25 Minetta Lane

Amendment 20 Feb 25, 2013

This amendment updates the sponsor's unsold-apartment finances, sets a $9,000 per-share maximum price for its unsold shares, and revises the escrow rules and escrow agent details for buyer deposits.

• Escrow agent named as Philip Brody, Esq., with deposits held in a Capital One attorney trust account earning less than 1.00%
• Attorney General no longer adjudicates disputes over deposits; escrow rules revised
• Maximum offering price per share for sponsor's unsold shares set at $9,000
• Sponsor holds 5 unsold apartments, about 7.70% of the shares
• Monthly maintenance on unsold apartments approximately $5,244.98 as of January 1, 2013
• Monthly rental income on unsold apartments approximately $5,069.33 as of January 1, 2013
• Financial statements for fiscal years ending September 30, 2011 and 2012 attached; 2013 budget not yet available
• Sponsor's offer to bona fide tenants under the Sixth Amendment expired and was not extended

Amendment 19 Feb 13, 2012

The amendment updates the sponsor's unsold-share disclosures, adds financial statements and a budget, lists current board members, caps the price of unsold shares at $9,000 per share, and adds a disclosure on J-51 tax benefits and high-rent deregulation.

• Maximum offering price per share for the Sponsor's unsold shares set at $9,000
• Sponsor holds unsold shares for 8 apartments, approximately 13.73% of total shares
• As of January 1, 2012, monthly maintenance on unsold apartments is approximately $8,821.02 and rental income to Sponsor is approximately $8,353.68; maintenance is $12.22 per share
• Certified financial statements for fiscal years ending September 30, 2008, 2009 and 2010 attached; 2011 statement not yet available
• Operating budget for October 1, 2010 to September 30, 2011 attached; current-year budget not yet available
• Sixth Amendment offer to bona fide tenants in occupancy expired and was not extended
• Board officers and directors listed; none are Sponsor representatives
• New disclosure on J-51 tax abatement and high-rent deregulation added

Amendment 18 Jun 1, 2005

The sponsor updates the plan with its unsold apartment holdings, a maximum price for those unsold shares, a one-time $6.30 per share special assessment, 2004 financial statements and a 2004-2005 budget, and the apartment corporation's officers and directors.

• Sponsor holds unsold shares in 9 apartments, about 16% of all shares, listed in Exhibit A
• Maximum offering price for the sponsor's unsold shares is $5,600 per share
• One-time special assessment of $6.30 per share was due June 1, 2005, to cover an operating expense shortfall
• Sponsor may negotiate individually on price, financing, rebates, closing date and other sale terms, and buyers may not rescind or recover deposits if another buyer gets better terms
• Tenant buyout offer from the Sixth Amendment expired and was not extended
• Attached certified financial statements for fiscal year ending September 30, 2004 and proposed budget for October 2004 to September 2005
• Board officers and directors listed, including one officer affiliated with the sponsor

Amendment 17 Jun 1, 2004

This Seventeenth Amendment updates the Sponsor's financial information on its 12 unsold apartments, sets a maximum price of $5,600 per share for its unsold shares, and attaches the Apartment Corporation's financial statements and proposed budget.

• Maximum offering price for Sponsor's unsold shares set at $5,600 per share
• Sponsor's 12 unsold apartments (about 19% of shares) listed in Exhibit A
• Sponsor may negotiate price, financing, closing date and other terms individually with each buyer, and buyers have no right to rescind if another buyer gets better terms
• Sixth Amendment offer to bona fide tenants in occupancy expired and was not extended
• As of June 1, 2004, monthly maintenance on unsold apartments is approximately $8,112.00 and monthly rental income to Sponsor is approximately $7,759.41
• Monthly maintenance on unsold shares is $8.00 per share
• Audited financial statements for fiscal years ending September 30, 2002 and 2003 attached as Exhibit B
• Proposed operating budget for fiscal year 10/2003 to 9/2004 attached as Exhibit B

Amendment 16 Jul 1, 2003

This amendment discloses the Sponsor's 12 unsold apartments and their financial figures, sets a maximum price for the Sponsor's unsold shares, lets the Sponsor negotiate sale terms individually, lets the tenant buyout offer expire, and adds updated financial statements, budget, and board list.

