301 West 53rd Street Condominium

Amendment 26 Apr 4, 2022

Amendment extends the offering plan and provides updated financial statements, 2022 budget, current board composition, and purchase prices for seven unsold units.

• Seven unsold units offered at prices from $1,475,000 to $3,100,000
• 2019 and 2020 audited financial statements included
• 2022 condominium budget adopted by Board of Managers
• Board composition updated with six named managers
• Plan term extended
• FinCEN Geographic Targeting Order threshold noted as $300,000, order in effect until April 29, 2022

Amendment 25 Sep 15, 2021

Sponsor name changed to 301 West 53rd Street Sponsor LLC, tax law updated for closing cost calculations, and FinCEN disclosure requirements added.

• Sponsor name changed to 301 West 53rd Street Sponsor LLC
• New York State Tax Law Section 1404(a) effective July 1, 2021 changes taxable consideration calculation for State Transfer Tax and Mansion Tax
• FinCEN Geographic Targeting Order disclosure: $300,000 threshold for cash purchases; order in effect until October 31, 2021
• Failure to provide FinCEN documents at closing is an Event of Default

Amendment 24 Mar 5, 2021

Amendment updates the 2021 budget, board composition, purchase agreement terms including remote closings and mortgage recording tax provisions, and addresses a pending unit conveyance from a foreclosure sale.

• 2021 Condominium Budget adopted and annexed
• Board of Managers updated with five named members including new Sponsor Representative
• Purchase Agreement updated with Escrow Rider allowing remote closings and virtual inspection walkthroughs at Sponsor's discretion
• Mortgage recording tax recapture through partial mortgage assignment to Sponsor's benefit
• CIM foreclosure sale completed January 7, 2021; discussions ongoing for Resident Manager's Unit conveyance and $49,039.18 delinquent Common Charges payment
• Force Majeure provision added to Purchase Agreement

Amendment 23 Jan 22, 2021

UCC foreclosure transferred sponsor control to CIM affiliate; new principal, attorneys, and escrow agent appointed.

• Mezz Lender (CIM affiliate) now owns 100% of sponsor; Ziel Feldman no longer principal
• New Principal: Jason Schreiber (CIM investments group)
• New Attorneys for Sponsor: Starr Associates LLP
• New Escrow Agent: Starr Associates LLP at Signature Bank (261 Madison Avenue)
• UCC foreclosure conducted January 7, 2021

Amendment 22 Jan 3, 2020

Schedule A updated with actual 2019/2020 real estate taxes, operating budget adopted for 2020, and various financial disclosures provided as of December 23, 2019.

• Schedule A updated with actual real estate taxes for 2019/2020 tax year for unsold units
• Operating budget for January 1, 2020 through December 31, 2020 adopted
• 17 unsold residential units owned by Sponsor as of December 23, 2019
• Sponsor's loan balance approximately $11,154,300.58 as of December 8, 2019, maturing May 9, 2021
• Aggregate monthly common charges for unsold units $15,771.69
• Reserve Fund balance $34,288 as of December 23, 2019
• Tax law warning added regarding Tax Cuts and Jobs Act of 2017 impacts
• New York State transfer and mansion tax provisions updated for closings on or after July 1, 2019

Amendment 21 Jul 18, 2019

Purchase prices for 21 residential units are increased or decreased per the revised Schedule A.

• Purchase prices of 21 residential units changed per revised Schedule A
• Sponsor retains right to revise further purchase prices and terms, except for units with executed Purchase Agreements without purchaser consent
• Purchase prices offered to Eligible Tenants will not be increased during any Exclusive Purchase Period
• Amendment does not extend or renew any Exclusive Purchase Period
• Schedule A prices decreased for 6 homes (median -6.3%): 4C $1,595,000 → $1,495,000; 4D $1,550,000 → $1,450,000; 5A $1,995,000 → $1,795,000; 5D $1,575,000 → $1,475,000; ...

Amendment 20 Mar 11, 2019

Twentieth amendment extends the offering period for 12 months, updates 2019 operating budget and common charges, and provides financial update on 21 unsold units.

