172 Madison Avenue Condominium

Amendment 21 Dec 4, 2023

Prices increased for five unsold residential units.

• Unit 27A price raised from $4,325,599.00 to $4,758,159.00
• Unit 11B price raised from $2,250,000.00 to $2,475,000.00
• Unit 15B price raised from $2,325,000.00 to $2,557,500.00
• Unit 17B price raised from $2,395,000.00 to $2,634,500.00
• Unit 18B price raised from $2,450,000.00 to $2,695,000.00
• Total price increase of $1,374,560.00

Amendment 20 2023

Sponsor reduced purchase prices for unsold units, disclosed arrears in common charges of $421,060.03, and provided updated financial and board information.

• Purchase prices for unsold residential units reduced
• Sponsor owes $421,060.03 in arrears for common charges and electricity (December 2022 through August 31, 2023)
• Sponsor to pay arrears at closing of first unsold unit sale
• Mortgage with Deutsche Bank matured February 2022; unpaid principal approximately $43,588,000,000
• 2023 budget shows $110,000 surplus in common charges
• Condominium cash on hand as of December 31, 2022 was $872,000; reserves totaled $2,476,000
• Litigation pending from Unit 21A owners alleging construction defects and leaks
• 2023 financial statements not yet completed

Amendment 19 Apr 27, 2021

Nineteenth amendment updates sponsor financial disclosures, 2021 budget, and board members for 172 Madison Avenue Condominium.

• Sponsor owns 18 unsold residential units and 2 commercial units as of April 10, 2021
• Aggregate monthly common charges for unsold residential units: $56,697.99; commercial units: $1,627.08
• Real estate taxes for unsold residential units: $99,773.26 monthly (January 2020–June 2021 period); commercial units: $14,537.11 monthly for 2020/2021 fiscal year
• Mortgage held by Deutsche Bank AG; unpaid principal approximately $51,391,587.41; maturity December 31, 2021 with option to extend to March 31, 2022
• Condominium board members: Ari Herrmann (President, Sponsor), Norman Schwartz (Vice President, Sponsor), Cesar Garcia (Secretary/Treasurer, Resident), Nishma Chhabra (Vice President, Resident), Alexander Rincon (Vice President, Sponsor)
• 2021 budget total income: $1,981,927; total operating expenses: $1,871,850
• Plan extended for one (1) year from amendment date
• FinCEN Geographic Targeting Order reporting requirement in effect as of November 5, 2021; expires October 31, 2021

Amendment 18 2020

Eighteenth amendment updates the selling agent, lists 21 unsold residential units and 2 commercial units, confirms budget unchanged, provides Final Certificate of Occupancy, and extends the plan for six months.

• New selling agent: Douglas Elliman Real Estate, 575 Madison Avenue, 4th Floor, New York, NY 10022
• 21 unsold residential units and 2 commercial units as of September 1, 2020
• Budget for year ending December 31, 2020 unchanged from 17th Amendment
• Final Certificate of Occupancy dated May 13, 2020
• 2019 Audited Financial Statement attached
• Plan extended for six month period

Amendment 17 Mar 9, 2020

This amendment updates the selling agent, explains new New York State transfer and mansion taxes effective July 1, 2019, discloses sponsor's ownership of 24 unsold residential units and 2 commercial units, provides a 2020 budget, lists current board members, and includes a new temporary certificate of occupancy.

• New Selling Agent: Keller Williams (1155 Avenue of the Americas, 6th Floor, New York, NY 10036)
• New York State Real Estate Transfer Tax increased to 0.65% for 1-3 family, condo, and co-op sales of $3 million or more as of July 1, 2019
• New Mansion Tax supplemental rates for residential properties ranging from 1.25% to 3.90% depending on sale price, effective July 1, 2019
• Sponsor owns 24 unsold residential units and 2 commercial units as of February 1, 2020
• Sponsor's aggregate monthly common charges: $72,545.70 for residential units, $1,670.00 for commercial units
• Sponsor's monthly real estate taxes: $128,410.71 for residential units, $14,537.00 for commercial units
• Construction Loan unpaid principal balance approximately $73,500,000; TPG is no longer a lender
• Temporary Certificate of Occupancy dated February 3, 2020

Amendment 16 2019

This Sixteenth Amendment updates sponsor ownership disclosures, common charges effective March 1, 2019, 2019 budget, and extends the offering plan by one year.

