3165 Nostrand Avenue/ Brevoort

Amendment 29 Jun 10, 2020

This 29th amendment discloses the sponsor's 11 unsold apartments and their finances as of May 21, 2020, adds the 2019 New York State transfer tax rules, and updates the board, budget, and other disclosures.

• Exhibit A schedules 11 unsold apartments owned by 3165 Realty Co. LLC; as of May 21, 2020, monthly maintenance on them was approximately $9,592.00, rent from occupied ones was approximately $10,377.00 per month, and maintenance was approximately $3.00 per share per month
• Adds sponsor disclosure that 3165 Realty is current on its obligations and that none of its apartments are subject to mortgages or financing commitments
• Adds notice of the additional NYS base transfer tax ($1.25 for each $500 on residential sales of $3 million or more) and supplemental tax rates from .25% to 2.9% for NYC residential sales of $2 million or more
• Attaches the DRAFT 2020 Budget (Exhibit C), not yet approved by the Board; the 2019 financial statement is not yet available; 2018 and 2017 statements are attached as Schedule D
• Lists current Board of Directors members and states none are affiliated with 3165 Realty
• Exhibit B lists buildings where the Principals or affiliates of 3165 Realty own more than 10% of shares or apartments
• States no J-51 benefit changes and no units de-regulated since the previous amendment
• States that to 3165 Realty's knowledge no litigation is pending against the Apartment Corporation

Amendment 27 Jul 23, 2018

The OCR text is too garbled to identify what this amendment changes in the plan.

Amendment 26 2017

This amendment discloses the 15 unsold shares held by 3165 Realty Co. LLC with their maintenance and rent figures, adds the sponsor principal's and Pinnacle Group NY LLC's regulatory history, and attaches the 2017 budget and 2015 financial statements.

• Schedule (Exhibit A) of the 15 apartments appurtenant to the Unsold Shares, owned by 3165 Realty Co. LLC, totaling 4,527 shares
• As of June 30, 2017, aggregate monthly maintenance on the Unsold Shares was approximately $12,349.00 and aggregate monthly rent from occupied units was approximately $12,950.00
• As of June 30, 2017, maintenance per share was approximately $2.7278 per month
• Principals' ownership of 10% or more in other buildings listed in Exhibit B
• Identity of Parties now discloses Joel Wiener's indirect interest in multifamily properties and the Pinnacle Group NY LLC Assurance of Discontinuance with the NY Attorney General and DHCR
• Board of Directors members listed, none affiliated with 3165 Realty Co. LLC
• 2017 Budget attached as Exhibit C (income $1,167,930, expenses $1,157,105, surplus $10,825) and certified 2015 Financial Statements attached as Exhibit D
• No changes to J-51 benefits and no units de-regulated since the previously filed amendment

Amendment 25 Aug 15, 2016

The OCR text is too garbled to identify any changes this amendment makes to the offering plan.

Amendment 24 Sep 24, 2015

This amendment discloses the sponsor's unsold apartments and their finances, the sponsor's other building interests, the current board, and the 2015 budget, and it confirms no J-51 or rent-decontrol changes since the last amendment.

• Exhibit A lists 19 unsold apartments owned by 3165 Realty Co. LLC
• As of August 27, 2015: monthly maintenance on unsold shares $16,827.93; monthly rent from occupied unsold apartments $14,410.59
• Maintenance per share as of August 27, 2015: $2.8810 per month
• 3165 Realty has no mortgages or financing commitments on its apartments
• Exhibit B lists other buildings where the Principals own more than 10% of shares or apartments
• Current Board of Directors named, none affiliated with 3165 Realty
• 2015 Budget attached as Exhibit C: total income $1,096,273.00, total expenses $1,071,205.80, NOI $25,067.20
• Certified financial statements for year ended December 31, 2014 not yet available

Amendment 23 Jun 22, 2015

The Twenty-Third Amendment raises the purchase prices for Non-Tenant Purchasers of three currently vacant units (1C, 1L and 6T).

• Non-Tenant Purchaser price of Unit 1C set at $344,138
• Non-Tenant Purchaser price of Unit 1L set at $330,050
• Non-Tenant Purchaser price of Unit 6T set at $326,025

Amendment 22 Oct 8, 2014

The amendment text is too garbled by OCR to identify any changes to the plan.