• Offering period extended 12 months from filing of amendment
• 2019 operating budget adopted: $2,538,252 total income and expenses
• 21 unsold residential units owned by Sponsor as of January 2, 2019
• Sponsor aggregate monthly common charges $18,064.61 as of January 23, 2019
• Sponsor's loan unpaid balance approximately $14,193,467.11 as of January 2, 2019, maturity May 9, 2021
• Reserve Fund balance $34,275 as of January 16, 2019 at Signature Bank
• Sponsor not in control of Board as of August 22, 2017; none of Sponsor's residential units occupied

Amendment 19 Sep 7, 2018

Storage bin prices and dimensions updated for as-built conditions, real estate taxes updated for 2018/2019 tax year, and smoking policy adopted as building rule.

• Storage bin purchase prices and dimensions updated per Exhibit A (584.20 sq ft total, $642,620.00 total purchase price)
• Real estate taxes updated for 2018/2019 tax year per DOF assessment as of July 1, 2018
• Smoking policy adopted by Board and added to Rules and Regulations
• Storage room floor plans updated per Exhibit B
• No extension of exclusive purchase period
• Plan term not extended

Amendment 18 Mar 12, 2018

Operating budget for 2018 adopted, financial statements and unsold units updated, and plan term extended 12 months.

• Operating budget for January 1 – December 31, 2018 adopted with total income of $2,280,957
• Thirty-eight unsold residential units owned by Sponsor as of February 6, 2018
• Sponsor not in control of Board as of August 22, 2017
• Sponsor's loan unpaid balance approximately $39,907,898.67 as of January 10, 2018, maturing May 9, 2019
• Reserve Fund balance $34,228 as of February 6, 2018
• Tax Cuts and Jobs Act of 2017 may affect tax information disclosed in Plan
• FinCEN reporting requirement for title companies effective until March 20, 2018
• Offering plan term extended 12 months from filing date

Amendment 17 Aug 25, 2017

Real estate taxes updated for 2017/2018 tax year; units 15I and 15J combined into unit 15IJ, reducing total units from 248 to 247.

• Real estate taxes updated to reflect Department of Finance assessment as of July 1, 2017 for 2017/2018 tax year
• Units 15I and 15J combined into new unit 15IJ
• Total residential units reduced from 248 to 247

Amendment 16 Mar 6, 2017

This amendment updates financial information, extends the offering period by 12 months, and confirms the waiver period ended January 1, 2017.

• Waiver Period ended January 1, 2017; Common Charges collection from Unit Owners commenced
• 83 Unsold Residential Units as of February 28, 2017
• Aggregate monthly Common Charges for Unsold Units: $58,166.12
• Aggregate real estate taxes for Unsold Units: approximately $108,108.71
• Sponsor's Loan unpaid balance: approximately $92,263,552.40 as of February 9, 2017, maturing May 9, 2019
• Monthly rental income from Sponsor-owned units: $10,068.77
• Offering period extended 12 months from filing date
• Budget from Thirteenth Amendment remains in effect through December 31, 2017

Amendment 15 Mar 8, 2017

Purchase prices of residential units are increased or decreased per the revised Schedule A.

• Schedule A prices increased for 6 homes (median +12.0%): 15I $995,000 → $1,272,500; 15J $995,000 → $1,272,500; 23G $1,240,000 → $1,372,500; 23H $1,225,000 → $1,372,500; ...

Amendment 14 Feb 6, 2017

Purchase prices of certain residential units increased or decreased per revised Schedule A.

• Purchase prices of residential units revised per Exhibit A Schedule A
• Sponsor reserves right to revise further purchase prices and other terms
• Purchase price changes do not affect units with existing Purchase Agreements without purchaser consent
• Eligible Tenant purchase prices will not be increased during any Exclusive Purchase Period
• Amendment does not extend or renew any Exclusive Purchase Period
• Schedule A prices increased for 12 homes (median +9.6%): 2K $1,550,000 → $2,050,000; 3E $1,700,000 → $1,850,000; 4C $1,445,000 → $1,595,000; 4D $1,340,000 → $1,550,000; ...
• Schedule A prices decreased for 9 homes (median -15.3%): 13J $1,190,000 → $995,000; 15H $1,185,000 → $995,000; 15I $1,185,000 → $995,000; 15J $1,200,000 → $995,000; ...

Amendment 13 Sep 9, 2016

Amendment combines 10 units into 5 new renovated units, reduces total unit count from 253 to 248, updates Schedule A with new prices, and increases common charges by 1.25% for year two.

