Pistilli Riverview East Apartments

25. Amendment 25

    This amendment adds Meister Seelig & Schuster PLLC as a firm that may act as the Sponsor's attorney and escrow agent for apartment sales, updates the escrow terms for those sales, and attaches the Apartment Corporation's financial statements for the fiscal year ended September 30, 2024.

    • Meister Seelig & Schuster PLLC added as a firm that may serve as Sponsor's attorney and escrow agent for individual apartment sales
    • Escrow Account Rider (Document No. 1A) and Escrow Agreement (Document No. 1B) replace the prior escrow agreement for those sales
    • Deposits held in a sub-account of a master escrow account at Citizens Bank under IOLA; FDIC insured up to $250,000 per deposit; no interest payable to Seller or Purchaser
    • Escrow Agent to send written deposit confirmation within ten business days of placing the Deposit; Purchaser may cancel within 90 days if notice is not received within fifteen business days
    • Sacco & Fillas, LLP and Katos Law, PLLC may continue to serve as Sponsor's attorneys
    • Financial statements for fiscal year ended September 30, 2024 annexed as Document No. 2
    • Financial statements for fiscal year ended September 30, 2025 not yet issued; purchasers advised to request them from the Apartment Corporation

24. Amendment 24

    This amendment updates the Sponsor's unsold-share and charge figures, the facade repair project and its cost, the budget and financial statement status, and the board list, and adds disclosures on federal tax changes, lender restrictions, and FinCEN reporting.

    • Facade (FISP/Local Law 11) exterior work added: anticipated cost $2,196,080.50, to start spring 2026, over 24 months, paid from reserve fund
    • Financial statements for fiscal years ended September 30, 2024 and 2025 not yet issued
    • October 2025 - September 2026 Budget annexed as Document No. 2
    • Sponsor-owned shares: aggregate monthly maintenance $302,150.77 and aggregate monthly rents $454,256.47; Unsold Share prices not revised (Document No. 1)
    • Board of Directors and Officers list updated
    • Disclosure added that some lenders restrict loans where unsold shares are 49% or more of the total
    • FinCEN Residential Real Estate Reporting Rule disclosure added for closings on or after March 1, 2026
    • One Big Beautiful Bill Act of 2025 tax disclosure added, with no representations by the Sponsor

23. Amendment 23

    The amendment updates the unsold-share prices, reports a 2023 mortgage refinancing and a planned roof and façade repair project with a cost estimate, and adds current financial, budget and board information.

    • Prices of unsold shares revised (listed in Document No. 1, not printed in this text)
    • Façade/roof work (Local Law 11 FISP) cost estimated at $3,000,000.00 to $4,000,000.00, with the total cost not yet known
    • Board expects about $2,500,000 from the mortgage refinancing to go toward the façade work, with reserves and possibly a special assessment covering the rest
    • Mortgage refinanced in 2023 with Flushing Bank: $22,000,000.00 original principal, maturing August 1, 2033, fixed monthly payment $129,169.74
    • Sponsor-owned shares' current aggregate monthly maintenance is $285,047.77 and rents are $448,541.50
    • Certified financials for fiscal years 2021 to 2023 annexed; fiscal 2024 not yet issued; October 2024 to September 2025 budget annexed
    • Apartment Corporation board and officer list updated
    • Sponsor states it is current on its plan obligations

22. Amendment 22

    This Twenty-Second Amendment updates the plan with the sponsor's unsold share list, financial statements, the October 2021 - September 2022 budget, lender and transfer-tax disclosures, and a twelve-month limit on using the plan.

    • Unsold share list updated to Document No. 1, information as of 1/7/2022; purchase prices not revised in this amendment
    • Financial statements for fiscal years ended September 30, 2019 and 2020 annexed; September 30, 2021 statements not yet issued
    • October 2021 - September 2022 Budget annexed as Document No. 2C
    • Plan may not be used after twelve months following the Filing Date unless further amended or extended
    • Sponsor's shares carry aggregate monthly maintenance of $230,528.56 and tenants in sponsor-owned apartments pay aggregate monthly rents of $396,171.35
    • Unsold shares remain pledged as additional collateral for the first mortgage to New York Community Bank, released without release price upon sale
    • Lenders may restrict loans where unsold shares are 49 percent or more of total shares
    • Transfer tax rules updated: grantee pays NYS RETT only when the contract provides, and gross-up eliminated effective July 1, 2021

21. Amendment 21

    This amendment updates the unsold-share list (prices not revised here), the 2019 financial statement status and 2019-2020 budget, the sponsor's finances, lender restrictions, and the FinCEN order disclosure, and limits use of the plan to twelve months after filing.

