Jamaica Towers Apartments *

Amendment 47 Oct 7, 2024

This amendment extends the plan's term and updates the financial disclosures as of September 1, 2024, including the holder of unsold shares' holdings, maintenance and rent figures, the 2023 audited statements, the 2024 budget, the board, and the general counsel.

• Plan term extended
• Financial disclosure current as of September 1, 2024: Holder of Unsold Shares owns 11,149 of 104,084 issued and outstanding shares
• 2024 monthly maintenance is $3.513 per share; Holder's obligation approximately $41,121 per month
• Aggregate rent on Holder's apartments approximately $43,203 per month
• 2023 audited financial statements attached as Exhibit B; 2024 budget attached as Exhibit C
• Board of Directors listed following the Annual Meeting held September 18, 2024
• Baron & Baron, Esqs., P.C. retained February 1, 2024 as general counsel, replacing Schneider Buchel LLP
• FinCEN reporting threshold $300,000; Geographic Targeting Order currently in effect until October 15, 2024

Amendment 46 Nov 20, 2023

This amendment changes the Jamaica Towers managing agent, transfer agent and escrow bank, updates the 2023 budget and unsold-share financials, and extends the term of the Plan.

• Escrow bank changed to J.P. Morgan Chase Bank, 118-30 Queens Boulevard, Forest Hills, New York 11375, with an interest rate of approximately 0.50%
• Managing Agent changed to John B. Lovett & Associates, Ltd. as of June 1, 2023, replacing Venture NY Property Management, LLC
• Transfer agent changed to John B. Lovett & Associates, Ltd. as of October 26, 2023, replacing Schneider Buchel, LLP
• Monthly maintenance for 2023 is $3.513 per share; Holder of Unsold Shares' obligation is approximately $44,784 per month
• Holder of Unsold Shares owns 12,749 of the 104,084 total shares
• Holder of Unsold Shares' apartments produce approximately $45,418 per month in rent
• 2022 audited financial statements (Prager Metis CPAs, LLC) and the 2023 budget are attached as Exhibits B and C
• This amendment extends the term of the Plan

Amendment 45 Dec 12, 2022

This amendment updates the plan's financial disclosures as of December 1, 2022, attaches 2020-2021 audited statements and the 2022 budget, reports that the board has not held an annual meeting or election since September 26, 2018, and extends the plan's term.

• Holder of Unsold Shares owns 13,253 of 104,084 total shares
• 2022 monthly maintenance is $3.513 per share, about $46,905 per month for unsold shares
• Rent on units held by Holder of Unsold Shares is about $43,954 per month
• Adds audited financial statements for 2020 and 2021 (Exhibit B)
• Adds 2022 Cooperative budget adopted by the Board (Exhibit C)
• No annual meeting or board election since September 26, 2018; Holder of Unsold Shares does not control the board and is challenging its structure
• Adds FinCEN Geographic Targeting Order disclosure, in effect until April 24, 2023
• Extends the term of the Plan

Amendment 44 Jan 25, 2021

This amendment replaces the escrow agent and the Holder of Unsold Shares' attorneys, updates the Holder's financial disclosures as of September 1, 2021, and attaches audited financial statements for 2017 through 2019.

• Escrow Agent replaced: Kristen A. Mantell, Esq. replaces Stephen S. Danetz, Esq., and deposits move to a new escrow account at Signature Bank
• New Attorneys for Holder of Unsold Shares: Starr Associates LLP
• Contract of Sale updated to include a new Escrow Rider
• As of September 1, 2021, Holder of Unsold Shares owned 13,253 of 104,084 total shares
• Monthly maintenance for 2021 stated as $3.1196 per share
• Audited financial statements for 2017 through 2019 attached as Exhibit D; 2020 statements not yet available
• Construction expected to be complete on or about December 31, 2021; any resulting assessment to be disclosed by amendment
• Board of Directors members listed as of the date of this Amendment

Amendment 43 Oct 22, 2018

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

Amendment 42 Oct 4, 2017

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

Amendment 41 Aug 15, 2016

The OCR text is too garbled to identify any readable date, price, unit, or plan change, so the amendment's changes cannot be determined from this text.

