche Bank with maximum principal balance of approximately $337,000,000
• Working Capital Fund balance as of December 31, 2017: approximately $922,688.00
• Budget updated for January 1, 2018 through December 31, 2018
• FinCEN Geographic Targeting Order disclosure added for residential real estate transactions
• Tax Cuts and Jobs Act of 2017 warning added regarding tax information accuracy

Amendment 26 Mar 12, 2018

Purchase prices revised for two condominium units.

• Unit 35F price set to $10,950,000
• Unit 38F price set to $11,950,000

Amendment 25 Dec 1, 2017

Purchase prices revised for three condominium units.

• Unit 41D price set to $28,500,000
• Unit 46C price set to $19,900,000
• Unit 61B price set to $29,000,000
• Schedule A prices increased for 2 homes (median +5.5%): 46C $19,300,000 → $19,900,000; 61B $27,500,000 → $29,000,000

Amendment 24 2017

Twenty-Fourth Amendment updates financial disclosures, board members, budget, and floor plans for Unit 41D.

• Sponsor owns unsold units with monthly common charges of approximately $156,415 and real estate taxes of approximately $60,786 as of December 31, 2016
• Unsold units subject to Deutsche Bank mortgage with maximum principal balance of approximately $337,000,000
• Working Capital Fund balance approximately $900,480 as of December 31, 2016
• Budget for January 1, 2017 through December 31, 2017 with total projected income and expenses of $8,101,042
• Residential Board members: Anthony Mannarino (President), Andrea Kringstein (Vice President), Dave Lindsey (Treasurer), Richard Coleman (Secretary), Ahuva Genack (Board Member)
• Current temporary certificate of occupancy expires June 5, 2017
• Updated floor plans for Unit 41D supersede prior floor plans

Amendment 23 Dec 1, 2016

Purchase prices revised for ten condominium tower units.

• Schedule A prices decreased for 8 homes (median -6.1%): 41A $19,000,000 → $16,900,000; 42A $18,750,000 → $16,900,000; 43A $18,850,000 → $17,350,000; 43C $19,000,000 → $17,500,000; ...

Amendment 22 Sep 30, 2016

Purchase prices for certain condominium tower units are revised.

Amendment 21 Jul 19, 2016

Purchase prices revised for six units in the tower.

• Unit 32F: $9,495,000
• Unit 34F: $9,800,000
• Unit 35F: $10,300,000
• Unit 36F: $10,650,000
• Unit 37F: $10,900,000
• Unit 38F: $11,200,000

Amendment 20 Feb 29, 2016

The Rental Unit is subdivided into 38 new Tower Units offered for sale, with updated pricing, floor plans, and tax information.

• Rental Unit subdivided into 38 Tower Units, all now offered for sale
• Updated Schedule A with Purchase Prices for New Tower Units
• New Tower Units offered in 'As Is' condition as of Agreement execution date
• Sponsor retains right to rent New Tower Units for terms less than 12 months
• Resident Manager's Unit purchased by Residential Board on January 21, 2015 for $6,146,913.32
• 421-a tax exemption runs July 1, 2013 through June 30, 2023
• Temporary certificates of occupancy issued; Permanent Certificate of Occupancy pending closure of open permits

Amendment 19 Sep 24, 2015

Extended the effective period for using the offering plan by 12 months from the filing date of this amendment.

• Effective period for using the plan extended 12 months from filing date
• Working Capital Fund balance as of September 18, 2015 is approximately $749,026.11
• Sponsor owns unsold units: 41A, 45A, 46A, and one unit marked not offered for sale
• Monthly Common Charges on unsold units approximately $162,672.00 as of August 1, 2015
• Monthly real estate taxes on unsold units approximately $58,550.39 as of August 1, 2015
• Current temporary certificate of occupancy expires December 16, 2015
• 2014 Budget adopted for continued use January 1 through December 31, 2015

Amendment 18 Aug 19, 2015

Purchase price revised for one unsold unit.

Amendment 17 Oct 21, 2014

Seventeenth amendment updates sponsor's financial disclosures, residential board members, certificate of occupancy status, and lists of unsold units and other properties.

• Sponsor conveyed Hotel Unit to PH New York, L.L.C. on August 5, 2014; Sponsor retains no ownership interest
• Aggregate monthly real estate taxes on Unsold Units approximately $36,000 as of September 2, 2014
• Mortgage loans refinanced July 17, 2014; New Mortgage Loan with Deutsche Bank has maximum principal balance of approximately $337,000,000
• Working Capital Fund balance approximately $247,925 as of September 1, 2014
• Residential Board members: Jeff Dvorett (President), Ahuva Genack (Vice President), Charlie Loskant (Secretary)
• Current Temporary Certificate of Occupancy expires January 7, 2015
• PCO escrow amount set at $100,000,000 per architect certificate dated November 21, 2013; no portion withdrawn as of October 15, 2014
• Plan may not be used after twelve months following filing date unless further extended

Amendment 16 Apr 22, 2014

Amendment extends the plan's effective period, adds storage bins, updates financial disclosures, and documents temporary occupancy certificate issuance.

