180 East 88th Street Condominium

Amendment 19 May 5, 2025

Amendment updates financial statements, budget, board composition, managing and selling agents, and unit pricing for 180 East 88th Street Condominium.

• 4 residential units remain unsold by Sponsor; 44 units already closed
• 2023 audited financial statements included (PKF O'Connor Davies)
• 2025 condominium budget adopted by Board
• Working Capital Fund balance approximately $168,796 as of May 1, 2025
• Managing Agent changed from Brown Harris Stevens Residential Management, LLC to Jili Property Management
• Condominium Board now includes Dr. Jay Piskin (President), Henrick Lee (Treasurer), and Joseph McMillan, Jr.
• Storage Locker License preparation fee $750 if closed with unit, $1,500 if closed separately
• Temporary Certificate of Occupancy remains in effect; Permanent Certificate of Occupancy not yet issued

Amendment 18 Feb 8, 2024

Eighteenth Amendment updates unit pricing, adds 2022 financial statements and 2024 budget, and reports sponsor's unsold unit holdings and financial status as of January 1, 2024.

• Schedule A attached with updated purchase prices for unsold units
• 2022 audited financial statements included (PKF O'Connor Davies, LLP)
• 2024 condominium budget and updated budget expert certifications
• Working Capital Account balance approximately $254,427 as of January 1, 2024
• Sponsor owns 10 unsold residential units and 1 unsold non-residential unit (Community Facility)
• Sponsor paid monthly Common Charges approximately $40,605 for residential units and $392 for non-residential unit
• Estimated cost to obtain PCO is $10,000
• No permanent certificate of occupancy issued as of amendment filing date

Amendment 17 Jan 24, 2023

Seventeenth Amendment updates 2021 financial statements, 2023 budget, board members, and unsold unit prices.

• 2021 audited financial statements added (PKF O'Connor Davies, LLP)
• 2023 condominium budget included with updated budget expert certifications
• Working Capital Account balance approximately $159,369 as of January 1, 2023
• Condominium Board members listed: Joseph A. McMillan, Jr. (President), Ephram Lustgarten (Vice President), Lena Wang (Secretary/Treasurer), Christopher J. Prokop (Officer)
• Sponsor owns 22 unsold residential units and 1 unsold non-residential unit (Community Facility Unit)
• Schedule A pricing for unsold units included (document cuts off mid-table)

Amendment 16 Jun 13, 2022

Offers alternative floor plan combining units 5A and 6A into a single 4-bedroom duplex unit, and adjusts purchase prices for units 5A, 9B, and 20A.

• Units 5A and 6A may be combined into one 4-bedroom, 3-full bathroom, 2-half bathroom duplex unit
• Combined 5A/6A unit spans 3,460 square feet across two floors
• Purchase price of unit 5A changed to $3,295,000
• Purchase price of unit 9B changed to $4,895,000
• Purchase price of unit 20A changed to $3,585,000
• All costs for alternative floor plan delivery borne solely by purchaser
• Schedule A prices decreased for 3 homes (median -7.6%): 5A $3,525,000 → $3,295,000; 9B $5,600,000 → $4,895,000; 20A $3,880,000 → $3,585,000

Amendment 15 Feb 8, 2022

Amendment updates the 2022 condominium budget, working capital fund status, board composition, and TCO extension information.

• 2022 Condominium Budget adopted by Board (Exhibit B)
• Working Capital Account balance approximately $136,483 as of December 1, 2021
• Condominium Board members: Joseph A. McMillan, Jr. (President), Ephram Lustgarten (Vice President), Christopher J. Prokop (Secretary/Treasurer)
• Sponsor owns 24 unsold residential units and 1 unsold community facility unit
• Temporary Certificate of Occupancy extended to May 18, 2022 by Buildings Department
• Estimated cost to obtain permanent certificate of occupancy: $100,000
• Audited financial statements not yet available; 2021/2022 statements to be disclosed in future substantive amendment

Amendment 14 Aug 12, 2021

Updates sponsor financial disclosure, working capital fund status, condominium budget, board members, and tax law changes for calculation of state transfer and mansion taxes.

