385 East 18th Street

Amendment 37 2019

This 37th amendment extends the plan's term by one year, sets per-share prices for the remaining unsold apartments, and updates the sponsor's holdings, managing agent, budget status, and financial disclosures.

• Plan term extended one year from the date this amendment is accepted for filing
• Price per share: studio $1,100; one bedroom $1,175; one bedroom with dining room $1,250; two and three bedroom $1,300
• Sponsor owns 9,272 shares (25.00% of outstanding shares), allocated to 17 unsold apartments
• No budget adopted yet for the year beginning January 1, 2020; the 2019 budget is in the 36th Amendment
• MAXX Properties, a sponsor affiliate, retained as managing agent under a two-year agreement commencing May 1, 2019; terms unchanged
• As of November 1, 2019, sponsor's monthly maintenance on unsold shares is approximately $15,036 and monthly rental income is approximately $20,351
• Financial statements for the years ending December 31, 2017 and December 31, 2018 added

Amendment 36 2018

This thirty-sixth amendment extends the Plan's term by one year, sets per-share prices for unsold apartments, updates the 2018 and 2019 budgets and capital assessments, and adds smoking-policy and tax-law risk disclosures.

• Plan term extended one year from the date this amendment is accepted for filing
• Price per share set at $1,100 for studios, $1,175 for one bedrooms, $1,250 for one bedrooms with dining rooms, and $1,300.00 for two and three bedrooms
• 2018 budget requires maintenance increase from $19.27 to $19.46 per share (1%), plus $50,000 ($1.3482 per share) capital assessment from May 2018 through December 2018
• 2019 budget does not increase annual maintenance; $50,000 ($1.3482 per share) capital assessment from January 2019 through December 2019, including elevator modernization
• House Rule 21 added, setting a smoking policy that prohibits smoking in common areas and permits it in apartments only if smoke, odor or vapor does not escape
• Special risk disclosure added that the Tax Cuts and Jobs Act of 2017 may make the plan's tax information inaccurate, and purchasers should consult a tax expert
• Underlying mortgage refinanced December 6, 2017 with New York Community Bank for $3,200,000 at 4% over 10 years, with a $500,000 line of credit

Amendment 35 2017

This amendment extends the Plan by one year, sets per-share prices for unsold apartments, adopts the 2017 budget with a maintenance increase, and updates sponsor, managing agent, board, and financial disclosures.

• Plan term extended for one additional year from the date this amendment is accepted for filing
• Prices per share for unsold apartments: studios $1,100; one bedrooms $1,175; one bedrooms with dining rooms $1,250; two and three bedrooms $1,300.00
• Maintenance increased from $17.92 to $19.27 per share under the 2017 budget (January 1 to December 31, 2017)
• Sponsor owns 10,166 unsold shares allocated to 20 apartments, 27.41% of outstanding shares
• MAXX Properties, a Sponsor affiliate, retained as managing agent under a two-year agreement commencing May 1, 2017, with unchanged terms
• Sponsor's monthly maintenance on unsold shares is approximately $16,325, and its monthly rental income is approximately $21,829
• Financial statements for the years ending December 31, 2015 and December 31, 2016 are attached
• Board of five directors elected December 13, 2016, including Maria Valente (Sponsor designee)

Amendment 34 2016

This amendment extends the plan by one year, sets per-share prices for the unsold apartments, updates the 2016 budget and a capital assessment, and replaces the contract rider.

• Plan term extended for one additional year from the date this amendment is accepted for filing
• Price per share set at $1,050 for studios, $1,100 for one bedrooms, $1,200 for one bedrooms with dining rooms, and $1,300.00 for two and three bedrooms
• Sponsor owns 10,852 unsold shares allocated to 22 apartments, 29.26% of outstanding shares
• Budget for January 1, 2016 to December 31, 2016 adopted with no maintenance increase
• Capital improvement assessment of $.1348 per share approved for August 2016 through January 2017, to pay for side and rear courtyard concrete repair
• MAXX Properties, an affiliate of the Sponsor, retained as managing agent under a two-year agreement commencing May 1, 2015
• Revised Rider to Contract of Sale replaces the Thirty-Third Amendment rider, clarifying which party pays filing and document preparation fees and how special assessments are allocated at closing
• Financial statements for the years ending December 31, 2014 and December 31, 2015 annexed as Exhibit 4

Amendment 33 March 2016

The amendment replaces the escrow agent and escrow bank, adds a $975.00 closing fee paid by buyers, attaches a revised Contract of Sale and the 2016 budget with no maintenance increase, and lists the current board.