Amendment 40 Aug 20, 2015

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

Amendment 39 Jul 28, 2014

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

Amendment 38 Aug 8, 2013

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

Amendment 37 Aug 14, 2012

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

Amendment 36 Nov 10, 2011

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

Amendment 35 Sep 16, 2010

The OCR text is unreadable, so this amendment's changes to the offering plan cannot be determined.

Amendment 34 Sep 10, 2009

The OCR text is unreadable, so this amendment's changes to the plan cannot be determined.

Amendment 33 Aug 4, 2008

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

Amendment 32 Aug 1, 2007

This amendment updates the sponsor's unsold share holdings, maintenance and rent figures, reserve balances, board seats, cooperative-owned apartments, and the 2007 budget, which raised annual maintenance 4.2%.

• Holder of Unsold Shares owned 22,731 Unsold Shares as of July 1, 2007
• Annual maintenance charges increased 4.2% over 2006
• Approved 2007 budget and Budget Certification attached as Exhibit C
• Seven-person board elected July 19, 2007; Holder of Unsold Shares designated three members
• Cooperative owns 913 shares and proprietary leases for Apartments 11P, 5B, 4D (89-15 Parsons Blvd.) and 1F (160-10 89 Avenue)
• Apartment 4D and its 314 shares under contract to a third party
• Reserve fund balance $143,848.46 as of June 30, 2007; General Operating Reserve Fund $537,525.72
• Aggregate rent on Holder of Unsold Shares apartments $62,884.41 per month as of July 1, 2007

Amendment 31 Aug 1, 2006

This amendment updates Jamaica Towers' financial disclosures as of mid-2006, covering the Holder of Unsold Shares' holdings, maintenance and fuel charges, reserves, board election, and 2006 budget.

• Maintenance charges increased 2.23% over 2005 under the 2006 budget, at $2.125 per share per month
• Fuel surcharge of $.2034 per share per month, commenced November 1, 2005 and in effect through October 2006
• Holder of Unsold Shares owned 24,246 Unsold Shares as of July 1, 2006
• Cooperative obtained 1015 shares and tenant rights to four apartments after shareholder defaults, and anticipates selling the shares
• Reserve fund balance was $136,969.06 as of June 30, 2006; General Operating Reserve balance was $497,747.77
• Seven-person board elected July 20, 2006; Holder of Unsold Shares designated three members
• Aggregate rent on Holder-owned apartments is $61,575.04 per month as of July 1, 2006
• Holder of Unsold Shares has no financial obligations due within 12 months other than maintenance

Amendment 30 Jul 26, 2005

This amendment updates the sponsor's unsold-share holdings, maintenance and rent figures, reserve balances, audit, board seats, and 2005 budget, with maintenance charges increased 3% over 2004.

• Holder of Unsold Shares owned 26,576 Unsold Shares as of July 1, 2005
• Holder of Unsold Shares owned 27,363 shares as of July 1, 2005, with monthly maintenance obligation of $56,876.70
• Maintenance is $2.0786 per share per month
• Aggregate monthly rent on sponsor-held apartments is $65,851.15 as of July 1, 2005
• Annual maintenance charges increased 3% over 2004
• Reserve fund balance was $133,729.45 as of June 30, 2005; General Operating Reserve balance was $529,725.98
• Seven-person board elected July 14, 2005: three designated by Holder of Unsold Shares, four elected by tenant-shareholders
• Audited financial statements for 2004 and 2003 by Philip L. Kopel attached as Exhibit B

Amendment 29 2004

This 2004 amendment updates Jamaica Towers' financial disclosures, covering unsold shares, maintenance and rent totals, reserve balances, the 2004 budget, water tank repair costs, and the 2004 board election.

