21 Arden Street Cooperative

Amendment 11 Mar 14, 2025

This Eleventh Amendment reports that Apartment 5A is still unsold and postpones Cooperative Board elections until after its sale, with the current board continuing in office.

• Apartment 5A remains unsold; its 40 shares continue to be held by Sponsor, which will market it per HPD's marketing requirements
• First shareholder meeting and Board elections postponed until after the sale of Apartment 5A, at HPD's request
• Current Board continues as Gregory Bangser (President), Sandra Harris (Vice President), and Maria Lizardo (Secretary/Treasurer)
• States there are currently no tenants residing in the Building
• States there are no other material changes to the Cooperative Information Package

Amendment 10 Dec 17, 2024

This amendment lowers the purchase price of Outsider Unit 5A, sets a new total offering price for the Units, and attaches a revised Schedule A.

• Purchase Price of Outsider Unit 5A decreased; revised Schedule A shows $125,000.00 for it
• New total offering price of the Units is $1,129,662.00
• Revised Schedule A annexed to reflect the new purchase price

Amendment 9 Oct 8, 2024

This Ninth Amendment confirms Apartment 5A remains unsold and keeps Sponsor holding its 40 shares, and it delays Cooperative Board elections until after that apartment sells.

• Apartment 5A remains unsold; its 40 shares continue to be held by Sponsor, which will market it under HPD's requirements
• No tenants currently reside in the Building
• Cooperative Board elections postponed until after the sale of Apartment 5A, at HPD's request
• Current Board continues as Gregory Bangser (President), Sandra Harris (Vice President) and Maria Lizardo (Secretary/Treasurer)
• No other material changes to the Cooperative Information Package other than those stated in this Amendment

Amendment 6 Oct 23, 2023

This Sixth Amendment revises Schedule A for Apartments 2B, 2C and 3A, updates purchase-agreement status and the certificate of occupancy, changes the By-Laws on when Sponsor-chosen directors resign, and allows certain Outsiders to take an Interim Lease before closing.

• AHC Grant for Apartment 2B is now $40,000.00 and for Apartment 3A is now $0
• Total AHC Grant is now $520,000.00 (formerly $530,000.00)
• Current Monthly Rent for Apartment 2C is now $350.00 (formerly $247.50), making Total Current Monthly Rents $3,238.50 (not $3,136.00)
• 11 Insiders and 3 Outsiders are in contract; Apartment 5A's purchase agreement was terminated and it is being re-marketed under HPD's Housing Connect 2 Program
• Final Certificate of Occupancy was issued January 24, 2023
• First non-Sponsor directors are elected about thirty (30) days after the HDFC acquires the Property (previously upon acquisition)
• Outsiders may receive an Interim Lease and occupy before closing if Sponsor and HPD approve, at a rent equal to the proposed Maintenance
• Maintenance charges unchanged for Apartments 1A and 5B, and for all other apartments

Amendment 5 2023

This amendment revises the building's mortgage financing, lowering the CPC first mortgage, raising the HPD loan payoff amount, and adding a fourth NYSAHC grant with recapture terms for eligible purchasers.

• CPC first mortgage reduced to $695,000.00 (formerly $811,000.00) at a fixed 5.30% (formerly 5.25%), with monthly payments of $3.859.37 (formerly $4,478.00)
• HPD second mortgage amount due at end of term increased to $7,143,393.00 (formerly $6,640,081.00)
• Possible increase in maintenance fees and/or an assessment to pay off or refinance the HPD loan
• Third HPD enforcement mortgage of $1,665,999.00 added, requiring payments only from Resale Profits or Refinancing Profits
• Fourth mortgage: NYSAHC grants of up to $530,000.00 for Insider and Outsider Apartments, with amounts depending on income, family size and NYSAHC requirements
• Purchasers receiving NYSAHC funds must pay the Recapture Obligation if they do not occupy their Apartments for the required period and must grant NYSAHC a security interest in their shares, proprietary lease interest and proceeds
• AHC grant beneficiaries must occupy their Apartment as their primary residence for a minimum of 114 months, shorter than the Regulatory Agreement's Owner Occupancy Requirements

Amendment 4 2023

This amendment declares the conversion effective based on signed purchase agreements, sets a higher minimum purchase-agreement and repayment threshold, reclassifies Apartment 2B as an Outsider unit, and revises the regulatory agreement, resale rules, flip tax and reserve requirements.