• Escrow agent is now Horing Welikson & Rosen P.C., 11 Hillside Avenue, Williston Park, New York 11596
• Deposits are held in an escrow account at M & T Trust Company, 845 Franklin Avenue, Garden City, New York 11530; the account is not an IOLA account and is FDIC insured up to $250,000 per deposit
• Interest on deposits is paid or credited to the Purchaser at closing; no fees may be deducted from the escrow account, and the Sponsor bears its maintenance costs
• Deposits for upgrades, extras, or custom work go into the escrow account and are released under the Contract of Sale
• Purchasers will pay a $975.00 closing fee to the attorney representing the Sponsor
• Contract of Sale revised, with an Escrow Trust Fund Rider, attached as Exhibit 1
• Budget for January 1, 2016 to December 31, 2016 attached as Exhibit 2; it did not require a maintenance increase
• Board of Directors: Maria Valente, Leon Manoucheri, Tyrone Williams, Michael O'Connor and Daniel Kohn, elected December 8, 2015

Amendment 32 2015

This amendment extends the Plan's term by one year, sets per-share prices for the unsold apartments, adopts the 2015 budget with no maintenance increase, and updates the Sponsor's holdings, financial disclosures, and managing agent.

• Plan term extended one year from the date this amendment is accepted for filing
• Unsold share prices set: studios $1,050, one bedrooms $1,100, one bedrooms with dining rooms $1,200, two and three bedrooms $1,300 per share
• Sponsor holds 11,377 shares allocated to 23 apartments (30.68% of outstanding shares)
• Budget for January 1, 2015 to December 31, 2015 adopted; no maintenance increase
• MAXX Properties, a Sponsor affiliate, retained as managing agent under a two-year agreement commencing May 1, 2015
• As of October 1, 2015: Sponsor's monthly maintenance on unsold shares approximately $16,823; monthly rental income approximately $23,738
• Sponsor's unsold shares are not pledged or subject to financing commitments; 2013 and 2014 financial statements attached

Amendment 9 Jan 10, 2001

The amendment extends the Plan's term by one year, reports that the sponsor still holds 29,282 unsold shares (78.96% of outstanding shares) priced at $90.00 per share, and adopts a 2001 budget that requires a $0.96-per-share special assessment.

• Plan term extended one year from the date this amendment is accepted for filing
• Sponsor owns 29,282 unsold shares allocated to 57 apartments, 78.96% of outstanding shares
• Unsold shares priced at $90.00 per share
• Budget for January 1, 2001 to December 31, 2001 requires a special assessment of $0.96 per share; no maintenance increase
• Unsold shares pledged as security for the underlying mortgage held by North Fork Bank
• Sponsor states it is current on all Plan obligations and underlying mortgage payments
• Board of five directors elected January 27, 2000; sponsor relinquished board control December 12, 1994
• Financial statements for the years ending December 31, 1998 and December 31, 1999 attached

Amendment 8 Nov 15, 1999

The amendment extends the Plan's term by one year, updates the Sponsor's unsold-share holdings, sets the $80.00 per-share price, adopts a 1999-2000 budget with no maintenance increase, and adds Sponsor financial disclosures and 1997-1998 financial statements.