• Sponsor holds 12 unsold apartments, about 19% of shares, listed in Exhibit A
• Maximum offering price per share for Sponsor's unsold shares is $4,600
• Sponsor may negotiate price, financing terms, rebates, transfer tax payment and closing date individually with each buyer
• Tenant buyout offer in the Sixth Amendment expired and was not extended
• Monthly maintenance on Sponsor's unsold apartments approximately $8,112.00 as of July 1, 2003; monthly rental income approximately $7,671.00 as of June 1, 2003
• Monthly maintenance on unsold shares is $8.00 per share
• Financial statements for fiscal years ending September 30, 2001 and 2002, and operating budget for 10/2002 to 9/2003, added as Exhibit B
• Board of Directors list updated; Sheldon Stein, Secretary, is an affiliate of the Sponsor

Amendment 15 Apr 24, 2002

This amendment reports the Sponsor's unsold apartments and their carrying costs, sets a maximum per-share price and negotiable sale terms for those unsold shares, notes that the tenant buyout offer has expired, updates the board list, and attaches financial statements and a budget.

• Maximum offering price per share for the Sponsor's unsold shares set at $4,600
• Sponsor may negotiate sale terms individually with each buyer, including price, financing, rent and maintenance rebates, fix-up allowances, who pays City and State Transfer Taxes, and closing date; buyers cannot claim better terms given to others
• Sixth Amendment offer to bona fide tenant occupants has expired and was not extended
• Sponsor holds 14 unsold apartments (1,014 shares), about 19% of all shares
• Monthly maintenance on unsold apartments approximately $7,554.30 as of April 1, 2002; monthly rental income approximately $8,809.43 as of May 1, 2002; maintenance of $7.45 per unsold share
• Board of Directors list updated: Claire Brookmyer, President; Manuel Amunategui, Vice President; Alexandra Lipski, Treasurer; Sheldon Stein, Secretary and Sponsor affiliate; Barbara Friedman, Thomas Shepard and Adam Esser, Directors
• Certified financial statements for fiscal years ending September 30, 2000 and September 30, 2001 added as Exhibit B
• Operating budget for fiscal year 10/2001 to 9/2002 added as Exhibit B

Amendment 13 May 19, 2000

This amendment discloses the Sponsor's unsold apartments, sets a maximum price for its unsold shares, adds rules for non-occupying owners, and attaches the 1998 financial statements and the 10/99 to 9/2000 operating budget.

• Sponsor holds unsold shares for 14 apartments, about 22.7% of all shares
• Maximum offering price for Sponsor's unsold shares set at $3,600 per share
• Sponsor may negotiate price, financing, rebates, transfer tax payment and closing date individually with each buyer
• Sixth Amendment offer to sell to bona fide tenants in occupancy expired and was not extended
• Real Property Law Section 352-I rules added for non-occupying owners, including direct rent payment to the Apartment Corporation
• Monthly maintenance on Sponsor's unsold apartments is approximately $8,154.80 as of May 1, 2000
• Certified financial statement for fiscal year ending September 30, 1998 and operating budget for 10/99 to 9/2000 attached; 1999 statement not yet finalized

Amendment 12 May 1, 1999

The amendment updates the sponsor's unsold apartments and their carrying costs and rental income as of May 1, 1999, attaches the 1997 financial statement and budgets, notes the expired tenant buyout offer, reserves the sponsor's right to negotiate individual sale terms, and lists the board.

• Sponsor holds unsold shares in 17 apartments, about 27.5% of all shares
• As of May 1, 1999, unsold apartments carry monthly maintenance of approximately $9,863.09 and rental income of approximately $10,198.85
• Sponsor reserves the right to negotiate individual sale terms, including price, financing, rebates, and transfer tax payment
• Sixth Amendment tenant buyout offer expired and was not extended
• 1997 certified financial statement attached; 1998 statement not yet finalized and to be included in the next amendment
• Operating budgets for 10/97 to 9/98 and 10/98 to 9/99 attached
• Sponsor states it has no outstanding financial obligations to the Apartment Corporation under the plan
• Board officers and directors listed; Sheldon Stein is a Sponsor affiliate

Amendment 11 May 5, 1998

This amendment updates the sponsor's unsold-apartment figures and financial disclosures, attaches the building's 1996 financial statements, and confirms the sponsor may negotiate sale terms individually.