• Working Capital Account balance approximately $118,878 as of July 15, 2021
• Sponsor owns 29 unsold residential units and 1 unsold community facility unit
• Loan with M&T Bank outstanding balance $32,793,302, expiration July 1, 2022, interest rate 4.50%
• Estimated cost to obtain Permanent Certificate of Occupancy is $100,000
• New York State Tax Law Section 1404(a) amended July 1, 2021 changes calculation of State Transfer Tax and Mansion Tax
• Condominium Board members: Joseph A. McMillan Jr. (President), Ephram Lustgarten (Vice President), Christopher J. Prokop (Secretary/Treasurer)
• Permanent Certificate of Occupancy not yet issued as of amendment filing date
• 2021 financial statements for calendar year ended December 31, 2020 not yet finalized

Amendment 13 Feb 17, 2021

Thirteenth Amendment adds an alternative floor plan option for Unit 46, updates floor plans and storage lockers, provides 2021 budget and financial disclosures, and changes the managing agent.

• Unit 46 offered as option: 5-bedroom/4½-bathroom alternative floor plan instead of standard 4-bedroom, all costs borne by purchaser
• Storage Lockers increased from 28 to 32 total, all offered for sale
• Penthouse floor plan revised; Buildings Department approval expected on or about June 2021
• 2021 Condominium Budget adopted
• Working Capital Account: approximately $49,152 as of March 1, 2021
• Sponsor owns 32 unsold Residential Units and 1 unsold Community Facility Unit; 15 Residential Units closed
• Loan with M&T Bank: $48,498,667 outstanding, 4.50% interest, expiration June 22, 2021

Amendment 12 May 19, 2020

Extends Common Charges waiver period to June 30, 2020; updates sponsor financial disclosures and board information.

• Common Charges waiver period extended from January 31, 2020 to June 30, 2020
• 38 Residential Units remain unsold by Sponsor; 9 units closed
• Working Capital Account balance approximately $41,554 as of May 1, 2020
• Loan with M&T Bank outstanding balance $90,114,097 at 5.005% interest, expiration June 22, 2020
• PCO escrow deposits exceed $2,806,136 held at M&T Bank, CIT Bank, and MUFG Union Bank
• Architect estimated $100,000 cost remaining to obtain Permanent Certificate of Occupancy

Amendment 11 Feb 13, 2020

Units 22A and 22B combined into single unit 22AB, reducing total units from 48 to 47, with temporary certificate of occupancy issued.

• Residential Units 22A and 22B combined into single Unit 22AB
• Total number of residential units reduced from 48 to 47
• New floor plans for Unit 22AB and 22nd Floor
• Updated floor plans for Units 26A, 26B and 26th Floor
• Temporary Certificate of Occupancy No. 121186518T007 issued effective January 29, 2020
• Building estimated substantially complete by March 31, 2020
• FinCEN Geographic Targeting Order disclosure for purchases over $300,000

Amendment 10 Nov 26, 2019

Purchase price for penthouse unit changed to $33,000,000.

Amendment 9 Oct 4, 2019

This ninth amendment documents the first closing on May 30, 2019, establishes the condominium board, discloses sponsor financials, and updates the plan status.

• First Closing occurred May 30, 2019 for Unit 5A
• Declaration recorded May 28, 2019 in CRFN 2019000166794
• Common Charges waived for all unit owners from May 30, 2019 to January 31, 2020
• Working Capital Account established at Bank of America, N.A. in approximate amount of $19,660
• Sponsor deposited $942,957 with escrow agent for 2019/2020 real estate taxes
• 44 Residential Units remain owned by Sponsor; 4 units closed
• Sponsor loan with M&T Bank has outstanding balance of $102,378,925, expiration December 21, 2019
• Estimated cost to obtain Permanent Certificate of Occupancy is $10,197,333

Amendment 8 Apr 11, 2019

This amendment updates the First Year of Condominium Operation to April 1, 2019, with revised Schedule A prices, common charges, real estate taxes, and budget documents.