• Conversion declared effective on acceptance of this amendment by the NYS Department of Law, based on 9 Insider purchase agreements, 10 Insider purchasing tenant affidavits and 3 Outsider purchase agreements
• Minimum Repayment Amount of $984,473.00 in purchase agreements ($504,473.00 Purchaser contributions including the Move-In Credit, plus $480,000.00 AHC grants) required; CPC Construction Loan reduced from $1,389,741.00 to $695,000, with $694,741.00 due at Closing
• Effective Date now requires fully executed purchase agreements from 12 Purchasers, including 9 Insiders
• Apartment 2C surrendered by its original tenant; the former 2B tenant moved into 2C; Apartment 2B is now an Outsider unit (4 Outsider units, 11 Insider units)
• New form of Regulatory Agreement adopted (Exhibit C); re-sales must use HPD's Housing Connect platform under HPD's Marketing Handbook
• Flip tax and the sales-profit percentages retained by sellers changed (Exhibit D)
• Owner occupancy exception added for shareholders who are hospitalized, in rehabilitation, incarcerated or enrolled in an accredited school of higher education
• Reserves from the Conversion Date: $250 per Apartment to Replacement Reserve, increasing 3% per year; greater of 20% of Net Cash Flow or $5,000 to operating account, remainder to Operating Reserve

Amendment 3 Nov 3, 2022

The amendment swaps the Insider and Outsider status of Apartments 1A and 5B, moves purchase money to a named attorney trust account, and updates the Insider move-back, Outsider lottery, and temporary certificate of occupancy details.

• Apartment 1A is now an Outsider Unit and 5B is now an Insider Unit, with their purchase prices swapped
• All Insider purchase prices and Outsider down payments will be held in the Law Offices of Daniel Weisz PC IOLA Attorney Trust Account at M&T Bank
• Three Outsider Units (4B, 5A, 5B) were marketed in the HPD Housing Connect 2 lottery, open May 13, 2022 to June 13, 2022; 1A is substituted for 5B
• Insiders were given 45 day notice on March 21, 2022 to return; the first returned June 21, 2022, and move-in is not yet fully complete
• Insiders who returned signed TIL Leases at their current rents; Interim Rents take effect only after an HPD Rent Restructuring Order
• Temporary certificate of occupancy was issued February 4, 2022; the annexed latest extension shows Date Issued 10/07/2022 and expiration 01/05/2023
• Apartment 5B's current monthly rent matches the former rent for 1A, and its Interim Rent matches Apartments 2B and 3B

Amendment 1 January 2022

This amendment revises the mortgage financing, purchase prices, square footages, and budget start date for 21 Arden Street Cooperative, and adds a shares loan option in case some apartments are not ready to close.

• CPC first mortgage raised to $811,000.00 (formerly $762,324.00) at 5.25% (formerly 6%), with monthly payments of $4,478.00 (formerly $4,570.52)
• HPD second mortgage of $4,919,709.00 at 1.00%; amount due at end of term $6,640,081.00 (formerly $6,640,681.00), and likely increase in maintenance fees and/or assessment to pay off or refinance
• Third HPD enforcement mortgage of $1,665,999.00: payments required only from resale or refinancing profits, with principal and interest forgiven at maturity
• NYSAHC grants of up to $530,000.00 for certain Insider and Outsider apartments, with a recapture obligation if the purchaser does not occupy for the minimum 114 months
• Purchase prices added for Apartments 1A, 2B, 3B and 5C; Insider prices removed from Apartments 4B, 5A and 5C
• Square footages of all apartments revised due to construction field conditions
• First year of operations begins June 1, 2022, with revised projected debt service
• Shares loan option if Outsider purchasers are not ready to close at the same time as the Insider sales