Amendment 21 Oct 31, 2013

This amendment adds disclosures about the 23 unsold apartments owned by 3165 Realty, the building's board, 2012-2013 financials and 2013 budget, escrow account details, the Pinnacle Group litigation, and revised trust fund rules, without changing any listed price.

• Exhibit A schedules the 23 apartments appurtenant to the Unsold Shares owned by 3165 Realty Co. LLC
• As of September 6, 2013, aggregate monthly maintenance on Unsold Shares was $18,258.20 and aggregate monthly rent from their tenants was $18,076.97
• As of September 6, 2013, maintenance per share was $2.6158 per month
• Escrow Agent is Cherny & Podolsky, Esq.; down payments are held in an IOLA account at JP Morgan Chase Bank, insured by the FDIC up to $250,000.00 per deposit through calendar year 2013, then $100,000.00
• Revised Attorney General trust fund regulations eliminate the Attorney General's authority to adjudicate disputes over deposits, down payments, or advances
• Pinnacle Group litigation settlement approved; affirmed by the Second Circuit on September 30, 2013, with a rehearing requested
• Board of Directors listed as Edward Nelson, Rimona Levine, Marla Doyle, Brian Mclasky and Shirley Ritenour, none affiliated with 3165 Realty
• Financial statements for the years ended December 31, 2012 and 2011 and the 2013 budget are attached as Exhibits C and D

Amendment 20 Oct 25, 2011

The OCR text is too garbled to identify any changes this amendment makes to the offering plan.

Amendment 19 Sep 8, 2010

This amendment discloses the 29 unsold apartments held by sponsor 3165 Realty Co. LLC and their financial status, adds a J-51 rent-deregulation disclosure, updates pending litigation, and lists board members and financial statements.

• Attaches schedule of 29 unsold-share apartments owned by 3165 Realty Co. LLC (Exhibit A)
• As of August 2, 2010: aggregate monthly maintenance on unsold shares $21,963.35; aggregate monthly rent from occupied unsold-share apartments $21,175.61; maintenance per share $2.6125 per month
• No assessments in effect; none of 3165 Realty's apartments are subject to mortgages or financing commitments
• Adds J-51 disclosure: J-51 benefits expired during fiscal year 2009/2010, and tenants may face deregulation; buyers should consult counsel
• Updates BRUSH et al. v. Pinnacle Group Corp. and Joel Wiener litigation: classes certified in April 2010; defendants appealing; court found no wrongdoing
• Board: Helene Nelson (President), Anita Gelberg (Vice President), Barbara Leach (Treasurer), none affiliated with 3165 Realty
• Attaches 2008 certified and 2009 draft financial statements; 2010 budget not available

Amendment 18 Dec 23, 2008

This amendment updates the plan for the 30 unsold units owned by 3165 Realty Co. LLC and discloses rent-overcharge investigations and a pending lawsuit involving its affiliate Pinnacle Group, along with the building's financial figures, budget deficits, and board members.

• Disclosed Pinnacle Group NY, LLC's Attorney General Assurance of Discontinuance (December 18, 2006) and New Assurance (December 20, 2007) over rent overcharges, plus a Manhattan District Attorney agreement
• Disclosed pending federal lawsuit BRUSH, et. al. v. Pinnacle Group Corp. and Joel Wiener, a principal of 3165 Realty, alleging illegal rents, harassment and other unlawful practices
• Draft budget projects deficits of $138,748 for 2008 and $141,168 for 2009
• 30 unsold units owned by 3165 Realty Co. LLC: aggregate monthly maintenance $20,618.11 and aggregate monthly rent $21,165.59 as of October 30, 2008
• Maintenance per share was $2.3745 per month as of October 30, 2008
• None of the units owned by 3165 Realty are subject to mortgages or financing commitments
• Expenses before depreciation exceeded operating revenues by $82,769 in 2006 and $22,611 in 2007
• Current Board of Directors: Haline Nelson (President), Anita Gelberg (Vice President), Barbara Leach (Treasurer)

Amendment 17 Sep 12, 2006

This amendment updates buyers on the sponsor's unsold shares (33 units held by 3165 Realty Co., LLC), its maintenance and rent figures, its ownership in other buildings, the board, and the co-op's 2004 finances, and notes that no 2006 budget has been adopted yet.