• Sponsor holds unsold shares for 20 apartments, about 32% of all shares (Exhibit A lists 1,609 total shares)
• Monthly maintenance on unsold apartments is approximately $11,311.27 as of May 1, 1998
• Monthly rental income to sponsor on unsold apartments is approximately $12,345.00 as of May 1, 1998, including one vacant apartment
• Sponsor states it has no outstanding financial obligations to the Apartment Corporation under the offering plan as amended
• Attached certified financial statements cover the fiscal year ending September 30, 1996; the 1997 statement is not yet finalized and will be in the next amendment
• Sixth Amendment's offer to sell to bona fide tenants in occupancy expired and was not extended
• Sponsor reserves the right to negotiate price, financing terms, rebates, transfer tax payment, and closing date individually, and may give some purchasers more favorable terms without giving rescission rights to others

Amendment 10 May 28, 1997

This amendment updates the sponsor's unsold-apartment figures, reports a March 1997 refinancing of the building's mortgage, attaches 1996 audited financials, and confirms the sponsor may negotiate individual sale terms with each buyer.

• Sponsor holds 26 unsold apartments, about 39% of the shares, listed in Exhibit A
• Sponsor's monthly maintenance on unsold apartments is approximately $14,130.30 and rental income is approximately $19,820.07, both as of May 1, 1997
• Apartment Corporation's mortgage refinanced March 31, 1997 with Morgan Guaranty Trust Company Of New York, as Trustee, for $1,610,000 at 8.34%
• Monthly mortgage payments of $12,791.02 begin May 1, 1997; loan matures April 1, 2022
• Prepayment fee schedule set for the new loan, based on outstanding principal from April 1, 2012
• Offer to bona fide tenant buyers in the Sixth Amendment expired and was not extended
• Sponsor may negotiate price, financing, rebates, fix-up allowances, transfer tax payment and closing date individually with each buyer, and buyers cannot rescind or recover downpayments if they receive less favorable terms
• Certified financial statements for the fiscal year ending September 30, 1996 attached as Exhibit B

Amendment 9 May 1, 1996

The sponsor, Minetta Sponsors, reports its holdings of 32 unsold apartments (about 47% of shares), their financials, and its right to negotiate individual sale terms, and attaches the 1995 financial statements of the Apartment Corporation.

• Sponsor holds Unsold Shares for 32 apartments, approximately 47% of shares, listed in Exhibit A
• Sponsor may negotiate individual sale terms, including price, financing, rent and maintenance rebates, fix-up allowances, transfer taxes and closing date
• A buyer who gets less favorable terms than another purchaser cannot rescind the Contract of Sale or recover a downpayment for that reason
• Offer to sell to bona fide tenants in occupancy under the Sixth Amendment has expired and has not been extended
• Monthly maintenance on Unsold Apartments is approximately $16,377.48 as of May 1, 1996
• Monthly rental income for Unsold Apartments is approximately $24,040.35 as of May 1, 1995, including one vacant apartment
• Sponsor says it has been current on its maintenance and financial obligations for the last twelve months and has no outstanding obligations under the plan
• Certified financial statements of the Apartment Corporation for the fiscal year ending September 30, 1995 are attached as Exhibit B

Amendment 8 Apr 25, 1995

This amendment updates the sponsor's holdings and finances for its unsold apartments as of April 1, 1995, notes that the sponsor's 1994 certified financial statement is not yet final, and restates the sponsor's right to negotiate individual sale terms.