• 10 residential units combined to create 5 new renovated units (units 2G+2H, 13G+13H, 14G+14H, 14I+14J, 19I+19J)
• Total residential units reduced from 253 to 248
• Units 5C and 12C reconfigured as two-bedroom units
• Schedule A updated with new purchase prices for all units
• Common charges increased by 1.25% for second year (July 1, 2016 - June 30, 2017)
• New floor plans and architect certification provided for renovated units
• Waiver period remains in effect with no assessment against unit owners at commencement of common charges collection

Amendment 12 Mar 21, 2016

This twelfth amendment updates financial information, extends the offering term, confirms budgets, changes the escrow bank, and adds FinCEN reporting requirements.

• 152 unsold residential units as of March 11, 2016
• Sponsor's loan balance approximately $160,000,000 as of March 1, 2016, maturing December 18, 2016
• Escrow deposits moved to JP Morgan Private Banking, FDIC insured to $250,000 maximum per deposit
• FinCEN beneficial ownership reporting required for transactions closing on or after March 1, 2016 through approximately August 27, 2016
• Escrow interest rate 0.03% as of February 22, 2016
• Common Charges for unsold units aggregate $111,957.59 as of February 29, 2016
• Real estate taxes for unsold units approximately $164,437 as of February 29, 2016
• Monthly rental income from Sponsor-owned units $10,011.56 as of March 1, 2016

Amendment 11 Mar 14, 2016

Purchase prices of certain residential units are increased or decreased per revised Schedule A.

• Purchase prices of residential units revised per attached Schedule A (Exhibit A)
• Sponsor reserves right to revise further purchase prices and other terms of sale
• Price changes do not apply to units with existing Purchase Agreements without purchaser consent
• Eligible tenant purchase prices will not be increased during Exclusive Purchase Period
• Amendment does not extend or renew any Exclusive Purchase Period

Amendment 10 Dec 4, 2015

This amendment updates amenities to reflect Department of Buildings approvals, combines 14 residential units into 7 renovated units reducing the total from 260 to 253 units, and establishes storage bin licensing terms.

• Fitness center, spa, children's playroom, resident's lounge, amenity terrace, roof terrace, and dog run now confirmed as Residential Limited Common Elements
• New laundry room on Second Floor and LULA Elevator between Penthouse and Roof added as Residential Limited Common Elements
• 14 residential units combined into 7 renovated units; total units reduced from 260 to 253
• Units 2F, 5J, 9B and 10A offered as Renovated Units; Unit 4F changed to three-bedroom; Units 13C and 14D changed to two-bedroom
• 37 Storage Bin Licenses offered for Cellar and First Floor at $1.055 per month per square foot, with annual increases after fifth anniversary based on CPI
• Storage bin licensees must own a residential unit; Board has same collection rights as for Common Charges
• Schedule A prices decreased for 2 homes (median -0.6%): 7A $1,850,000 → $1,350,000; 9F $1,765,000 → $1,755,000

Amendment 9 Oct 29, 2015

Discloses the first unit closing on August 31, 2015, establishes reserve and working capital funds, waives common charges during sponsor's elected period, and lists 206 unsold units.

• First closing occurred August 31, 2015 for Unit 15K
• Reserve Fund established with $3,642,350.30 balance as of October 27, 2015
• Working Capital Fund established with $66,739.94 balance as of October 23, 2015
• Sponsor waives collection of Common Charges for a period to be determined by Sponsor
• Unit Owners remain responsible for real estate taxes attributed to their Units during waiver period
• 206 unsold units held by Sponsor as of October 26, 2015 (36 with executed Purchase Agreements, 170 without)
• First Annual Meeting to be held not later than 30 days after the later of: August 31, 2017 or closing to 50% of units
• Filing period extended 6 months from amendment date

Amendment 8 Sep 8, 2015

Units 2B and 2E converted to Limited Common Elements for residential amenities; number of residential units reduced from 262 to 260.

• Residential Units 2B and 2E removed from offering; space reallocated as Residential Limited Common Elements
• Total residential units reduced to 260
• Updated Schedule A with revised unit allocation percentages
• Revised floor plan for Second Floor
• Plan term extended to later of six months from filing or December 17, 2015
• Additional Deposit due at same time as Initial Deposit
• Sponsor pursuing DOB permits for residential amenities in converted space; no guarantee permits will be issued or work performed

Amendment 7 Jul 15, 2015

Plan declared effective with tenant purchase rights at 55% discount, reserve fund credit for capital work, and storage bin and amenity provisions.