• 33 unsold units held by 3165 Realty Co., LLC listed in Exhibit A
• As of June 15, 2006, 3165 Realty's aggregate monthly maintenance was $20,618
• As of June 15, 2006, monthly rent from tenants of unsold units was $22,598
• As of June 15, 2006, maintenance per share was $2.1911 per month
• Unsold shares are not encumbered by a secured loan
• Expenses exceeded revenues by $103,777 in 2004 and $36,634 in 2003
• Board lists Helene Nelson, Barbara Leach, Anita Gelberg, Joel Wiener and Neil Wiener (two 3165 Realty designees)
• Board has not yet adopted a budget for calendar year 2006

Amendment 16 Mar 29, 2005

This amendment lists the 39 unsold units held by 3165 Realty Co., LLC and their shares, gives March 1, 2005 maintenance, rent and per-share figures, adds sponsor and board disclosures, and notes that no 2005 budget has been adopted.

• Schedule of the 39 unsold units held by 3165 Realty Co., LLC and their shares (Exhibit A)
• Heading says price per share increased, but no new price is printed
• As of March 1, 2005: aggregate monthly maintenance $26,079; aggregate monthly rent $26,058
• As of March 1, 2005: maintenance per share $2.3516 per month
• 3165 Realty is current on its obligations; Unsold Shares not encumbered by a secured loan
• Board includes two 3165 Realty designees; 3165 Realty does not control the board
• Financial report for years ended December 31, 2003 and 2002 attached (Exhibit B)
• Board has not yet adopted a budget for calendar year 2005

Amendment 15 Mar 15, 2004

The amendment raises the price per share for the 53 unsold units held by 3165 Realty Co., LLC to $1,000.00 and adds updated financial disclosures about the unsold shares, the Board, the 2002 and 2001 financial statements, and the lack of a 2004 budget, plus a risk warning about obtaining loans.

• Price per share offered by 3165 Realty Co., LLC increased to $1,000.00
• As of February 1, 2004, aggregate monthly maintenance for unsold units was $33,815 and monthly rent from their tenants was $38,635
• As of February 1, 2004, maintenance per share was $2.2854 per month
• Unsold shares are no longer encumbered by a secured loan
• 3165 Realty states it is current on its obligations to the Apartment Corporation and will fund maintenance from unsold-unit rent and future sales
• Special risk added: lenders may restrict loans where unsold shares exceed 50%, which applies to this building
• Financial Report for the years ended December 31, 2002 and December 31, 2001 attached as Exhibit B
• Board of Directors has not yet adopted a budget for calendar year 2004

Amendment 14 2002

This amendment discloses the unsold-share holder's 58 units, its July 1, 2002 maintenance and rent figures, a secured bank loan, and its board designees, and attaches the Apartment Corporation's financial statements.

• 58 unsold units owned by 3165 Realty Co., LLC are scheduled in Exhibit A
• As of July 1, 2002: aggregate monthly maintenance on the unsold units was $33,815; aggregate monthly rent paid by their tenants was $41,639
• As of July 1, 2002: maintenance per share was $2.1075 per month
• Secured loan from New York Community Bank (original principal $1,631,000.00, matures December 31, 2011) encumbers some 3165 Realty units and units in 3202 and 3203 Nostrand Avenue; monthly principal and interest payment for all three buildings is $11,404.19
• 3165 Realty states it is current on its obligations to the Apartment Corporation and has no obligations due within 12 months other than maintenance charges
• Board of Directors listed: Helene Nelson (President), Barbara Leach (Vice President), Anita Gelberg (Secretary), Joel Wiener and Neil Wiener (3165 Realty designees)
• Financial report for the years ended December 31, 2001 and 2000, and for 1999, attached as Exhibit B

Amendment 13 May 12, 1998

3165 Realty Co., LLC acquired the unsold shares for 58 apartments and will publicly offer them with some negotiable terms, without assuming the original sponsor's obligations.