    • Unsold-share list (Document No. 1) updated as of 12/15/2020; purchase prices not revised by this amendment
    • Financial statements for fiscal year ended September 30, 2019 not finalized; October 2019 - September 2020 Budget annexed as Document No. 2
    • Lenders may restrict loans where unsold shares are 49 percent or more of total shares
    • Sponsor's aggregate monthly maintenance on its shares: $227,102.95; aggregate monthly rents from sponsor-owned apartments: $387,126.61
    • Sponsor states it was current on its Plan financial obligations for the 12 months before filing
    • Unsold shares remain pledged as additional collateral for the New York Community Bank mortgage; released on sale without a release price
    • FinCEN geographic targeting order disclosure updated; order effective until May 4, 2021, subject to change
    • Plan may not be used after twelve months following the filing date of this amendment unless further amended or extended

20. Amendment 20

    This amendment updates the sponsor's unsold-share information, financial statements and budget, and adds higher New York State transfer and supplemental taxes that purchasers pay at closing.

    • New York State Transfer Tax raised to $6.50 per $1,000 for purchase prices of $3,000,000 and up (previously $4 per $1,000)
    • Supplemental Tax to Mansion Tax schedule added, ranging from 0.25% for $2,000,000 to $2,999,999 up to 3.90% for $25,000,000 and up
    • Sponsor-owned shares total approximately 80% of Apartment Corporation shares; aggregate monthly maintenance for them is $214,755.19 and aggregate monthly rents are $389,912.31
    • Unsold Shares list updated in Document No. 1; prices are not revised
    • Audited financial statements for fiscal year ending September 30, 2018 annexed as Document No. 2A; 2019 statements not yet finalized
    • October 2019 - September 2020 Budget annexed as Document No. 2B
    • FinCEN Geographic Targeting Order disclosure added, covering closings on or after November 12, 2019 until May 9, 2020
    • Plan may not be used after twelve months following the Filing Date of this Amendment unless further amended or extended

19. Amendment 19

    This amendment updates the plan with the building's new smoking policy, current Sponsor and budget information, and related disclosures, without revising the unsold share prices.

    • Smoking ban added for common indoor areas, courtyards, balconies, lobby, rooftop, and within fifty (50) feet of the property under the Board's policy effective November 15, 2018; smoking inside units is not prohibited
    • Smoking Policy Disclosure Rider to be included in all future purchase agreements and interim leases
    • Sponsor owns approximately 80% of the Apartment Corporation's shares; aggregate monthly maintenance for Sponsor-owned shares is $202,122.62 and aggregate monthly rents are $387,503.39
    • Audited financial statements for fiscal year ended September 30, 2018 not finalized; FY2017 statements annexed
    • October 2018 - September 2019 budget annexed
    • Prices of Unsold Shares not revised
    • Condominium Declaration and By-Laws filed February 26, 2018 under CRFN No. 2018000066783
    • Tax Cuts and Jobs Act of 2017 caveat added: tax information in the plan may be inaccurate; purchasers should consult a tax expert

18. Amendment 18

    This eighteenth amendment updates the Sponsor's unsold-share list, financial and budget filings, condominium conversion plans, board roster, and the plan's usage period for the Pistilli Riverview East Apartments.

    • Sponsor owns approximately 80% of the Apartment Corporation's total shares, with current aggregate monthly maintenance of $188,899.83 and aggregate monthly tenant rent of $361,565.00
    • Unsold share purchase prices are not revised by this amendment and remain as listed in Document No. 1 at $6.89 per share
    • Sponsor is not obligated to offer Unsold Shares to tenants or others, or to accept offers at the listed prices
    • Building to be converted to condominium, with the Residential Unit kept by the Apartment Corporation and Commercial Unit transferred to the Sponsor or its designee; declaration submitted to NYC Department of Finance
    • Audited financial statements for fiscal year ending September 30, 2016 annexed as Document No. 2A; those for fiscal year ending September 30, 2017 not yet finalized
    • October 2017 - September 2018 Budget annexed as Document No. 2B
    • Unsold Shares remain pledged as additional collateral for the first mortgage to New York Community Bank and are released upon sale without a release price
    • Plan may not be used after twelve months following the Filing Date of this Amendment unless further amended or extended

17. Amendment 17 March 31, 2017

    This amendment raises the purchase prices of the unsold shares, which are listed in Document No. 1, and states that the Sponsor has no obligation to offer those shares to tenants or other buyers or to accept offers at the listed prices.

