Dillon
425 West 53rd Street, Manhattan, NY 10019
Overview
Dillon is an 83-unit condo in Manhattan, with 42 storage units and 1 commercial unit.
- Offering plan: Accepted March 2009
- Prices: $152.3 million in all
- Sponsor: 405 W. 53rd Development Group, LLC, represented by Law Offices Of Warren L. Forman
- Subway: 7-minute walk to 50 St (C, E); 8 minutes to 59 St-Columbus Circle (1, A, B, C, D)
- Amendments: 24, the latest in July 2014
- Units
- 83 residential · 42 storage · 1 commercial
- Subway
- 7 min walk to 50 St C E59 St-Columbus Circle 1 A B C D, 8 min
- Offering price
- $152.3 million total
- SubmittedMarch 2010
- AcceptedMarch 2009
- 24 amendments
The Building
Amendments
Amendment 24 Jul 25, 2014
The OCR text is too garbled to read, so no changes to the offering plan can be identified.
Amendment 19 May 31, 2012
The OCR text is too garbled to identify any changes to the offering plan.
Amendment 18 May 11, 2012
The Eighteenth Amendment changes the maximum offering price of one commercial unit to $3,450,000.00 and states there are no other material changes to the Plan.
Amendment 17 2012
The Seventeenth Amendment replaces The Corcoran Group Marketing with Brown Harris Stevens Development Marketing as the project's Selling Agent, with no other material changes to the plan.
- Selling Agent changed from The Corcoran Group Marketing to Brown Harris Stevens Development Marketing, 831 Broadway, New York, New York 10003, 212-381-4203
- No other material changes in the terms of the Offering Plan
Amendment 16 May 3, 2012
The Sponsor lowered the maximum offering prices for three unsold units (413, 414 and PH3) and states there are no other material changes to the plan.
- Maximum offering price of Unit 413 set at $2,250,000.00
- Maximum offering price of Unit 414 set at $2,150,000.00
- Maximum offering price of Unit PH3 set at $2,650,000.00
- No other material changes to the terms of the offering plan
Amendment 15 Apr 18, 2012
The Fifteenth Amendment changes the maximum offering price for one unit, Unit 205, and states there are no other material changes to the Plan.
Amendment 14 Apr 3, 2012
The Fourteenth Amendment changes the maximum offering price for one unit, TH 405, and states that there are no other material changes to the Plan.
- Maximum offering price for unit TH 405 set at $2,895,000.00
- No other material changes in the terms of the Plan
Amendment 13 Mar 30, 2012
The Thirteenth Amendment changes the maximum offering prices for 13 unsold units and states there are no other material changes to the Plan.
- Maximum offering price of unit PH4 set at $2,450,000.00
- Maximum offering price of unit PHS set at $2,500,000.00
- Maximum offering price of unit PH6 set at $2,425,000.00
- Maximum offering price of unit PH7 set at $2,565,000.00
- Maximum offering price of unit PH8 set at $2,400,000.00
- Maximum offering price of unit PH11 set at $2,195,000.00
- Maximum offering price of unit 409 set at $2,850,000.00
- Maximum offering price of unit 411 set at $2,275,000.00
Amendment 12 Nov 23, 2011
This twelfth amendment raises the maximum offering price of one unit, Unit 205, to $1,495,000.00 and states that there are no other material changes to the plan.
- Maximum offering price of Unit 205 modified to $1,495,000.00
- No other material changes to the plan
Amendment 11 Oct 27, 2011
This Eleventh Amendment modifies the maximum offering prices of nine units and states that there are no other material changes to the Plan.
- Unit 409 maximum offering price: $3,050,000.00
- Unit 412 maximum offering price: $2,610,000.00
- Units 411 and 415 maximum offering prices: $2,395,000.00 each
- Units 413 and 417 maximum offering prices: $2,375,000.00 each
- Unit 414 maximum offering price: $2,250,000.00
- Unit 416 maximum offering price: $2,265,000.00
- Unit 206 maximum offering price: $595,000.00
- No other material changes to the terms of the Plan
Amendment 10 2011
This Tenth Amendment attaches a First Amendment to the Restated Declaration of Condominium, which contains changes the New York City Surveyor's Office requested so the declaration complies with the Restated Offering Plan, and it reports no other material changes to the plan's terms.
- Attaches First Amendment to Restated Declaration of Condominium, recorded September 15, 2011 as CRFN2010000328494
- Declaration changes requested by the New York City Surveyor's Office to comply with the Restated Offering Plan
- No other material changes in the terms of the plan
Amendment 9 Oct 7, 2011
This Ninth Amendment raises the maximum offering prices of 11 units and states that there are no other material changes to the Plan.
- Maximum offering prices increased: 303 to $860,000.00; 304 to $1,545,000.00; 404 to $1,570,000.00; 504 to $1,595,000.00; 604 to $1,620,000.00; 205 to $1,575,000.00; 405 to $1,630,000.00; 505 to $1,655,000.00; 605 to $1,680,000.00; TH415 to $4,200,000.00; TH417 to $4,275,000.00
- No other material changes to the terms of the Plan
Amendment 8 Aug 1, 2011
The amendment revises the July 1, 2011 - June 30, 2012 budget and the related common charge schedules, extends the sponsor's payment of operating costs, sets the superintendent's unit closing timeline, and adds storage bin license terms.
- Building Services & Personnel budget line reduced from $80,000.00 to $60,000.00 due to a typographical error
- Overall budget reduced, with the 10% contingency reserve changed from $136.581.19 to $139.841.70
- General contingency line eliminated and an operating reserve line item created
- Schedules A and B revised to match the budget changes; estimated real estate taxes with and without 421(a) benefits replaced by actual taxes with 421(a) benefits
- Sponsor extends payment of condominium operating costs through August 31, 2011; no Common Charges paid by Unit Owners or the Sponsor until September 1, 2011
- Superintendent's Unit #101 closing to occur within twenty-four (24) months of the first Unit closing
- Storage Bin Master License Agreement terminates when all Storage Bins have been licensed by the Sponsor, if not terminated sooner
- Storage Bin Sub-License Agreement: no license fee increase unless there is a corresponding increase under the Master agreement
Amendment 7 Jun 8, 2011
This Seventh Amendment restates the entire offering plan for The Dillon, but the excerpt does not identify which terms changed from the prior version.
- Excerpt does not state which terms changed; it shows the restated plan's cover and opening pages only
- Total offering: 83 Residential Units, 30 Parking Spaces, $159,512,000.00; net amount of offering plan $159,509,000.00 after Working Capital Fund of $3,000.00 (may be reduced to $1,000.00)
- Restated Special Risks: no purchase agreement is subject to financing, and each is treated as an "ALL CASH" transaction
- Restated Special Risks: no bond or other security furnished for construction or common charges
- Restated Special Risks: Reserve for Contingencies budget line of ten (10%) of the budget, fully funded one year after the First Closing
- Minimum Sales Requirements section notes the Plan was declared effective by notice dated July 13, 2010, and the Third (Effective) Amendment was accepted for filing on July 15, 2010
Team
- Sponsor
- 405 W. 53rd Development Group, LLC
- General contractor
- Procida ConstructionHeld the general construction permit on DOB job 104530562
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Zoning
- Zoning district
- C6-2
- Special district
- Special Clinton District (CL)
Today's zoning, from city data (PLUTO 26v2).
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