• 3165 Realty Co., LLC acquired Unsold Shares for 58 apartments from Nostrand Properties, Inc. on March 5, 1997
• 3165 Realty will publicly offer its Unsold Shares; price, renovations, reduced downpayment deposit and financing contingency terms may be negotiable
• 3165 Realty did not assume the original sponsor's obligations
• Unsold shares are pledged to Jay Furman under a loan of $763,000.00 at ten and one-half percent, maturing March 31, 1999
• 3165 Realty may sell or sublet apartments subject to Board consent, which shall not be unreasonably withheld
• 3165 Realty may renovate apartments without Board consent if compliant with applicable laws
• Maintenance per share is $2.1075 per month as of May 1, 1998
• Managing Agent is Marvin Gold Management Co., Inc.

Amendment 12 Oct 31, 1996

This amendment offers the remaining Unsold Apartments for sale at Schedule A prices, updates sponsor address and principal details, and discloses the sponsor's bank security interest and reserve fund.

• Unsold Apartments offered for sale at the purchase prices in Schedule A
• Non-Purchasing Tenants may buy their occupied unit at the outsider price, with a $1,000 down payment
• Other purchasers pay a 10% down payment on vacant Unsold Apartments, first come, first served
• Reserve Fund of $89,623 on deposit at Apple Bank as of September 30, 1996
• Unsold Apartments are subject to a security interest held by Marine Midland Bank
• New Sponsor address changed to c/o RB Management LLC, 645 Fifth Avenue, 8th Floor, New York, New York 10022
• Edward L. Shugrue III resigned as a principal effective June 28, 1996; Keith Walker effective October 31, 1996
• Plan may not be used after twelve (12) months from the Filing Date of this Amendment unless extended or amended

Amendment 11 Jul 23, 1996

This amendment offers the remaining unsold apartments for sale at the prices in Schedule A, gives present rent-stabilized and rent-controlled tenants a right to buy the unit they occupy, removes East River Savings Bank financing, extends the Apple Mortgage, and adds 1995 financial information and the unadopted 1996 budget status.

• East River Savings Bank financing no longer available to purchasers
• Unsold apartments offered at Schedule A prices; present rent-stabilized and rent-controlled tenants may buy the unit they occupy at the outsider price
• Vacant unsold apartments offered to purchasers first-come, first-served at outsider prices
• Apple Mortgage term extended to December 1, 1999
• Escrow attorneys renamed Greenstein Starr Gerstein & Rinaldi LLP, effective October 1, 1995
• 1995 financial statements added; net operating loss carryforwards of approximately $1,247,519 expire in 2010
• 1996 budget not adopted; maintenance charges continue at approximately $25.29 per share per annum ($2.1075 per share per month)

Amendment 10 Jun 14, 1995

The OCR text is unreadable, so no changes to the offering plan can be identified.

Amendment 9 Dec 6, 1994

The OCR text is too garbled to identify any changes this amendment makes to the plan.

Amendment 8 Jul 22, 1994

The amendment text is too garbled by OCR to identify any changes to the offering plan.

Amendment 7 Mar 16, 1994

The OCR text is unreadable garbage with no legible words, so this amendment's changes cannot be identified.

Amendment 6 May 30, 1990

This Sixth Amendment discloses the Sponsor's remaining unsold units, its monthly maintenance and rental income from them, its obligations to the cooperative, and a bank loan secured by unsold shares, and states that the Sponsor is current on its obligations.

• Exhibit A lists the remaining unsold units and their share allocations owned by the Sponsor
• River Bank America loan secured by pledged unsold shares: outstanding principal of approximately $7,500,000.00, interest-only monthly payments of approximately $72,000.00, maturing December 19, 1991
• Aggregate monthly maintenance payable by the Sponsor on its units: $42,976.00
• Aggregate monthly rents receivable from tenants of Sponsor-owned units: approximately $32,879.00
• Exhibit B lists Sponsor obligations to the cooperative due within twelve months, including a $5.00/share reserve fund payment on each block of shares sold and a pool-season contribution if needed
• Obligations to be funded by rents and projected sales, with any deficiency from partners' personal funds or bank lines of credit, with no assurance that sales will continue
• Sponsor states it is current on all Offering Plan obligations and on underlying mortgages and loans secured by unsold units
• Exhibit D lists other buildings in which Sponsor principals hold interests, including 3202 Nostrand Avenue, 3203 Nostrand Avenue, and 2080-2090 Barnes Avenue

Amendment 5 Apr 16, 1990

This Fifth Amendment records the November 20, 1989 transfer of title to the Apartment Corporation and sets out the reserve fund, the sponsor's closing adjustment note, the wraparound and underlying mortgages, the interest deposit, and the pledge of unsold shares.