    • Purchase prices of unsold shares increased, as listed in Document No. 1
    • Document No. 1 totals 27,394 shares with a combined purchase price of $135,894,980
    • Sponsor is under no obligation to offer unsold shares to tenants or other prospective purchasers, or to accept offers at the listed prices or any other price
    • Apart from the price change, no other material changes to the Plan

16. Amendment 16 January 19, 2017

    The sixteenth amendment updates the sponsor's unsold-share figures, financial statement and budget status, board roster, proprietary lease wording, and related disclosures, including planned condominium conversion and a federal title-company reporting order.

    • Sponsor owns unsold shares of about 81% of the apartment corporation's total shares; unsold-share purchase prices are not revised and are listed in Document No. 1
    • Aggregate monthly maintenance for unsold shares is $180,689.56; aggregate monthly tenant rents are $378,825.00
    • Audited financials for fiscal year ending September 30, 2015 annexed as Document No. 2A; audited financials for fiscal year ended September 30, 2016 not finalized
    • October 2016 - September 2017 budget annexed as Document No. 2B, with the October 19, 2016 shareholder letter as Document No. 2C
    • Apartment corporation remains obligated to convert the property to condominium ownership; declaration form is under board review
    • Proprietary lease first two paragraphs revised to reflect that the apartment corporation owns fee title to the property
    • Unsold shares remain pledged as additional collateral for the New York Community Bank first mortgage, with release on sale and no release price
    • Added disclosure of a FinCEN Geographic Targeting Order requiring title companies to report certain purchaser information

15. Amendment 15 February 26, 2016

    This Fifteenth Amendment updates the plan with the Sponsor's unsold share figures, a revised sublet policy adopted September 15, 2015, the 2014 financial statements and the October 2015 - September 2016 budget, and related disclosures about condominium conversion, board control, and the plan's use period.

    • New sublet policy adopted September 15, 2015: 20% sublet fee not imposed until 40% owner occupancy; owners must reside in the unit for one (1) year before subletting
    • Sublet one-time fees: $1,000.00 to the Apartment Corporation and $300.00 to management, including a $100 application fee
    • Owners may sublet for one (1) year without a Board interview; tenant must interview with the Board to extend the lease at expiration
    • Sponsor's unsold shares listed as approximately 82% of total shares, with aggregate monthly maintenance of $174,493.75 and aggregate monthly rents of $360,265.00
    • Audited financial statements for fiscal year ending September 30, 2014 annexed (Document No. 2A); FY2015 audited statements not yet finalized
    • October 2015 - September 2016 budget annexed (Document No. 2B)
    • Condominium conversion still being completed; Commercial Unit to be transferred to the Sponsor or its designee in place of the Commercial Lease
    • Plan may not be used after twelve months following the Filing Date of this Amendment unless further amended or extended

14. Amendment 14 December 21, 2015

    This Fourteenth Amendment sets new purchase prices for five unsold units at The Pistilli Riverview East Apartments and makes no other material changes to the Plan.

    • Unit R206 price set at $429,700.00
    • Unit R315 price set at $735,500.00
    • Unit L107 price set at $749,500.00
    • Unit L208 price set at $641,500.00
    • Unit L609 price set at $999,500.00
    • No other material changes to the Plan

13. Amendment 13 August 6, 2015

    The Sponsor raises the purchase prices of eight unsold shares in The Pistilli Riverview East Apartments, and the Sponsor is not obligated to sell them at those prices or to any tenant or buyer.

