THE CONDO BOOK PROJECT

Two Ten Warren Owners Corp.

210 Warren Street, Manhattan, NY 10282

Overview

Two Ten Warren Owners Corp. is a 270-unit condo conversion in Manhattan. Its offering plan was accepted in February 2023. It's a 8-minute walk to Chambers St (1, 2, 3) and 9 minutes to WTC Cortlandt (1). The developer is Related Companies, L.P., with Jeff T. Blau, Stephen M. Ross, Andrew Orchulli and Thomas Deighton named as the sponsor's principals. The offering totals $385.2 million ($470.8 million when first offered).

The sponsor of record is Bpc Green LLC, represented by Kramer Levin Naftalis & Frankel, LLP. The offering plan runs 1,084 pages. The sponsor has filed 11 amendments, the latest in September 2026. The nearest other condo plan on file is Tribeca Green Condominium, next door.

Plan C190005 · Conversion · accepted Feb 5, 2023 · AG record ↗

Budget

From our research: How Close Are Offering Plan Tax Estimates to the Real Bill? · What New NYC Condos Spend on Staff, by Building Size · The Sponsor's Condo-Creation Fee in NYC

Amendments

  1. Amendment 10

    This Tenth Amendment updates the unsold apartment list, the 2026 budget, Schedule A offering prices and maintenance charges, and several sponsor disclosures, and extends the plan's term to twelve months from the filing of this amendment.

    • Plan term extended: expires twelve (12) months from the filing of this Amendment
    • Purchase prices of certain apartments updated in Schedule A (Exhibit C), along with maintenance charges allocated to unsold apartments
    • Unsold apartments list updated as of January 1, 2026 (Exhibit A)
    • 2026 budget added for January 1, 2026 through December 31, 2026, with total expenses of $11,903,823
    • Sponsor's monthly maintenance for unsold shares is approximately $183,759.57 as of January 1, 2026
    • Board members listed; Andrew Orchulli and Thomas Deighton are employees or affiliates of Sponsor
    • Working Capital Fund approximately $1,422,037.60 as of January 1, 2026
    • Financial statements for the period ending December 31, 2024 attached as Exhibit E
  2. Amendment 9

    This Ninth Amendment updates purchase prices and maintenance charges in Schedule A, combines Apartments 12O and 12P into 12OP, adds the 2025 budget, lists unsold apartments as of April 1, 2025, and extends the term of the offering.

    • Purchase prices of certain Apartments updated per Exhibit C
    • Apartments 12O and 12P combined into one Apartment, now 12OP, by the Shareholder
    • Schedule B (Budget) added for January 1, 2025 through December 31, 2025 with total income of $11,600,724
    • Maintenance Charges for Unsold Apartments updated in Schedule A
    • Exhibit A lists Unsold Apartments as of April 1, 2025
    • Plan term extended: expires six (6) months from the filing of this Amendment
    • Sponsor's monthly Maintenance for Unsold Shares approximately $241,499.55 as of April 1, 2025
    • Financial statements for August 1, 2023 to December 31, 2024 not yet available; to be amended when ready
  3. Amendment 8

    This amendment discloses that the first annual shareholders meeting was held on May 29, 2024, when Sponsor gave up board voting control, lists the current board members, and extends the latest rent-stabilized lease date from September 30, 2027 to September 30, 2028.

    • First annual shareholders meeting held May 29, 2024; Sponsor relinquished voting control of the Board
    • Current Board members: Samantha Greenky, Mari Masi, Triloki Kaushal, Andrew Orchulli and Thomas Deighton
    • Andrew Orchulli and Thomas Deighton are employees or affiliates of Sponsor; Greenky, Mari Masi and Triloki Kaushal are not affiliated with Sponsor
    • Latest date for rent-stabilized lease extension changed from September 30, 2027 to September 30, 2028
  4. Amendment 7

    This Seventh Amendment revises the 17th-floor floor plans to add terrace green space, updates purchase prices for certain apartments, and updates the unsold-apartment list, sponsor financial disclosures, and the plan's expiration date.

    • Purchase prices for certain apartments revised per Exhibit D (revised Schedule A)
    • 17th-floor floor plans replaced to add green space on the Terraces
    • Unsold Apartments list (Exhibit B) updated as of January 3, 2024
    • Budget (Schedule B) remains in effect through June 30, 2024; no updated budget
    • Sponsor's mortgage on Unsold Shares: principal balance approximately $44,424,170 as of February 23, 2024, at SOFR + 4.50%, initial maturity September, 2024
    • 78 Unsold Apartments leased or occupied as of January 30, 2024; Sponsor rental income approximately $42,376 per month
    • Plan term extended to twelve (12) months from the filing of this Amendment
    • First Annual Meeting not yet held; initial board members all affiliated with Sponsor
  5. Amendment 6 September 21, 2023

    This Sixth Amendment changes the purchase prices of 17 listed apartments, as set out in a revised Schedule A, and reserves the sponsor's right to revise prices and other terms further.

    • Purchase prices of 17 apartments changed: 3E, 4J, 5I, 5J, 5M, 5Q, 6M, 6O, 7O, 8I, 8P, 9J, 10I, 14L, 19D, 20B and PHB
    • Revised Schedule A (Exhibit A) lists the new offering prices, with the first year of operations as July 1, 2023 - June 30, 2024
    • Sponsor may revise prices and other terms further, but not for an apartment with a purchase agreement in effect without that purchaser's consent
  6. Amendment 5

    This amendment discloses the first apartment closing (Apartment 15K on July 10, 2023), resolves the dispute with BPCA over Transaction Payments, sets new security and reserve terms, reports the dismissal of a tenant lawsuit, and updates the initial Board and Cooperative Documents.