• Minetta Sponsors holds 36 unsold apartments, about 54% of the shares
• Monthly maintenance on unsold apartments approximately $18,658.92 as of April 1, 1995
• Monthly rental income from unsold apartments approximately $23,670.14 as of April 1, 1995, including one vacant apartment
• Certified financial statement for fiscal year ending September 30, 1994 not finalized; to be made available when completed and included in the next amendment
• Sponsor reserves the right to negotiate individual sale terms, including price, financing, rent and maintenance rebates, and closing date
• Bona fide tenant buyout offer from the Sixth Amendment has not been extended and has expired
• No other material changes to the plan

Amendment 7 Apr 15, 1994

This Seventh Amendment updates the sponsor's financial position on its 45 unsold apartments, changes the escrow agent for contract deposits, lets the sponsor negotiate individual sale terms, and lets an expired tenant buyout offer lapse.

• Escrow agent for contract deposits changed to Philip S. Brody, Esq. or Daniel S. Schwartzman, Esq.
• Sponsor may negotiate individual sale terms, including price, financing terms, rent and maintenance rebates, fix-up allowances and closing date, with each purchaser
• Offer to bona fide tenants in occupancy in the Sixth Amendment expired and has not been extended
• Sponsor's 45 unsold apartments (about 70% of shares) carry monthly maintenance of approximately $24,226.72 and rental income of approximately $30,318.97 as of April 1, 1994
• Sponsor paid all remaining reserve fund contributions: $59,295 plus an additional $10,000 for elevator
• Certified financial statements of 25 Minetta Owners Corp. as of September 30, 1993 attached as Exhibit B
• Escrow account interest rate approximately 12%

Amendment 6 Apr 1, 1993

This amendment gives current bona fide tenants in occupancy a six-month right to buy their apartments at the Exhibit "A" prices with sponsor financing, a maintenance rebate and other concessions, and it surrenders roof terraces T 1-8 to the corporation with higher maintenance charges.

• Bona fide tenants in occupancy may buy their apartments at Exhibit "A" prices for six months from the filing date; purchase agreements are not assignable
• Sponsor financing for the entire price at 9.8% per annum or for 75% of the price at 8.9% per annum, five-year term, interest only, with balloon payment
• Downpayment of $1,000.00, which may be waived with 100% sponsor financing if title closes simultaneously with signing the purchase agreement
• Sponsor pays an aggregate 2% yearly maintenance rebate for the first five years, based on the cash purchase price
• Roof terraces T 1-8 surrendered to 25 Minetta Owners Corp. and made a common roof area; maintenance charges per month per share become $6.8921
• Sponsor guarantees to pay maintenance increases for purchasers for one year from the filing date
• Sponsor contributes $10,000.00 to the elevator reserve fund and 10% of cash sales prices to the reserve fund
• Majority of the board becomes residential tenant/shareholders after the fifth sale; sponsor pays $25,000.00 toward tenants' association legal fees

Amendment 5 Dec 22, 1992

This amendment restates the first mortgage terms, updates escrow procedures, reports sponsor board control and unsold-share figures, surrenders roof terrace shares to the corporation, and names Valhal Corp. as selling agent.

• First mortgage held by Dime Savings Bank of New York, maturity July 27, 1998, monthly payments of $14,973.75 at 10.25%
• Mortgage rate to adjust to 250 basis points (2.5%) above the FHLB 5-year fixed term advance rate, rounded to the nearest .125%
• Prepayment penalty of 5%, 4%, 3%, 2% and 1% in years one through five after adjustment; prepayment without penalty from April 29, 1998
• Deposits held by escrow agent Mitchell H. Kossoff, Esq. in a non-interest-bearing IOLA account at Citibank, N.A., placed within five business days after signing
• Sponsor controls the board (Sheldon Stein, Aaron Gelbwaks, Anna Pfeiffer) until the earlier of five years from closing or sponsor holding less than 50% of shares
• Roof terrace shares T 9-14 surrendered to the corporation; maintenance now borne by all other shareholders, $6.42 per month per share
• Unsold shares: maintenance of $29,117.68 per month as of June 1, 1992; rents of $33,758.91 per month, falling to $30,010.34 after July 1, 1992
• Valhal Corp. named selling agent for Minetta Sponsors

Amendment 4 Dec 4, 1991

This amendment lets the sponsor negotiate buy-backs, offer financing, and make buyout offers to qualifying tenants, reconfigure roof terraces, and update building improvements, unsold-share finances, and litigation status.