• Effective period for using the plan extended by six (6) months from filing date
• Four (4) additional storage bins added (total of 21); Storage Bin #12 reconfigured from 50 to 35 square feet
• First closing occurred December 19, 2013 for Unit 40A; five (5) units closed as of January 15, 2014
• Temporary certificate of occupancy issued for portions of building, effective December 18, 2013
• Aggregate monthly real estate taxes on unsold units approximately $627,287.35 as of December 31, 2013
• Mortgage loan maximum principal balance approximately $700,000,000 held by Bank of America, N.A.
• Working Capital Fund balance approximately $51,427.86 as of March 17, 2014
• Waiver of common charges in effect from first closing; sponsor pays all operating expenses and real estate taxes during waiver period

Amendment 15 Nov 8, 2013

Changes the managing agent to Extell Management Services Inc. and updates the management agreement terms.

• Managing Agent changed to Extell Management Services Inc., 805 Third Avenue, New York, NY 10022
• Managing Agent principal is Gary Barnett
• Initial management term is two years, then auto-extends month-to-month with 30 days' notice to terminate
• Annual management fee is $150,000 in first year with 3% annual increases
• Additional per-unit fees: $600 for sale/transfer/waiver review, $350 for lease renewal, $450 for refinancing
• Alterations supervision fee is greater of $500 or 2% of total cost
• Move-in refundable fees may be charged and retained for damage to Common Elements

Amendment 14 Oct 4, 2013

Revised purchase prices for 11 tower units.

• Unit 43C: $19,000,000
• Unit 44C: $19,250,000
• Unit 45C: $19,500,000
• Unit 46C: $19,700,000
• Unit 47C: $19,900,000
• Unit 48C: $20,400,000
• Unit 49C: $20,900,000
• Unit 50C: $21,400,000
• Schedule A prices increased for 11 homes (median +6.8%): 43C $17,000,000 → $19,000,000; 44C $17,500,000 → $19,250,000; 45C $18,000,000 → $19,500,000; 46C $19,000,000 → $19,700,000; ...

Amendment 13 Jun 13, 2013

Revised purchase prices for 16 Tower Units (41A through 56A).

• Tower Unit 41A price: $19,000,000
• Tower Unit 42A price: $18,750,000
• Tower Unit 43A price: $18,850,000
• Tower Unit 44A price: $19,000,000
• Tower Unit 45A price: $19,150,000
• Tower Unit 46A price: $19,500,000
• Tower Unit 47A price: $19,850,000
• Tower Units 48A–56A prices ranging from $20,500,000 to $24,250,000
• Schedule A prices increased for 16 homes (median +5.1%): 41A $17,500,000 → $19,000,000; 42A $17,750,000 → $18,750,000; 43A $17,850,000 → $18,850,000; 44A $18,000,000 → $19,000,000; ...

Amendment 12 May 15, 2013

The twelfth amendment declares the offering plan effective, updates escrow agent information and procedures following new Department of Law regulations, and revises the purchase agreement and escrow account details.

• Plan declared effective based on 15 Tower Units sold (15.96% of 94 Tower Units offered)
• Escrow agent name changed from Polsinelli Shughart, PC to Polsinelli PC
• Escrow procedures revised to comply with updated Department of Law regulations eliminating Attorney General authority to adjudicate deposit disputes
• Master Escrow Accounts established at Bank of America (750 Third Avenue), Capital One Bank (845 Third Avenue), and TD Bank (317 Madison Avenue)
• FDIC insurance coverage limited to $250,000 per depositor per institution
• Deposits placed in non-interest bearing accounts initially, transferred to interest-bearing sub-accounts upon receipt of W-9 or W-8BEN forms
• Interest accrues within 5 business days of deposit; all interest paid to Purchaser at closing

Amendment 11 Jan 24, 2013

Purchase prices revised for multiple Tower Units throughout the building.

• Schedule A prices increased for 63 homes (median +2.6%): 39C $7,400,000 → $7,900,000; 40C $7,500,000 → $8,000,000; 41A $17,000,000 → $17,500,000; 41B $7,550,000 → $8,050,000; ...

Amendment 10 Dec 3, 2012

The effective period for using the offering plan is extended by six months from the filing date of this amendment.

Amendment 9 Sep 21, 2012

Revised purchase prices for 29 Tower Units at 157 West 57th Street.

• Schedule A prices increased for 30 homes (median +3.1%): 58A $31,400,000 → $32,400,000; 58B $26,000,000 → $26,500,000; 59A $31,500,000 → $32,500,000; 59B $26,100,000 → $26,600,000; ...