• First Year of Condominium Operation scheduled to commence April 1, 2019
• Updated Schedule A with current offering prices and common charges
• First Closing anticipated on or before June 30, 2019
• Updated Schedule B Budget for period April 1, 2019 - March 31, 2020
• FinCEN Geographic Targeting Order disclosure for purchases over $300,000
• Updated real estate tax projections and certifications
• Updated Schedule B-1 Projected Individual Energy Costs Budget
• Schedule A prices increased for 1 home (median +2.9%): 8A $5,100,000 → $5,250,000

Amendment 7 Nov 29, 2018

Plan declared effective upon receipt of required purchase agreements, smoking policy added to rules, and FinCEN disclosure included.

• Plan declared effective based on 8 option agreements representing 15% of 48 residential units
• No smoking in common areas; smoking permitted only in individual units or limited common elements without creating nuisance
• FinCEN Geographic Targeting Order disclosure for cash purchases of residential real property
• Option Agreement and Use and Occupancy Agreement forms amended to include smoking policy rider
• Plan term extended

Amendment 6 Jun 22, 2018

This amendment updates the condominium offering plan with revised construction timelines and confirms no material changes to the property.

• First closing projected to begin during the First Year of Condominium Operation as stated in the Plan
• If first closing does not occur by December 31, 2018, Sponsor will amend the Plan with updated Schedule B
• Plan term extended

Amendment 5 Feb 2, 2018

Amendment updates construction timeline, adds tax law disclosure, and includes FinCEN reporting requirements for certain purchases.

• First closing expected on or about July 1, 2018; if not by December 31, 2018, Schedule B will be updated
• Tax information in plan may be inaccurate due to Tax Cuts and Jobs Act of 2017; purchasers advised to consult tax expert
• FinCEN Geographic Targeting Order requires cash buyers over $3,000,000 in Manhattan (or $1,500,000 in other boroughs) to provide documents at closing

Amendment 4 Sep 15, 2017

Fourth Amendment updates Schedule A with revised purchase prices and adds two additional escrow banks for deposits.

• Additional escrow banks: CIT Bank (11 West 42nd Street) and MUFG Union Bank (1251 Avenue of the Americas, 19th Floor), both in New York
• Interest rates for additional escrow banks approximately .10%, subject to change
• Updated Schedule A — Purchase Prices and Related Information attached as Exhibit A
• First closing targeted for on or about July 1, 2018; if not by December 31, 2018, Plan will be amended with updated Schedule B
• Extension of Plan term

Amendment 3 Apr 7, 2017

This amendment resolves Department of Buildings stop-work order issues through building modifications, adjusts unit sizes and amenities, and modifies lot ownership structure.

• Bicycle Storage Room relocated from Ground Floor to Cellar
• Lobby reconfigured to create second means of egress to Third Avenue
• Square footage reduced for certain units on Floors 4-14 on west side of building
• Storage Lockers reduced from 36 to 28
• Bike Storage Racks reduced from 32 to 24
• Penthouse Unit hot tub removed from Terrace
• Units 5B and 6B offered 15-day rescission right due to square footage reduction
• Resident Manager's Unit price reduced to $3,150,000

Amendment 2 Jun 6, 2016

Amendment discloses Department of Buildings stop-work order issued May 26, 2016 (later partially lifted June 28, 2016) and updates first closing timeline to on or about July 1, 2018.

• DOB issued stop-work order May 26, 2016; partially lifted June 28, 2016 to allow continued concrete, foundation, and utility work
• Three remaining DOB objections under review: zoning lot subdivision, means of egress compliance, exit discharge compliance
• First closing expected on or about July 1, 2018
• If first closing delayed past December 31, 2018, Sponsor will amend Plan with updated Schedule B - Budget
• If first closing delayed past June 30, 2019, purchasers may rescind Purchase Agreements within 15 days of amendment presentation

Amendment 1 Nov 6, 2015

Unit 4B purchase price changed to $1,200,000.00.