• Holder of Unsold Shares owned 31,217 unsold shares as of July 1, 2004, plus 1,615 shares held through foreclosure
• Monthly maintenance $2.018 per share; aggregate monthly maintenance on 32,832 shares is $66,255.00 as of July 1, 2004
• Aggregate monthly rents from Holder-owned units are $79,485.70 as of July 1, 2004
• Reserve fund balance was $131,159.95 as of June 30, 2004; General Operating Reserve balance was $506,445.63
• 2004 budget approved; annual maintenance charges increased 10.12% over 2003
• Water tank at 89-15 Parsons Blvd. repaired for $31,244.41 plus $1,500.00 consultant fee; tank at 160-10 89th Avenue steel frame replacement costs $62,300.00 plus $1,800.00 consultant fee, to be completed by September 30, 2004 and funded from the Reserve Account
• Seven-person board elected July 9, 2004: three designated by the Holder of Unsold Shares, four elected by Tenant-Shareholders

Amendment 28 Aug 4, 2003

This amendment updates the financial disclosures for the Holder of Unsold Shares as of July 1, 2003, along with the 2003 board election, reserve balances, and 2003 budget for Jamaica Towers.

• Holder of Unsold Shares owned 33,646 unsold shares as of July 1, 2003, plus 1,823 shares held through foreclosure
• Monthly maintenance is $1.8325 per share
• 36-month elevator modernization assessment of $.0616 per share, ending December 31, 2003
• Aggregate monthly rent on Holder's apartments is $88,613.86 as of July 1, 2003
• Seven-person board elected July 9, 2003; Holder designated three members
• Annual maintenance charges increased 3.88% over 2002 in the 2003 budget
• Reserve fund balance $130,298.99 and General Operating Reserve $393,289.74 as of June 30, 2003
• Holder of Unsold Shares ceased to control the board as of June 1, 1991

Amendment 27 Jul 24, 2002

This amendment updates the sponsor's unsold-share holdings, monthly charges and rents, reserve balances, 2002 budget and board membership as of July 2002, with no price changes listed.

• Holder of Unsold Shares owns 34,972 unsold shares as of July 1, 2002, plus 2,329 foreclosed shares
• Maintenance is $1.7640 per share, with a $.0616 per share elevator assessment ending December 31, 2003
• Aggregate rent on holder-owned apartments is $87,522.55 per month as of July 1, 2002
• Reserve fund balance is $128,771.11 and general operating reserve is $372,070.97 as of June 30, 2002
• 2002 budget approved; annual maintenance increased 3.9% over 2001
• Seven-person board elected July 10, 2002; holder designated three members
• Holder has no obligations due within 12 months other than maintenance, and unsold shares are not financed or pledged

Amendment 26 Jul 31, 2001

This amendment updates the financial, elevator, budget, board and reserve information for the Jamaica Towers cooperative as of July 2001, and retracts the sponsor's earlier $88.00-per-share offer to tenants leasing its units.

• Holder of unsold shares retracts its $88.00-per-share offer to tenants leasing its units (from the 22nd Amendment)
• Holder of unsold shares owned 37,465 unsold shares as of July 1, 2001, plus 2,841 shares held after foreclosures
• Monthly maintenance set at $1.6978 per share, with a 36-month elevator assessment of $.0616 per share
• Elevator modernization contract with Mainco Elevator Co. for $327,000.00, plus $45,000.00 for elevator cab refurbishment with Executive Elevator Company
• Budget for 2001 approved; annual maintenance charges increased 3.24% over 2000
• Seven-person board elected July 18, 2001; holder of unsold shares designated three members
• Reserve fund balance was $126,055.36 and general operating reserve was $342,046.83, both as of June 30, 2001

Amendment 25 Jul 27, 2000

This amendment updates the sponsor's unsold share holdings, maintenance and rent figures, reserve balances, board election results, and the 2000 budget as of mid-2000.