Amendment 8 Aug 3, 2012

Updated agreement form and 421-a tax opinion letter; 421-a tax benefits available for ten years if legislation is enacted, or purchase price reduction offered if not.

• Updated form of agreement for use from amendment date forward
• Replaced 421-a Real Estate Tax Opinion Letter with updated opinion from Holland and Knight
• 421-a tax abatement benefits available for ten (10) years if required legislation is enacted
• If legislation not enacted, Sponsor will reduce Purchase Price by estimated tax difference for 421-a Purchasers

Amendment 7 Jun 20, 2012

Combines three pairs of Tower Units, updates floor plans and escrow accounts, adds concierge fees to budget, and amends condominium declaration structure.

• Units 52B and 52C combined as Unit 52B; Units 53B and 53C combined as Unit 53B; Units 54B and 54C combined as Unit 54B
• Updated Floor Plans for Tower Units now supersede previous plans
• Additional Master Escrow Account established at TD Bank, NA, 317 Madison Avenue
• Budget updated to include concierge service fees for Residential Units
• Construction financed by Bank of America with 15% minimum unit agreements required for plan effectiveness
• Notice procedures revised in purchase agreement paragraph 26
• Initial condominium declaration will comprise five units; future subdivision into 95 residential tower units at substantial completion

Amendment 6 May 2, 2012

Purchase prices revised for 16 Tower Units.

• Tower Unit 48A price set to $19,000,000
• Tower Unit 49A price set to $19,250,000
• Tower Unit 50A price set to $19,250,000
• Tower Unit 51A price set to $19,500,000
• Tower Units 55C–67A prices revised, ranging from $22,250,000 to $33,400,000
• Schedule A prices increased for 14 homes (median +3.2%): 48A $18,500,000 → $19,000,000; 49A $18,750,000 → $19,250,000; 50A $18,750,000 → $19,250,000; 51A $19,000,000 → $19,500,000; ...
• Schedule A prices decreased for 2 homes (median -12.1%): 55C $25,300,000 → $22,250,000; 56C $26,150,000 → $22,750,000

Amendment 5 Feb 21, 2012

Revised purchase prices for Tower Units at the building.

• Schedule A prices increased for 57 homes (median +6.1%): 39C $6,925,000 → $7,400,000; 39E $4,175,000 → $4,475,000; 40C $7,050,000 → $7,500,000; 40E $4,350,000 → $4,550,000; ...

Amendment 4 Jan 25, 2012

Revised purchase prices for 46 Tower Units and penthouse units.

• Prices set for units 39B through 67B, ranging from $3,900,000 to $31,400,000
• Penthouse units PH-75 PH-76 priced at $115,000,000
• Units 77 through 88 priced from $49,000,000 to $65,000,000
• Penthouse units PH-89 PH-90 priced at $115,000,000
• Schedule A prices increased for 49 homes (median +5.0%): 39B $8,900,000 → $9,250,000; 39C $6,575,000 → $6,925,000; 40A $3,800,000 → $3,900,000; 40B $9,250,000 → $9,600,000; ...

Amendment 3 Dec 12, 2011

Purchase prices revised for Tower Units across multiple floors.

• Schedule A prices increased for 92 homes (median +1.9%): 39A $3,400,000 → $3,500,000; 39B $8,500,000 → $8,900,000; 39C $6,375,000 → $6,575,000; 39D $3,065,000 → $3,165,000; ...

Amendment 2 Oct 28, 2011

Purchase prices revised for nine Tower Units.

• Tower Unit 88: $55,000,000
• Tower Unit 87: $49,000,000
• Tower Unit 86: $48,000,000
• Tower Unit 85: $47,500,000
• Tower Unit 84: $46,500,000
• Tower Unit 83: $45,000,000
• Tower Unit 82: $44,000,000
• Tower Unit 81: $43,500,000
• Schedule A prices increased for 9 homes (median +2.3%): 80 $43,000,000 → $43,500,000; 81 $43,000,000 → $43,500,000; 82 $43,500,000 → $44,000,000; 83 $44,000,000 → $45,000,000; ...

Amendment 1 Sep 26, 2011

Amendment updates floor plans, operating budget through June 30, 2014, Schedule A with revised common charges, and modifies commercial unit and rental unit provisions.

• Updated Floor Plans for Residential Units incorporated
• Operating Budget updated for July 1, 2013 through June 30, 2014
• Schedule A revised with updated estimated monthly and annual Common Charges and Carrying Costs
• Special Risk 71 replaced with revised Fannie Mae and FHA compliance language; contingency reserve set at 5 percent
• Pool and Health Club membership fees now reflected in Residential Unit Common Charges
• Hotel Unit to be conveyed to Hotel Unit Owner pending No-Action letter from NY State Department of Law
• Rental Unit established on 32nd through 38th Floors with 40 rental apartments initially; lease terms less than 5 years without automatic renewal