• Tenants in occupancy have 30-day right to purchase their unit as-is at 55% of non-tenant purchase price
• Total offering price to tenants set at $177,669,450
• Sponsor takes reserve fund credit up to $1,687,733.20 for plumbing risers, electrical upgrades, fire sprinkler, and circulating pump work
• Plan effectiveness achieved: 51 agreements executed, 45 counted toward 19% of 262 units (15% threshold required)
• Sponsor reserves right to create and license storage bins and designate special residential amenities (fitness center, spa, playroom, terrace, roof deck, dog run)
• Eligible tenants granted new 30-day exclusive purchase period from amendment presentation date
• Plan term expires December 17, 2015 or six months from amendment filing, whichever is later

Amendment 6 Mar 13, 2015

Sixth amendment updates the First Year of Condominium Operation to July 1, 2015 through June 30, 2016, revises Schedule A with new purchase prices and maintenance charges, adjusts the commercial unit's common interest allocation from 9.841% to 8%, updates the budget and tax projections, modifies unit configurations and deposit terms, and corrects the Resident Manager's Unit pricing and location.

• First Year of Condominium Operation changed to July 1, 2015 through June 30, 2016
• Real estate tax projection for First Year updated to $3,198,518; projected 2016/2017 taxes $3,718,092
• Commercial Unit common interest allocation reduced from 9.841% to 8%
• Schedule A updated with new maintenance charge figures based on revised budget and tax projections
• Resident Manager's Unit purchase price corrected to $1,550,000; now anticipated as Unit 3C at $1,380,000
• Unit reconfiguration changes and addition of washer/dryer in certain Residential Units
• Pet policy revised to allow two domestic pets up to 90 pounds each without Board consent
• Deposit structure clarified: 10% Initial Deposit and 5% Additional Deposit due within 90 days or 15 days after amendment effectiveness notice

Amendment 5 Apr 13, 2015

Purchase prices of multiple residential units are increased or decreased per the revised Schedule A.

• Purchase prices changed for units across all floors (2A through 9H)
• Prices range from $972,000 to $3,290,000
• Changes do not affect units with existing Purchase Agreements without purchaser consent
• Eligible tenant exclusive purchase periods not extended or renewed
• Sponsor reserves right to revise further prices and other sale terms
• Schedule A prices increased for 3 homes (median +3.1%): 14J $1,159,000 → $1,195,000; 17J $1,173,250 → $1,210,000; 19J $1,182,750 → $1,220,000
• Schedule A prices decreased for 4 homes (median -0.7%): 3C $1,445,000 → $1,435,000; 3D $1,340,000 → $1,330,000; 4C $1,455,000 → $1,445,000; 5C $1,465,000 → $1,455,000

Amendment 4 Apr 10, 2015

Purchase prices of residential units are increased or decreased per the revised Schedule A.

• Purchase prices of Residential Units revised per attached Schedule A Exhibit A
• Sponsor retains right to revise further Purchase Prices and terms, except for units with Purchase Agreements in effect without purchaser consent
• Purchase Prices offered to Eligible Tenants will not be increased during any Exclusive Purchase Period
• This Amendment does not extend or renew any Exclusive Purchase Period
• Schedule A prices increased for 121 homes (median +5.2%): 2F $1,676,750 → $1,870,000; 3A $1,700,000 → $1,790,000; 3B $1,285,000 → $1,350,000; 3C $1,380,000 → $1,445,000; ...
• Schedule A prices decreased for 36 homes (median -15.0%): 3G $1,106,750 → $972,000; 3H $1,092,500 → $972,000; 3I $1,125,000 → $972,000; 3J $1,106,750 → $972,000; ...

Amendment 3 Mar 4, 2015

Purchase prices of residential units are increased.

• Purchase prices of units on revised Schedule A increased
• Sponsor reserves right to revise further purchase prices and other terms
• No price changes for units with Purchase Agreements in effect without purchaser consent
• Prices offered to Eligible Tenants will not increase during Exclusive Purchase Period
• This Amendment does not extend or renew any Exclusive Purchase Period
• Schedule A prices increased for 1 home (median +0.8%): 12A $1,835,000 → $1,850,000

Amendment 2 Jan 15, 2015

Selling Agent changed to Douglas Elliman, LLC d/b/a Douglas Elliman Real Estate.

Amendment 1 Jan 6, 2015

Purchase prices of residential units increased on revised Schedule A.

• Schedule A prices increased for 217 homes (median +3.1%): 2G $1,163,750 → $1,195,000; 2H $1,140,000 → $1,175,000; 2I $1,140,000 → $1,175,000; 2J $1,163,750 → $1,195,000; ...