• Sponsor owns 26 unsold residential units as of January 17, 2019
• Common Charges reduced from March 1, 2019; total aggregate for unsold units reduced to $77,003.40 monthly from $87,952.78
• Aggregate monthly real estate taxes for unsold units: $133,682.46 based on January 1 – June 30, 2019 payments
• Board purchased Resident Manager's Unit in November 2018 with $1,200,000 mortgage at 5.00% from Metropolitan Commercial Bank
• 2019 condominium budget adopted; 2018 financial statement not yet available
• Temporary Certificate of Occupancy attached as Exhibit H
• Geographic Targeting Order reporting requirements effective November 17, 2018 for residential purchases
• Plan extended for one year from amendment date

Amendment 15 Nov 13, 2018

Amendment changes the selling agent to Corcoran, establishes a smoking policy, updates real estate taxes for unsold units, and refinances the construction loan with Deutsche Bank.

• Selling agent changed to NRT New York LLC d/b/a Corcoran Group Real Estate at 660 Madison Avenue
• Smoking policy established: prohibited within 25 feet of building entrance and in common areas; banned on balconies and terraces; restricted inside apartments if smoke escapes
• Real estate taxes for unsold units updated for period July 1, 2018 through June 30, 2019
• Construction loan refinanced with Deutsche Bank AG, New York Branch; loan amount $87,603,498.92

Amendment 14 Mar 1, 2018

Prices increased for 79 residential units across all unit types.

• Mansion unit on Floor 3: $13,000,000 to $14,000,000
• Unit A floors 4–27: $100,000 to $175,000 increases per unit
• Unit B floors 4–27: $100,000 increases per unit
• Unit C floors 4–24: $50,000 increases per unit
• Penthouse units (PH) floors 28–33: $1,000,000 to $2,000,000 increases per unit
• Total residential price increase: $12,825,000
• Schedule A prices increased for 64 homes (median +2.9%): Mansion $13,000,000 → $14,000,000; 4A $3,250,000 → $3,350,000; 5A $3,275,000 → $3,375,000; 6A $3,300,000 → $3,400,000; ...
• Schedule A prices decreased for 2 homes (median -33.9%): 22A $6,200,000 → $3,850,000; 24A $6,050,000 → $4,000,000

Amendment 13 Feb 12, 2018

Thirteenth Amendment updates sponsor financial disclosures, board membership, budget for 2018, and extends the offering plan by one year.

• Sponsor owns 34 unsold residential units as of January 31, 2018
• Monthly common charges for unsold units total $102,644.78
• Monthly real estate taxes for unsold units total $67,486.09 (based on January 1 through June 30, 2018 payments)
• 2018 condominium budget approved with Maxwell-Kates, Inc. certification
• Board members: Ari Herrmann (President), Norman Schwartz (Vice President), Ralph Costigliole (Secretary/Treasurer)
• FinCEN Geographic Targeting Order requirements effective September 22, 2017 apply to residential closings
• Tax Cuts and Jobs Act of 2017 may affect tax information in offering plan; purchasers advised to consult tax expert
• Plan extended for one year from amendment date

Amendment 12 Sep 21, 2017

Real estate taxes for condominium units for January 1, 2018 through June 30, 2018 are provided.

• Real estate tax schedule for all units January 1, 2018 through June 30, 2018 established in Exhibit A
• July 1, 2018 tax information not yet available; assessed values to be announced by NYC Department of Finance in January 2018

Amendment 11 Aug 31, 2017

This amendment updates the offering plan with a temporary Certificate of Occupancy, increases the construction loan, reconfigures storage bins with new pricing, corrects Skyhouse Unit floor plan measurements, and extends the plan for six months.