• Plan term extended for one additional year from the date this amendment is accepted for filing
• Sponsor owns 29,282 unsold shares allocated to 57 apartments, 78.96% of outstanding shares
• Price per share for the unsold apartments is $80.00
• Budget for July 1, 1999 to June 30, 2000 adopted with a 0.00% maintenance increase
• As of November 1, 1999, Sponsor's aggregate monthly maintenance on unsold shares is approximately $24,091.60
• As of November 1, 1999, Sponsor's aggregate monthly rental receipts from tenants are approximately $36,397.37
• Unsold shares pledged as security for the underlying mortgage held by North Fork Bank
• Financial statements for the years ending December 31, 1997 and December 31, 1998 added as Exhibit 4

Amendment 7 Oct 21, 1998

This amendment extends the Plan's term by one year, reduces the price per share for the apartments to $80, and updates the sponsor's unsold-share holdings, closing fees, mortgage terms, escrow arrangements, budget and managing agent.

• Plan term extended one year from the date this amendment is accepted for filing
• Price per share for the apartments reduced to $80
• Sponsor owns 29,282 unsold shares allocated to 57 apartments
• Purchasers to pay a $450.00 closing fee to the Sponsor's attorney, plus $150.00 travel fee if closing is outside that attorney's office
• Wraparound mortgage with Sponsor satisfied February 27, 1998; underlying mortgage refinanced with North Fork Bank ($1,250,000 principal, 7.75% interest, matures March 1, 2008)
• Deposits to be held in escrow account of Keith G. Halperin, Esq., P.C.
• Rent may be paid directly to the cooperative if a non-occupying owner fails to pay charges (GBL Section 352-1)
• Budget for January 1, 1998 to December 31, 1998 adopted; managing agent is J.R.D. Management Corp., a Sponsor affiliate, under an agreement expiring February 8, 2001

Amendment 6 Jun 26, 1991

This amendment extends the plan's term by one year, attaches a new sponsor contract of sale and a list of the sponsor's unsold apartments, sets a $350.00 closing fee, and updates the sponsor's financial information.

• Plan term extended for one additional year from the date this amendment is accepted for filing
• New form of contract of sale for the sponsor's unsold shares attached as Schedule "B", with listed terms stated as negotiable
• Sponsor's attorney charges purchasers $350.00 for each closing
• Schedule "A" lists the sponsor-owned unsold apartments: 2A, 6A, 1B, 2B
• Financial statement for the year ending December 31, 1990 attached as Schedule "C"
• As of April 1, 1991, sponsor's aggregate monthly maintenance charges are approximately $23,165.02 and aggregate monthly rentals are approximately $26,620.31
• Sponsor states no financial obligations due within the next twelve months other than maintenance on unsold shares, and no unsold shares are pledged or subject to financing commitments

Amendment 5 Apr 11, 1991

This amendment extends the plan's term by one year, raises maintenance charges about 8.00% under the 1991 budget, sets closing fees, revises the contract of sale, names a new managing agent, and updates the board, officers, and list of Sponsor-owned unsold apartments.

• Plan term extended one year from the date this amendment is accepted for filing
• Maintenance charges increased approximately 8.00% under the 1991 budget adopted by the Board of Directors
• Closing fees of $350.00 per closing, plus a $150.00 attendance fee if the closing is not at the office of the Seller's attorney at 875 Mamaroneck Avenue, Mamaroneck, New York
• New form of contract of sale: listed terms are negotiable, and Sponsor reserves the right to negotiate all terms if the Attorney General's position is invalid
• R.D. Management Corp. named managing agent for the remaining term of the current management agreement
• Schedule A lists unsold apartments owned by Sponsor; no Unsold Shares were held by anyone else
• New Board of Directors and officers elected at the January 28, 1991 annual meeting

Amendment 4 Jun 1, 1990

The amendment extends the Plan's term by one year, reports the sponsor's unsold apartments and finances, sets current maintenance at $.7325 per share per month, and records the first shareholder meeting and election of the board.