    • Prices of 8 unsold shares raised: L107 to $764,500.00; L208 to $611,850.00; L507 to $914,000.00; R206 to $444,900.00; R301 to $405,000.00; R302 to $405,000.00; R315 to $925,225.00; R412 to $414,000.00
    • Sponsor has no obligation to offer the unsold shares to tenants or other buyers, or to accept offers at the listed or any other price

12. Amendment 12 January 16, 2015

    The Twelfth Amendment updates the sponsor's unsold-share costs, the board's control, the financial statements and budget, and lender-financing restrictions, and limits how long the plan may be used.

    • Unsold shares' aggregate monthly maintenance charges are $179,681.25 and aggregate monthly tenant rents are $367,731.00
    • Unsold share purchase prices (Document No. 1, info as of 12/17/2014) are not revised in this amendment
    • Plan may not be used after twelve months following the Filing Date of this Amendment unless further amended or extended
    • Non-sponsor members have controlled the Board of Directors since the October 2014 Annual Shareholders' Meeting
    • Lenders may restrict purchase financing until a substantial percentage of apartments is sold, which in some cases may be as high as 70%, or where an investor owns 10% or more
    • Condominium declaration conversion still to be filed; the Apartment Corporation is working to complete it
    • Financial statements for fiscal year ending September 30, 2013 (Document No. 2A) and October 2014 - September 2015 Budget (Document No. 2B) are annexed
    • Unsold shares remain pledged to New York Community Bank's first mortgage and are released without a release price when sold

11. Amendment 11 September 5, 2014

    This amendment raises the purchase prices of the unsold shares, now listed in Document No. 1, and states that the sponsor has no obligation to offer those shares to anyone or to accept offers at the listed prices or any other price.

    • Purchase prices of unsold shares increased, with new prices listed in Document No. 1
    • Document No. 1 lists 153 apartments (28,978 shares) totaling $88,895,920
    • Monthly maintenance charges shown at $6.25 per share in Document No. 1
    • Sponsor not obligated to offer unsold shares to tenants or other buyers, or to accept offers at the listed prices or any other price
    • No other material changes to the plan

10. Amendment 10 January 7, 2014

    This amendment replaces the closing attorney and escrow agent with Vincent Acquista, Attorney at Law, and replaces the plan's escrow procedures and escrow agreement for purchaser deposits.

    • Vincent Acquista, Attorney at Law now represents the Sponsor in closing individual apartment units
    • Vincent Acquista, Attorney at Law is now the Escrow Agent for Seller and Purchaser, with deposits held in a master escrow account at First Central Savings Bank
    • Purchasers are advised that principals of the Sponsor are also principals of First Central Savings Bank
    • Seller, Escrow Agent and Purchaser must sign a trilateral Escrow Account Rider when the Purchase Agreement is signed
    • Purchaser must deliver a completed Form W-9 or Form W-8 with the signed Purchase Agreement
    • Escrow Agreement replaced with a new Seller and Escrow Agent agreement (Document No. 1E)
    • Deposits are held in IOLA accounts, so no interest is payable to Seller or Purchaser
    • Escrow Agent must confirm the deposit to Purchaser and Seller in writing within ten (10) business days of placing it in escrow

9. Amendment 9 October 15, 2013

   This Ninth Amendment reports that the Apartment Corporation bought fee title to the property on June 25, 2013 and refinanced the wraparound mortgage, which led to maintenance charges being cut by approximately 13.79% effective July 1, 2013.

   • Apartment Corporation acquired fee title to the premises on June 25, 2013 for a purchase price of $7,000,000.00
   • Maintenance charges reduced by approximately 13.79% effective July 1, 2013
   • Wraparound mortgage refinanced with a new $24,000,000 first mortgage from New York Community Bank, maturing July 1, 2023, at 3.875% per annum
   • Monthly principal and interest payment of $112,856.90 (based on a 30-year amortization schedule)
   • Current aggregate monthly maintenance for Sponsor-owned unsold shares is $183,381.25
   • Current aggregate monthly rents for Sponsor-owned unsold shares is $351,135.00
   • Prepayment penalty on the new mortgage: 5% until June 30, 2015, stepping down to 1% until June 30, 2023
   • October 2012 - September 2013 budget modified to eliminate Net Lease payments and reduce maintenance charges

8. Amendment 8 November 20, 2012

   This Eighth Amendment replaces the escrow arrangements with a new escrow agent and account, updates the sponsor's unsold-share and loan status, adds financial statements and a 2012-2013 budget, and sets a window for the fee title purchase.