• Sponsor may negotiate a right for purchasers to require repurchase of their stock and lease on the second anniversary of closing, at the same price per share paid; Sponsor provides no bond or escrow for this obligation
• Sponsor may offer financing to purchasers on negotiated terms, in its sole discretion
• Buyout offer to qualifying tenants in occupancy revived and modified; amount negotiated individually, and tenants must vacate within sixty (60) days
• Holder of Unsold Shares may reconfigure roof terraces; Terraces 9 through 14 inclusive may be made a common area for all Tenant-Shareholders
• Building improvements reported: all wood windows replaced with thermopane insulated windows, new two ply roofing system with 15 year warranty, laundry room renovated, lobby and hallway lighting replaced, parapet walls repointed and waterproofed
• Unsold-share financials: monthly rent for 49 apartments approximately $30,487.96 versus maintenance charges of approximately $29,916.00; five one bedroom and one studio apartment vacant; no Unsold Shares pledged as loan collateral
• Litigation: tenant's preliminary injunction motion denied; plaintiffs filed a Notice of Appeal and an amended complaint alleging an Article 78 claim and common-law fraud; Sponsor believes the claims are without merit

Amendment 3 Dec 7, 1990

The amendment reports that the first closing took place on August 17, 1990, after litigation delayed it, and sets terms for selling the sponsor's unsold shares, tenant buy-outs, the contract of sale, and roof-terrace connections.

• Unsold shares offered to tenants and non-tenants at the non-tenant price in Schedule A; individual sales may be negotiated at different prices and terms, provided the price is not an increase
• Tenant buy-out: Tenancy Cancellation Agreement due within 120 days; vacate within 60 days of receipt of the executed agreement; buy-out amount negotiated individually
• Contract of sale changed to Blumberg form No. M123; purchasers pay transfer taxes and a $350.00 fee to Aaron Gelbwaks, plus $150.00 for closings held outside the attorney's office
• First closing held August 17, 1990, after litigation delayed the July 12, 1990 closing date
• Reserve Fund of $59,295.00 established; closing adjustments of $54,708.24 reduced by $7,500.00 working capital, leaving a $47,208.24 net credit to Minetta Sponsors payable in 12 monthly installments beginning August 17, 1991
• Minetta Sponsors holds 5,185 unsold shares allocated to 62 apartments; none pledged as collateral
• Top floor apartments may be connected to roof terraces above once approvals are obtained; cost borne by share owners
• Accountant's statement of income and expenses for fiscal year 1988-1989 attached as Exhibit 3

Amendment 2 Jun 7, 1990

The amendment reports that the plan was declared effective on March 24, 1990, lists the apartments subscribed to, and sets a $59,295.00 Reserve Fund credit and funding schedule for the sponsor.

• Plan declared effective by notice dated March 24, 1990, with 8 apartments subscribed by bona fide tenants and 2 by bona fide purchasers
• Subscribed apartments listed: 1K, 1B, 2A, 2E, 2G, 2K, 3B, 3J, 4B, 4G
• Sponsor takes a credit of 1/3 of the Reserve Fund, or $59,295.00, for window replacements completed before effectiveness
• Reserve Fund to be established within 30 days of closing with $59,295.00
• Sponsor will make supplemental contributions; Reserve Fund to be completely funded within 5 years
• Sponsor's Affidavit of Effectiveness attached as Exhibit 1
• Accountant's 1988 financial statement attached as Exhibit 2

Amendment 1 Mar 19, 1990

The Attorney General rejected the proposed first amendment for filing, which voids the sponsor's August 9, 1989 declaration of effectiveness unless the rejection is overturned or withdrawn, and a limited right of rescission is given to one subscriber.

• Attorney General rejected the proposed first amendment for filing; sponsor calls the rejection arbitrary and capricious and reserves its right to challenge it
• Unless the rejection is overturned or withdrawn, the sponsor's declaration of effectiveness of August 9, 1989 is void and the building returns to its pre-effective status
• Offering plan remains in full force and effect
• Right of rescission granted to the subscriber of apartment 2K who subscribed after the declaration of effectiveness, for a number of days from presentation of the amendment (number not legible in OCR)
• No other material changes to the plan