430 Ocean Parkway

Amendment 8 2023

This Eighth Amendment raises the Purchase Prices of 82 unsold shares in apartments 1A through 6O and states that there are no other material changes to the Plan beyond Amendments One through Seven.

• Purchase prices of 82 unsold apartments increased (1A through 6O), per the table
• No other material changes beyond Amendments One through Seven and this Eighth Amendment

Amendment 7 2022

Successor Sponsor 430 Ocean Parkway Tower LLC now owns all unsold shares, offers eligible tenants a 90-day exclusive right to buy at $1,233.19 per share, raises the price to $1,298.10 per share afterward, and discloses missing financial records and the status of the offering term.

• Successor Sponsor 430 Ocean Parkway Tower LLC bought all unsold shares from Maxem Realty LLC and Sheik Saddick on June 23, 2022
• Eligible Tenants get a 90-day exclusive right to buy their apartment's shares at $1,233.19 per share, counted from presentation of this amendment
• Price for unsold shares raised to $1,298.10 per share for non-Eligible Tenants and for Eligible Tenants after the 90-day period
• Offering term extended (new end date not stated in the text provided)
• 2021 Financial Statement not available; unaudited 2021 and first six months of 2022 statements to be prepared, certified statements to follow by later amendment
• Sponsor's $700,000 loan to Sponsor repayment not confirmed; Apartment Corporation sued former sponsor and others on August 16, 2022 to recover its books, records and funds
• Successor Sponsor's unsold apartments: aggregate monthly maintenance $73,330.23 and aggregate monthly rents $123,368.35
• Successor Sponsor serves as its own selling agent; managing agent United New York Realty LLC is its affiliate

Amendment 6 2022

Unsold shares are moving from Maxem Realty LLC to 430 Ocean Parkway Tower LLC, which will offer eligible tenants a 90-day right to buy, alongside updated financial, lender, and governing-document disclosures.

• Unsold shares to transfer from Maxem Realty LLC to 430 Ocean Parkway Tower LLC within 30 days after the NYAG accepts this amendment
• Eligible Tenants to receive a 90-day exclusive right to purchase their apartments, running from acceptance of the Confirmatory Amendment
• Sponsor's $700,000 loan from the Apartment Corporation satisfied; principal repaid as of April 10, 2022
• Aggregate monthly maintenance on unsold apartments is $36,588.48; aggregate monthly rents received are $141,279.85
• Signature Bank mortgage of $2,725,000.00 (interest-only at $8,231.77 monthly) resets December 10, 2025 to the greater of 3.625% or 275 basis points over the 5-year Treasury, and matures December 10, 2030
• Financial statements for 2016 through 2020 attached; 2021 statement not yet available
• Offering term extended; Procedure to Purchase revised; By-laws and Proprietary Lease revised and restated
• Reserve Fund Study, Preferred Lender identity, and updated Cooperative Board policies disclosed

Amendment 5 Jul 6, 2005

This amendment updates the sponsor's financial disclosure, unsold-share holdings, board control, annexed financial statements and budget, and extends the period the Plan may be used.

• Plan may be used for twelve (12) months from the date the Tenth Amendment is accepted for filing, extendable by a further amendment
• Sponsor still controls the Board: Eric Markel (President), Vitaly Roslovich (Treasurer), Sheik Mohammed Wazeer Saddick (Secretary)
• Sponsor's aggregate monthly maintenance on unsold shares is $36,588.48; aggregate monthly rents received are $73.848.30
• Unsold shares are subject to a mortgage held by North Fork Bank; no outstanding payments owed by Sponsor
• Sponsor states it is current on all obligations and owes the Apartment Corporation nothing due within twelve months, other than monthly maintenance
• Unsold units owned by Sponsor are listed in Exhibit A
• Accountants' financial statements for 1996 through 2004 annexed as Exhibit B
• No unsold units sold since the Fourth Amendment of January 27, 1995; current budget annexed as Exhibit D

Amendment 4 Jun 10, 1994

This post-closing amendment reports the June 10, 1991 transfer of title to Ocean Park Apartments, Inc., updates the escrow rules for downpayments, and adds tenant rent protections under GBL 352-e(2-d).

• Title transferred June 10, 1991 from Maxem Realty to Ocean Park Apartments, Inc.
• Sponsor's closing apportionments of $8,090.25 paid in full at closing
• Reserve Fund of $84,220.50 reported, with a $12,000.00 credit for capital replacements
• Downpayments to go into an interest-bearing escrow account with Michael D. Seiler, Esq., starting April 27, 1992, at 1.9%, replacing the prior escrow disclosure
• Sponsor still controls the Board; must relinquish control at the earlier of sale of more than 50% of shares or June 10, 1996
• Mortgage balance at closing with Independence Savings Bank was $1,769,319.49
• Tenant rent may be paid directly to the cooperative if the non-occupying owner is more than thirty days late on charges
• Apartment Corporation's basis in the property is $3,175,012.00; current officers and directors listed

Amendment 3 Dec 12, 1990

This third amendment reports that the plan was declared effective on December 5, 1990, with 21 of 83 residential apartments subscribed, and states that no other material changes have been made.

• Plan declared effective by Notice dated December 5, 1990
• 21 of 83 residential apartments (25.3%) have Subscription Agreements: 9 from tenants in occupancy and 12 from bona fide purchasers intending to occupy
• Amendment text says all purchasers have taken occupancy; the sponsor's affidavit says 7 of the 12 purchasers have taken occupancy
• Sponsor's affidavit annexed in support of the Declaration of Effectiveness
• Exhibit A lists the subscribers counted toward effectiveness
• One subscriber is a principal of the Sponsor or Selling Agent or related to them (Bruce Markel, Apartment as printed)
• Except as stated, no material changes in fact in the terms of the offering

Amendment 2 Nov 1, 1990

Temporarily reduces the cash purchase price of shares for tenants in occupancy on the filing date to $70.00 per share for thirty days after presentation of this amendment.

• Cash purchase price of shares for tenants in occupancy on the filing date reduced to $70.00 per share for thirty (30) days next following presentation of this Amendment
• Reduction applies to tenants in occupancy on the filing date who have already subscribed to purchase shares allocated to their apartment
• Otherwise, no material changes in fact in the terms of the offering

Amendment 1 Apr 4, 1990

The amendment gives tenant occupants a 30-day exclusive right to buy shares at $86.00 per share with optional renovation packages, sets repair deadlines and financing terms, revises the mortgage and wrap-around mortgage terms, caps the sponsor's capital reserve credit, and replaces the first-year budget.

• Tenants in occupancy get a 30-day exclusive right to buy shares at $86.00 per share, limited to one transfer apartment each
• Transfer apartment renovation options priced at $91.50, $104.00, or $86.00 per share (as is)
• Sponsor to complete hallway painting, lobby, elevator cab, front walkway and hallway lighting repairs within 90 days after closing
• Tenants may condition purchases on financing up to 80% of price, with 60 days to obtain it
• Consolidated first mortgage assigned to Independence Savings Bank at a reduced principal of $1,800,000.00, at 9.5% interest with $16,500.00 monthly principal reduction
• Wrap-around mortgage interest starts at 9% ($16,500 per month) at closing and rises in steps to 10.5% until April 1, 1995
• Sponsor's Capital Reserve Fund credit capped at $12,000.00
• Schedule B first-year budget replaced, beginning September 1, 1990, with projected income and expenses of $454,897