   • Escrow agent and account changed: Christopher Jannes, Attorney at Law, will hold down payments in an IOLA escrow account at TD Bank, placed within five business days after signing
   • Closing attorney for unit sales changed to Christopher Jannes, Attorney at Law, who is also an employee of Lidia Management Corp.
   • Fee title acquisition by the Apartment Corporation must occur between July 1, 2012 and June 30, 2014
   • Unsold shares remain pledged for the $15,000,000.00 NYCB underlying first mortgage; the $4,500,000.00 unsold shares loan has been paid in full
   • Aggregate monthly maintenance for Unsold Shares is $222,161.75 and aggregate monthly rents for Sponsor-owned apartments are $338,958.00
   • Audited financial statements for the fiscal year ending September 30, 2011 are annexed as Document No. 2A
   • Budget for October 2012 - September 2013 is annexed as Document No. 2B
   • Disclosure added that Pistilli Grand Manor Condominium common charges require a credit adjustment, with an owner meeting anticipated by February 2012

7. Amendment 7 January 12, 2012

   This Seventh Amendment updates the sponsor's unsold share and financial information, reports reduced real estate taxes from a 421-a tax abatement, annexes a 2011-2012 budget, and adds a warning about lender sales minimums.

   • Sponsor's unsold shares listed in Document No. 1, with current aggregate monthly maintenance of $222,161.75 and aggregate monthly rents of $335,744.00
   • Real estate tax obligations reduced from $362,852 (FY ended September 30, 2009) and $426,390 (FY ended September 30, 2010) to $159,800 projected for FY ending September 30, 2012
   • Budget for October 2011 - September 2012 annexed as Document No. 2B; audited FY2010 financial statements annexed as Document No. 2A
   • $4,500,000 unsold shares loan paid in full; unsold shares remain pledged for the $15,000,000 NYCB underlying mortgage and can be released on sale without a release price
   • Apartment Corporation repaid the Sponsor's real estate tax advances in full; no "due to affiliate" liability remains
   • Disclosed common charge credit adjustment at Pistilli Grand Manor Condominium, with an owner meeting anticipated by February 2012
   • Added warning that lenders may require a minimum percentage of units sold (e.g., 50%), which could make loans or resales difficult
   • Plan may not be used after twelve months following the filing date unless further amended or extended

6. Amendment 6 January 7, 2011

   This Sixth Amendment updates the Sponsor's unsold-share list and prices, the status of its loans and tax abatement, the financial statements and 2010-11 budget, and adds warnings about lender sales minimums and the plan's use period.

   • Document No. 1 lists current purchase prices and monthly maintenance for unsold apartments, e.g., Apt. L318 at $283,000 and $725.00 monthly
   • Aggregate monthly maintenance for Sponsor-owned unsold shares is $222,161.75
   • The $4,500,000.00 unsold shares loan is paid in full; unsold shares remain pledged for the $15,000,000.00 underlying mortgage
   • 421-A partial tax exemption approved; benefits anticipated, not guaranteed, on the July 1, 2011 tax bills
   • Certified financial statements for fiscal years ending September 30, 2008 and 2009, and the 2010-11 budget, are annexed
   • Sponsor controls the Board of Directors; board members and officers are listed
   • Lenders may require a minimum percentage of units sold (such as 50%) before financing, which may make buying or reselling harder
   • Plan may not be used after twelve months following the filing date unless further amended or extended

5. Amendment 5 June 29, 2009

   This Fifth Amendment updates the Pistilli Riverview East Apartments plan with the Sponsor's unsold-share charges and prices, financing disclosures, loan and pledge status, final certificate of occupancy, and a twelve-month limit on using the plan.