• Title to the property transferred from the Sponsor to the Apartment Corporation on November 20, 1989
• Reserve Fund of $151,000.00 established; no working capital fund
• Sponsor to make periodic Reserve Fund contributions of $5.00 per share as each block of shares is sold to a bona fide purchaser
• Apartment Corporation to pay the Sponsor a closing adjustment by 12 monthly installments, first due January 1, 1991, final payment December 31, 1991
• Wraparound mortgage in favor of the Sponsor matures December 1, 1994, and wraps a $2,350,000 underlying mortgage to Apple Bank for Savings
• Sponsor paid a $125,564.00 Interest Deposit held in a Citibank, N.A. account until November 19, 1991
• Unsold shares pledged to River Bank (formerly East River Savings Bank), released upon sale to a third party against a release payment
• Units listed on Exhibit A were held by the Sponsor as of the Closing Date

Amendment 4 Oct 12, 1989

This Fourth Amendment sets a five-year term for the mortgage the cooperative corporation takes at closing, adds the 1988 audited income and expense statement, and adds a new first-year budget beginning December 1, 1989, along with the form of contract for later unit sales.

• Mortgage term set at five years, maturing on the fifth anniversary of the Closing Date
• Audited 1988 statement of income and expense added (Exhibit A)
• New first-year budget, estimated to begin December 1, 1989, added (Exhibit B), totaling $619,758
• Sponsor's expert certification of budget adequacy added (Exhibit B-1)
• Form of Contract of Sale for units sold after the Closing Date added (Exhibit C)

Amendment 3 Jul 13, 1989

The amendment text is too garbled by OCR to read, so its changes cannot be determined.

Amendment 2 May 15, 1989

The amendment extends the window in which eligible tenants can buy their apartments at a reduced price, lowers the required downpayment, offers Sponsor financing for tenants turned down by banks, and sets a higher price for purchases after the window closes.

• Eligible tenants' exclusive reduced-price purchase period extended to ten days after presentation of this amendment (exact closing date not legible in the text)
• Price during the extended period is $170 per share
• Price drops to $130 per share if at least eight apartments (including the five subscribed earlier) are subscribed, or a lesser number the Sponsor accepts
• Initial downpayment from eligible tenants reduced to $1,000
• Tenants who do not buy in the extended period lose their exclusive right; the Total Cash Purchase Price rises to $345.55 per share
• Sponsor purchase money loans offered to eligible tenants rejected by banks: up to 100% of the Total Cash Purchase Price, three-year term, interest-only, balloon payment at maturity
• First Amendment benefits extended to tenants who buy in the extended period: maintenance subsidy, assignment right, right to buy listed vacant apartments, new appliance allowance, parking

Amendment 1 Feb 3, 1989

This amendment gives eligible tenants a 30-day window to buy at reduced prices with a lower downpayment and maintenance subsidy, adds new windows, a reserve fund, and a lower mortgage rate, and ends the tenants' exclusive right and the discount after that window.

• Eligible tenants may buy during the Additional Period (30 days after presentation) at $170 per share; $165 if at least 11 apartments subscribe, $160 if at least 16 subscribe
• Initial downpayment for eligible tenants reduced from $1,500 to $1,000
• After the Additional Period, eligible tenants' Total Cash Purchase Price automatically increased to $345.55 per share and their exclusive purchase right ends
• Maintenance subsidy for purchasing tenants of $2.16 per share per year for three years; $3.24 per share per year for the first 2 years if at least 21 apartments subscribe
• Sponsor to install new aluminum double-hung thermal pane windows in every apartment within six months after title transfer
• Initial reserve fund of $151,000 set up at closing or within 30 days, plus $5.00 per share on each block sold
• Mortgage interest capped at 7.27% per annum for the first two years; first-year maintenance projected about 10% lower; new budget for first year beginning July 1, 1989
• Eligible tenants may assign subscription agreements without Sponsor consent before 45 days after presentation, for a $250.00 fee