• Holder of Unsold Shares owned 41,701 unsold shares as of July 1, 2000, plus 3,062 shares held after foreclosures
• Monthly maintenance on unsold shares is $68,577.29, and $5,035.46 on the 3,062 other shares
• Aggregate monthly rent on apartments held by the sponsor is $107,377.07 as of July 1, 2000
• Seven-person board elected at the July 13, 2000 annual meeting; holder designated three members
• 2000 budget approved; annual maintenance increased 2% over 1999
• Reserve #1 balance was $119,779.49 and General Operating Reserve balance was $400,172.13 as of June 30, 2000
• Unsold shares and apartments are not subject to financing or pledged as collateral
• Monthly maintenance rate is $1.6445 per share

Amendment 24 Jul 3, 1999

This amendment updates the plan's financial disclosures as of July 1, 1999, covering unsold shares, maintenance, rent, and reserve balances, and changes the bylaws so that non-designee board members must be shareholders or spouses of shareholders.

• Bylaws amended July 22, 1999: except for the Holder of Unsold Shares' designees, board members must be shareholders or spouses of shareholders (previously directors need not be shareholders)
• Sewer Reserve Fund of $118,748.18 transferred to the General Operating Reserve Account on April 6, 1999
• Holder of Unsold Shares owned 43,438 unsold shares as of July 1, 1999, plus 3,801 shares held through foreclosure
• Monthly maintenance is $1.6123 per share; total obligations are $70,035.09 (unsold shares) and $6,128.34 (other shares)
• Aggregate monthly rent from tenants of Holder-owned units is $102,200.31 as of July 1, 1999
• Reserve fund balance $113,083.35 as of July 1, 1999; General Operating Reserve Fund $303,509.19 as of June 30, 1999
• Seven-member board elected July 22, 1999, with three members designated by the Holder of Unsold Shares
• Audit covering January 1, 1998 to December 31, 1998 and the 1999 budget are attached

Amendment 23 Jul 30, 1998

This amendment updates the Jamaica Towers offering plan with July 1998 disclosures on the unsold shares, their maintenance and rent figures, reserve balances, board, and two repair contracts, and records the assignment of the unsold shares to Jaitor Apts., L.L.C.

• Unsold shares assigned from Morton Pickman d/b/a Jaitor Apts. Co. to Jaitor Apts., L.L.C., effective July 29, 1998
• Holder of Unsold Shares owned 44,561 unsold shares as of July 1, 1998, plus 3,817 shares held from foreclosures
• Monthly maintenance of 1.6123 per share; total of $71,845.70 on unsold shares and $6,154.15 on the 3,817 other shares
• Aggregate monthly rent on units held by the sponsor is $99,644.25 as of July 1, 1998
• Seven-person board elected June 24, 1998; sponsor designated three members, tenant-shareholders elected four
• Reserve balances: $162,625.75 (July 1, 1998), $128,597.79 Sewer Reserve and $41,432.14 General Operating Reserve (June 30, 1998)
• Roof replacement paid $131,563.00 from the General Operating Reserve Account
• Terrace edge restoration contract price $91,900.00, with $22,975.00 paid to date

Amendment 22 1997

The sponsor now offers current tenants of its unsold units the right to buy at $88.00 per share, withdraws its earlier maintenance abatement, and updates the financial, reserve, roof and board disclosures as of August 31, 1997.

• Holder of Unsold Shares will offer tenants leasing its units the chance to buy them at $88.00 per share, and may retract this offer by later amendment
• Maintenance abatement offer from the Twelfth Amendment dated October 3, 1988 is retracted
• Holder of Unsold Shares owned 44,917 unsold shares and 4,170 foreclosed shares as of August 31, 1997
• Reserve fund balances as of August 31, 1997: $260,108.71 (Reserve #1), $182,694.96 (Sewer Reserve), $23,389.73 (General Operating Reserve)
• Roof replacement contracts of $148,863.00 (89-15 Parsons Blvd.) and $128,563.00 (160-10 89th Avenue); $177,575.60 paid from the General Operating Reserve to date
• Exterior pointing work at 160-10 89th Avenue cost $23,850.00, paid from the General Operating Reserve
• Seven-person board elected July 10, 1997, with three members designated by the Holder of Unsold Shares
• 1997 budget and 1996 audited financial statement attached as Exhibits C and B

Amendment 21 Aug 1, 1996

This amendment updates Jamaica Towers' financial and governance disclosures as of July 29, 1996, including the sponsor's unsold share holdings, maintenance, reserves, board seats, and a planned roof replacement.