   • Aggregate monthly maintenance for unsold shares is $222,836.00 and aggregate monthly rents from Sponsor-owned apartments are $286,025.00
   • Purchase prices for unsold shares listed in Document No. 1; Sponsor is not obligated to sell at those prices or to accept any offer
   • Most sponsor-financed purchasers used First Central Saving Bank; Sponsor's principals are also principals of that bank, and Sponsor is not obligated to arrange financing
   • The $4,500,000.00 loan against unsold shares is paid in full; unsold shares remain pledged for the $15,000,000.00 NYCB first mortgage and are released on sale without a release price
   • Final certificate of occupancy issued September 22, 2008; $21,500.00 escrow released to Sponsor
   • Sponsor affiliates' other offerings disclosed, including 55 and 69 Tiemann Place and The Pistilli Grand Manor Condominium
   • Certified financial statements for the first partial year not yet prepared; no operating budget adopted for 2009
   • Plan may not be used after twelve months following the filing date unless further amended or extended

4. Amendment 4 July 24, 2008

   This Fourth Amendment reports that the conversion closed on February 6, 2008, updates the temporary certificate of occupancy, escrow, mortgage and tax abatement status, lists purchase prices and projected charges for unsold units in Schedule A, and adds a new form of purchase agreement.

   • Conversion closing occurred February 6, 2008
   • Temporary certificate of occupancy extended; most recent extension expires October 19, 2008 unless further extended
   • $21,500.00 deposited in escrow for work needed to obtain a permanent certificate of occupancy
   • First mortgage of $15,000,000 placed by New York Community Bank at 5.875% per annum, approximately $88,731 per month, maturing August 1, 2012
   • Section 421-a tax abatement application filed with HPD, not yet acted upon, with no guarantee of benefits
   • Schedule A lists purchase prices and projected maintenance charges for unsold units, first year October 1, 2007 to September 30, 2008
   • New form of Purchase Agreement annexed as Document No. 4
   • Plan may not be used after six months following the Filing Date of this Amendment unless further amended or extended

3. Amendment 3 October 16, 2007

   The sponsor declares the plan effective after accepting purchase agreements for 31 of the 186 Residential Units (16.6%), and no closing can happen until this amendment is accepted for filing by the Department of Law.

   • Plan declared effective: purchase agreements accepted for 31 of 186 Residential Units (16.6%)
   • No closing until this amendment is accepted for filing by the Department of Law
   • Sponsor's effectiveness affidavit annexed as Document No. 1, listing the 31 counted units and their contract dates
   • Plan, as amended by the First and Second Amendments, is incorporated by reference
   • No other material changes to the plan except as stated in this amendment

2. Amendment 2 August 22, 2007

   The amendment sets the projected start of cooperative ownership at on or about October 1, 2007, attaches revised purchase prices and a revised budget adequacy letter, and limits use of the plan to six months after the filing date unless it is further amended or extended.

   • First year of cooperative ownership projected to commence on or about October 1, 2007
   • Revised Schedule A purchase prices annexed to reflect the revised commencement date
   • Schedule B first-year budget unchanged
   • Revised Letter of Adequacy of the Budget annexed as Document No. 2
   • Plan may not be used after six months following the Filing Date of this Amendment unless further amended or extended

1. Amendment 1 January 4, 2007

   This amendment increases the total shares from 30,830 to 34,132, reduces the purchase money mortgage by $2,000,000 and the projected first-year maintenance charges, updates the offering price and tax projections, and gives existing subscribers a 15-day right to rescind.

   • Total shares increased from 30,830 to 34,132, with each apartment's share count raised by a different proportion
   • Purchase Money Mortgage reduced by $2,000,000 to $22,500,000,00, with payments of $1,293,750 per annum or $107,812.50 per month at 5.75%
   • Projected first-year maintenance charges reduced to $2,969,484.00 per annum ($87.00 per share annually, $7.25 per share monthly)
   • Cover offering price now $119,093,560 (Total Cash Amount $96,593,560 plus $22,500,000 mortgage indebtedness)
   • Projected real estate taxes revised for the 2006/2007 Class 2 rate of $12.737 per $100 of assessed valuation
   • Down payment is negotiable and may be less than 10% but not less than 5% of the Total Cash Payment; deposits to be held at New York Community Bank, 1400 Old Northern Boulevard, Roslyn, NY 11576
   • Superintendent expected to occupy Unit L102 (retained by Sponsor) instead of Unit L101; New Addition apartments renumbered from R201–R217 to R101–R117
   • Existing subscribers may cancel within 15 days of the Presentation Date by notarized Rescission Notice, with the deposit refunded; time is of the essence

Summarized from the amendments' text (scanned ones read with OCR); the filings themselves are on the Attorney General's site.