• Temporary Certificate of Occupancy issued July 11, 2017, expiring October 9, 2017
• Construction Loan increased by $22,400,000.00 to total $164,300,000.00
• Storage bin configuration changed in sub-cellar with new pricing on Schedule A
• Skyhouse Unit 33rd floor corrected: terrace 2,263 to 2,258 sq ft, unit 844 to 848 sq ft
• First Closing occurred May 19, 2017 (Unit 14A)
• Working Capital Fund: $6,631.56 deposited at Bank United
• Escrow account of $160,000.00 established for final Certificate of Occupancy work
• Plan extended six months from August 31, 2017
• Schedule A prices decreased for 4 homes (median -4.8%): 22B $3,500,000 → $3,355,000; 23B $3,550,000 → $3,380,000; 24B $3,600,000 → $3,405,000; 12C $1,875,000 → $1,675,000

Amendment 10 Mar 3, 2017

Real estate tax estimate updated, selling agent changed to Compass, and plan extended six months.

• Real estate tax estimate updated to $4,068,023 for 2016/17 fiscal year
• Selling agent changed to Compass at 90 Fifth Avenue, 3rd Floor, New York
• New Schedule A reflects updated real estate tax estimates
• Plan extended six months from amendment date
• Projected 2018/19 taxable assessments: $21,800,000 for 72 residential units and $2,000,000 for 2 commercial units

Amendment 9 Jan 30, 2017

Ninth amendment modifying building specifications, unit finishes, floor plans, schedule of prices, and budget projections.

• Skyhouse Unit private elevator, private generator, and gas barbeque eliminated
• Mansion Unit pool equipment room expanded from 335 to 594 square feet
• Windows reconfigured on 28th through 32nd floors and mezzanine to add lot line windows
• Building material changes including insulated metal panels on north facade, sound insulating adhesive instead of mat, and compactor brand change
• Penthouse and Skyhouse unit finishes updated including countertop material, door types, and fixture changes
• New Schedule A pricing for all units
• Budget revised for gas heating, water, sewer, and service contracts due to Skyhouse Unit changes
• Plan declared effective upon receipt of 16 Purchase Agreements for 22% of Residential Units
• Schedule A prices increased for 2 homes (median +9.5%): 21A $3,700,000 → $4,050,000; Skyhouse $32,000,000 → $33,000,000

Amendment 8 2016

This eighth amendment reconfigures residential units on floors 22-24, updates schedules and projections for the first year of condominium operation starting January 1, 2017, and extends the offering plan.

• Number of residential units increased to 72 by creating three new C-line units on floors 22-24
• Units 22A, 23A, 24A reconfigured from three bedrooms to two bedrooms
• First year of condominium operation anticipated to commence January 1, 2017
• First closing may occur on or after November 1, 2016
• Projected real estate taxes for residential units: $1,658,000.00 for first year of operation
• Tax abatement under Section 467-a estimated at 17.5% for 2017/2018 tax year (expires June 30, 2019)
• Updated Schedule A, Schedule B, and Schedule B-1 with new unit configurations and electricity estimates
• Offering plan extended for six months from amendment date
• Schedule A prices increased for 7 homes (median +13.1%): Mansion $12,000,000 → $13,000,000; 14A $3,460,000 → $3,480,000; 21A $3,370,000 → $3,700,000; 9B $2,675,000 → $3,025,000; ...
• Schedule A prices decreased for 8 homes (median -0.3%): 4A $3,260,000 → $3,250,000; 5A $3,276,000 → $3,275,000; 8A $3,360,000 → $3,350,000; 15A $3,606,000 → $3,505,000; ...

Amendment 7 Apr 14, 2016

Prices for 27 Unit B residential units increased by $150,000 each.

• 27 Unit B apartments on floors 4–27 raised $150,000 each
• Total price increase: $3,450,000
• Schedule A prices increased for 22 homes (median +4.9%): 4B $2,750,000 → $2,900,000; 5B $2,776,000 → $2,925,000; 6B $2,800,000 → $2,950,000; 7B $2,825,000 → $2,975,000; ...

Amendment 6 2016

Amendment adds FinCEN reporting disclosure, clarifies common expenses definition, extends board authority limitations, and establishes Skyhouse Unit owner responsibility for private lift/elevator maintenance.