• Holder of Unsold Shares owned 43.5% of shares as of July 29, 1996, plus 3.1% held through foreclosures
• Monthly maintenance is $1.6629 per share for the year
• Reserve fund balance was $370,597.11 as of July 29, 1996
• Roof replacement specifications sent out for bid; work anticipated during Fall 1996, paid from Reserve #1
• Seven-person board elected July 17, 1996: Holder of Unsold Shares designated three, tenants elected four
• 1996 budget approved and attached as Exhibit C
• $76,429.14 of withheld asbestos abatement funds returned to Reserve #1 in March 1996

Amendment 20 Jul 31, 1995

This amendment updates the plan's financial disclosures as of mid-1995, covering the sponsor's unsold shares, reserve balances, a 1994 loan, completed window work, and a planned heating system replacement that will deplete the HUD-required reserves.

• Heating system replacement contracted with Controlled Combustion Company, Inc. in July 1995, estimated at approximately $503,500, with payment resulting in total depletion of the HUD-required reserve funds
• Cooperative borrowed $500,000 unsecured from National Consumer Cooperative Bank on June 23, 1994, repayable over seven years; a one-time payment of $96,899.62 reduced the principal
• Building-wide window replacement completed in Fall 1994 at a total cost of $528,509
• Holder of Unsold Shares owned 43.48% of total shares (45,258 unsold shares) as of July 19, 1995, plus an additional 1.96% from foreclosures
• Holder of Unsold Shares' apartments generated $88,491.08 per month in rent as of July 19, 1995, and its unsold shares are not subject to any financing
• Reserve fund balance was $144,248.93 as of July 19, 1995; sewer reserve was $225,965.35 as of July 1, 1995; HUD replacement reserve was $124,545.01 as of July 1, 1995
• Sponsor has no financial obligations to the cooperative due within the next 12 months
• Seven-person board elected July 13, 1995, with three seats designated by the Holder of Unsold Shares; approved 1995 budget attached as Exhibit C

Amendment 19 Aug 10, 1994

The amendment raises maintenance from 8/1/94 to fund a $406,446 building-wide window replacement, financed by a $500,000.00 loan from the National Consumer Cooperative Bank.

• Monthly maintenance per share rises to $1.6281 for 8/1/94 to 12/31/94, from $1.5650 for 3/1/94 to 7/31/94; the increase is attributed solely to the window replacement project
• Holder of Unsold Shares' total monthly maintenance rises from $73,180 to $76,130 as of 8/1/94
• Window replacement contract for $406,446 signed July 11, 1994 with Ecker Manufacturing Corp.; anticipated start mid-September 1994
• $500,000.00 unsecured loan from National Consumer Cooperative Bank on June 23, 1994, repayable over seven years, to finance the window replacement
• Loan repayment begins August 1, 1994, coinciding with the maintenance increase
• Seven-person board elected at the July 21, 1994 annual meeting; the holder of unsold shares designated three members
• 1994 budget and budget certification attached as Exhibit C

Amendment 18 Jul 29, 1993

The amendment updates the financial and governance disclosures for the Holder of Unsold Shares as of July 19, 1993, including its share count, maintenance and rent figures, reserve balances, and the board elected at the July 15, 1993 annual meeting, and attaches the 1993 budget.

• Holder of Unsold Shares owned 47,657 shares, or 45.79% of total shares, as of July 19, 1993
• 1993 monthly maintenance is $1.4902 per share, a total monthly obligation of $71,018.46 for unsold shares
• Aggregate monthly rent from tenants in units owned by the Holder of Unsold Shares is $88,164.68 as of July 19, 1993
• Reserve fund balance is $274,082.31 as of July 19, 1993
• Sewer Reserve Fund balance is $229,000.57 as of July 19, 1993
• Seven-person board elected at July 15, 1993 annual meeting; Holder of Unsold Shares designated three members
• Holder of Unsold Shares ceased to control the board as of June 1, 1991
• Approved 1993 budget and Budget Certification attached as Exhibit C

Amendment 17 Jul 27, 1992

This amendment updates the Holder of Unsold Shares' holdings, finances, reserve balances and board seats as of July 9, 1992, sets the 1992 maintenance increase, and replaces the plan's escrow provisions for purchaser deposits.