    • First closing held: Apartment 15K closed on July 10, 2023
    • Transaction Payment of 1% of Gross Sales Price now applies to Sponsor's original transfers and each transfer to a bona fide purchaser, in addition to other closing fees including the flip tax
    • Sponsor's security to BPCA: $500,000, reduced to $350,000 after the earlier of closing 80% of Apartments or May 5, 2028
    • Apartment Corporation must wire a $150,000.00 Board Security Deposit to BPCA on the Board Relinquishment Date
    • Reserve Fund of $5,996,624 established at Bank of America, funded up front at 3% of Total Price, with a credit of up to 1%
    • Tenant association Article 78 proceeding dismissed on July 11, 2023; Petitioner filed a Notice of Appeal on July 24, 2023
    • Initial Board members named: Andrew Orchulli, Thomas Deighton and Frank Monterisi, all affiliated with Sponsor
    • Forms of Cooperative Documents updated, including Certificate of Incorporation changes required by the New York State Department of State
  7. Amendment 4 June 12, 2023

    This Fourth Amendment adds disclosure of a pending Article 78 lawsuit challenging the Attorney General's acceptance of the Plan for filing, states the Exclusive Purchase Period is not extended, and confirms no other material changes.

    • Litigation disclosed: action commenced May 31, 2023 in New York State Supreme Court, New York County, by 325 North End Avenue Tenants Association (Index No. 154887/2023) challenging the Attorney General's February 5, 2023 acceptance of the Plan for filing
    • Petitioner seeks annulment of the acceptance and directs the Attorney General to apply later-enacted law, including provisions of the Housing Stability and Tenant Protection Act of 2019, to any resubmitted plan
    • On June 2, 2023 the Court denied Petitioner's request for a temporary restraining order
    • Hearing on the Petition and preliminary injunction request scheduled for July 11, 2023
    • Sponsor states it believes the claims have no merit and will vigorously defend
    • Exclusive Purchase Period is not extended
    • No other material changes to the Plan, and the Plan does not knowingly omit any material fact
  8. Amendment 3 May __, 2023

    The amendment declares the Two Ten Warren Owners Corp. plan effective as of May 6, 2023, reports the purchase agreements counted toward that, and revises the sponsor's reserve fund credit, which was modified because of changed purchase prices offered to eligible tenants.

    • Plan declared effective as of May 6, 2023
    • 44 purchase agreements counted, approximately 16.6% of 265 apartments offered
    • No closings held before this amendment is accepted for filing by the Department of Law
    • Reserve Fund Credit capped at $2,998,312, with capital repairs totaling approximately $5,042,776
    • Total Price is $299,831,200 for calculating the sponsor's initial reserve fund contribution
    • Reserve Fund Credit modified from the original Plan because of changes in purchase prices offered to eligible tenants
    • Reserve fund may be used for capital repairs, Local Law 11 work, and Board improvements while the sponsor controls the Board
  9. Amendment 2 May 5, 2023

    This second amendment combines eight H- and I-line apartments into larger units, updates the offering prices and effectiveness thresholds, adds improved purchase terms for Eligible Tenants, keeps Eligible Tenant discounts in place, and extends the Exclusive Purchase Period by 30 days.

    • Apartments in the H and I lines on Floors 3, 4, 6, 11, 12, 14, 15 and 16 combined into 3HI, 4HI, 6HI, 11HI, 12HI, 14HI, 15HI and 16HI
    • Leasehold Cooperative now has a total of 265 Apartments
    • Plan may be declared effective at 40 bona fide Purchaser agreements and must be declared effective at 212
    • Schedule A updated with offering prices for the combined Apartments
    • Updated floor plans and Description of Property addendum added; combined Apartments cannot be conveyed until Department of Buildings approval is issued
    • Improved Terms for Eligible Tenants: financing contingency, outside closing date, one-time adjournment (not to exceed 30 days), and one-time right to assign; offered to Eligible Tenants signing within 30 days of the Presentation Date and to those who already signed an Agreement
    • Eligible Tenant discounts remain in effect until the earlier of 5 business days after the Plan is declared effective by notice or the amendment declaring it effective, and in all events until 30 days from the Presentation Date
    • Exclusive Purchase Period extended by 30 days from the Presentation Date
  10. Amendment 1

    This amendment gives Eligible Tenants discounts on other apartments (10% for renovated, 15% for unrenovated), extends the rent-stabilized lease date to September 30, 2027, shifts RMA wire fees to the purchaser, removes the budget's capital reserve line because the Sponsor funds the Reserve Fund, and revises the stock certificate legend and attaches a new Certificate of Incorporation.

    • Eligible Tenant discount on Other Apartments: 10% for renovated units, 15% for unrenovated units, replacing the prior discounts in Special Risk No. 52 and "Rights of Existing Tenants"
    • Rent-stabilized lease extension date changed from June 30, 2027 to September 30, 2027
    • Purchaser, not the Board, pays any wire transfer fees if the RMA Payment is made by wire at closing
    • First-year budget no longer includes a capital reserve line item, because the Sponsor is funding the Reserve Fund
    • Stock certificate legend: sentence referencing Paragraph 13 of the proprietary lease deleted
    • New Certificate of Incorporation for Two Ten Warren Owners Corp. attached as Exhibit A
    • Exclusive Purchase Period is not extended

Summarized from the amendments' text (scanned ones read with OCR); the filings themselves are on the Attorney General's site. 10 of 11 amendments summarized so far.

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Team

Sponsor
Bpc Green LLC
Principals
Jeff T. Blau, Stephen M. Ross, Andrew Orchulli, Thomas Deighton

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