• Plan term extended by one year from the date the amendment is accepted for filing
• Current maintenance charges are $.7325 per share per month as of May 29, 1990
• Sponsor's unsold apartments listed in Schedule A (units 2A, 6A, 1B, 2B, 3B)
• Sponsor's aggregate monthly maintenance charges are approximately $22,383.84 and monthly rentals received approximately $24,529.08, as of April 1, 1990
• First shareholder meeting held; board elected: Neil D. Morancie, Nancy Michaels, Joseph Baret, Tyrone Williams, Clifford Eudell
• Sponsor will not exercise board voting control at the earlier of December 12, 1994, or when Unsold Shares fall below 50% of shares
• 1989/90 budget certified by Brocor Realty, Inc. (Schedule E)
• Apartment Corporation's tax basis stated as $757,151.00 as of April 1, 1990

Amendment 3 Jan 18, 1990

This Third Amendment records the 1989 closing and related financial arrangements, sets sponsor closing fees and a new contract form, lists the units the sponsor still owns, and extends the plan term six months.

• Sponsor's attorney charges $350.00 per closing, plus a $150.00 attendance fee if the closing is not held at the seller's attorney's office
• New form of contract of sale for Unsold Shares added (Schedule B); terms are negotiable
• Plan term extended six months from the date the amendment is accepted for filing
• Schedule A lists the units still owned by the Sponsor
• Premises conveyed by the Sponsor to the Apartment Corporation on December 12, 1989
• Reserve Fund deposit of $55,629.00 made on or about December 12, 1989; Working Capital Fund of $25,000.00 established, leaving a $15,000.00 balance after a $10,000.00 deduction
• Sponsor credit of $53,730.14 from closing adjustments; $43,730.14 balance owed under a non-interest bearing note of 24 monthly payments of $1,822.09 starting January 1, 1991
• Purchase money wraparound mortgage of $1,200,000.00 given to the Sponsor, subordinate to a mortgage with an approximate unpaid balance of $827,098.24 on the Closing Date

Amendment 2 Aug 31, 1989

The amendment declares the conversion plan effective with subscriptions for 13 of 70 apartments, sets the closing timing, ends the boiler service contract, moves escrow funds to Chemical Bank, and names a new managing agent.

• Plan declared effective on August 25, 1989, with subscriptions for 13 of 70 apartments offered (approximately 18.57%)
• Closing to occur not less than 30 nor more than 60 days from the presentation date of this amendment, at the law offices of R. Emmet Delany, Esq., 875 Mamaroneck Avenue, Mamaroneck, New York
• Boiler and burner service contract with Kingsway Energy Control, Inc. terminated; the Apartment Corporation will not assume it at Closing
• Boiler servicing to be done by independent contractors as needed, with the first-year budget covering this expense
• Escrow funds moved from The Bank of New York to a non-interest bearing special escrow account at Chemical Bank, 277 Park Avenue, New York, New York
• Neil D. Morancie named Managing Agent for three years from the Closing Date
• 1988 statement of operating income and certain operating expenses attached as Exhibit "D"

Amendment 1 Mar 22, 1989

This amendment cuts the price for tenants in occupancy to $62.00 per share, opens a 30-day window to buy at that price, and adds financing, assignment, and reserve-fund terms.

• Tenants in occupancy may buy their allocated shares at a reduced Total Cash Payment of $62.00 per share within 30 days of the amendment's presentation
• Sponsor to contribute $5,000.00 to a Working Capital Fund for each qualifying tenant, deposited only as tenants acquire their shares; first $10,000.00 of any net sponsor closing credit deducted from that fund
• Sponsor reduces its Reserve Fund for Capital Improvements contribution from 3% to 2% due to window installation (cost approximately $95,200.00), and will contribute $55,629.00 on the Closing Date
• Tenant subscribers may assign Subscription Agreements, subject to listed conditions and delivery no later than 30 days before the Closing Date
• Tenant subscription obligations may be conditioned on obtaining a cooperative loan for up to 100% of the Total Cash Payment, with a 45-day commitment period and refund of the Down Payment if the commitment is not obtained
• Section Z-3 lawsuit noted: Court of Appeals determined the Attorney General cannot compel sponsors to cure municipal violations (text cut off)