• Holder of Unsold Shares owned 47.82% of shares (49,772 shares) as of July 9, 1992, with monthly maintenance of $74,170.18 on those shares
• Downpayments and advances to be held in the segregated escrow account of Stephen S. Danetz, Esq., within five (5) business days after the Agreement is signed, replacing the former escrow section
• 1992 maintenance increased by $.52 per share annually, or 3% over 1991, to $1.4902 per share per month
• Reserve fund balance was $303,796.95 as of July 9, 1992, including a sewer reserve of $131,005.34
• Seven-person board elected July 9, 1992; Holder of Unsold Shares designated three members
• Holder of Unsold Shares ceased to control the board of directors as of June 1, 1991
• Aggregate monthly rent collected on units held by the Holder of Unsold Shares was $88,428.51 as of July 9, 1992
• Unsold shares and apartments held by the Holder of Unsold Shares are not subject to financing or pledged as collateral

Amendment 16 1991

This 1991 amendment updates the financial disclosures for the sponsor's unsold shares, reports the 1991 budget and maintenance increase, and adds New York rent-redirection rules required by GBL Section 352-e (2-d).

• Unsold shares total 52,324 as of August 7, 1991, held by the Holder of Unsold Shares
• Monthly maintenance for 1991 is $1.4468 per share, totaling $75,702.36 per month on unsold shares
• Aggregate monthly rent from tenants in unsold units is $91,408.55 as of August 7, 1991
• Holder of Unsold Shares ceased to control the board of directors as of June 1, 1991
• Annual maintenance charges increased by $.67 per share or 4% over 1990, per the approved 1991 budget
• Reserve fund balance is $328,316.51 as of August 7, 1991, with the sewer rent reserve at $157,866.29
• Unsold shares are not subject to any financing or pledged as collateral
• If the holder is more than thirty days late on maintenance, tenant rent is payable directly to the cooperative

Amendment 15 Jul 20, 1990

This fifteenth amendment updates the unsold share count, board membership, reserve fund balance, 1989 audit, and 1990 budget for Jamaica Towers, with no increase in maintenance charges from 1989.

• As of July 12, 1990, 54,732 of 104,084 shares (52.58 percent) remain unsold and are held by Morton Pickman, doing business as Jaitor Apts. Co.
• Reserve Fund balance was $265,201.00 as of July 12, 1990, $52,957.00 more than in August 1989
• Board of Directors updated: sponsor-designated members listed (Morton Pickman, Bertha Baum, Greg Carlson, Richard Wong) and three members elected by the other shareholders
• Audited financial statements for the year ended December 31, 1989 attached as Exhibit B
• 1990 budget and Budget Certification attached as Exhibit C
• No increase in maintenance charges from 1989

Amendment 14 May 24, 1990

The OCR text is unreadable garbage characters, so this amendment's changes to the plan cannot be determined.

Amendment 13 Aug 24, 1989

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Amendment 12 Oct 6, 1988

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

Amendment 11 Jul 20, 1988

The OCR text is unreadable, so this amendment's changes to the plan cannot be identified.

Amendment 10 Jul 23, 1987

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

Amendment 9 May 1, 1987

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Amendment 8 Feb 18, 1987

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Amendment 7 Oct 31, 1986

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

Amendment 6 Jul 28, 1986

The OCR text is unreadable, so no amendment changes can be identified from it.

Amendment 5 Jun 20, 1986

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

Amendment 4 Mar 12, 1986

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Amendment 3 Dec 10, 1985

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

Amendment 1 May 1, 1985

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