• FinCEN Geographic Targeting Order disclosure added for Manhattan residential transactions over $3,000,000 without external financing
• Common Expenses definition clarified to include expenses incurred by the Board on account of one or more Unit Owners
• Board's enumerated limitations on authority expire at earlier of 5 years after First Closing or when Unsold Units are less than 25% of Common Interest
• Skyhouse Unit owner responsible for all maintenance, repair, testing and replacement of private lift/elevator and related equipment at owner's sole cost
• Condominium Board retains right of access and ability to perform elevator maintenance at Skyhouse Unit owner's expense if owner fails to maintain adequately
• Skyhouse Unit owner required to use same elevator maintenance company as Condominium for other building elevators
• Plan extended for six (6) months from amendment date

Amendment 5 Dec 9, 2015

Sponsor increases purchase prices for residential units across multiple unit types.

• Purchase prices increased for units 4A through 27A (Line A units)
• Purchase prices increased for units 4B through 27B (Line B units)
• Purchase prices increased for units 4C through 21C (Line C units)
• Purchase prices increased for penthouse units 28 PHA through 33 PHD
• Schedule A prices increased for 32 homes (median +10.2%): 4A $2,950,000 → $3,260,000; 5A $2,975,000 → $3,276,000; 6A $3,000,000 → $3,300,000; 7A $3,025,000 → $3,325,000; ...

Amendment 4 Oct 29, 2015

Prices increased for 51 residential units across multiple unit types.

• Suite A units (floors 4–21): $50,000 increase each, total $850,000
• Suite B units (floors 4–27): $50,000 increase each, total $1,150,000
• Suite C units (floors 5–21): $50,000 increase each, total $800,000
• Penthouse units (floors 28–33): no price change
• Mansion unit (floor 3): no price change
• Total price increase across all units: $2,800,000
• Schedule A prices increased for 57 homes (median +1.7%): 4A $2,900,000 → $2,950,000; 5A $2,925,000 → $2,975,000; 6A $2,950,000 → $3,000,000; 7A $2,975,000 → $3,025,000; ...
• Schedule A prices decreased for 1 home (median -5.3%): 9B $2,825,000 → $2,675,000

Amendment 3 Jul 7, 2015

Third amendment corrects the Mansion Unit bedroom count in Schedule A, updates real estate tax figures, adds storage bin licenses, clarifies tax status language, and provides common charge abatements for certain two-bedroom units.

• First Closing anticipated on or about October 1, 2016
• Correction to number of bedrooms in the Mansion Unit
• Updated real estate tax figures per new Tax Opinion letter dated May 28, 2015
• Prices for licenses for additional storage bins added to Schedule A
• New Sub-Cellar Floor Plan showing location of storage bins
• Sponsor abates Common Charges for certain two-bedroom units at $0.20 per square foot for two years from first Closing
• Tax Status language corrected: word 'not' deleted to confirm homeowners association qualification under IRC Section 528

Amendment 2 May 19, 2015

Purchase prices increased for 49 residential units across multiple floors and line types.

• Floor 3 Mansion price increased by $1,000,000 to $13,000,000
• Floors 4-21 Line A units each increased by $50,000
• Floors 4-27 Line B units each increased by $50,000
• Floors 5-21 Line C units each increased by $100,000
• Floors 32-33 Skyhouse price increased by $2,000,000 to $32,000,000
• Total residential price increase of $6,600,000
• Schedule A prices increased for 56 homes (median +1.7%): 4A $2,850,000 → $2,900,000; 5A $2,875,000 → $2,925,000; 6A $2,900,000 → $2,950,000; 7A $2,925,000 → $2,975,000; ...

Amendment 1 Apr 23, 2015

Prices increased by $50,000 each for 16 residential units.

• Units 5C through 21C (16 units) prices raised $50,000 each
• Total price increase across affected units: $800,000
• Old total: $23,505,000; New total: $24,305,000
• Schedule A prices increased for 16 homes (median +3.4%): 5C $1,275,000 → $1,325,000; 6C $1,300,000 → $1,350,000; 7C $1,325,000 → $1,375,000; 8C $1,350,000 → $1,400,000; ...