520 Park Avenue Condominium

Amendment 26 Apr 2, 2024

Unit DPH 63 is expanded by enclosing a solarium, with updated financial statements, budget, and board information.

• Unit DPH 63 interior square footage increased by enclosing solarium; terrace square footage decreased
• Unit DPH 63 owner assessed perpetual monthly Expansion Fee equal to difference in Common Charges
• 2022/2023 audited financial statements included
• 2024/2025 budget adopted for fiscal year commencing February 1, 2024
• Working Capital Account balance approximately $663,368 as of March 1, 2024
• Sponsor owns 6 unsold residential units; 37 units sold
• Sponsor aggregate monthly Common Charges approximately $28,462 for unsold units
• Escrow Agent holding $5,000 for Permanent Certificate of Occupancy

Amendment 25 Mar 6, 2023

Twenty-Fifth Amendment updates the condominium budget for fiscal year 2022/2023, working capital fund status as of February 1, 2023, and board composition.

• 2022/2023 condominium budget adopted by Board
• Working Capital Account balance approximately $568,714 as of February 1, 2023
• 7 residential units remain unsold; 36 units sold
• Sponsor monthly common charges approximately $32,481 for unsold units
• Sponsor monthly real estate taxes approximately $66,971 for unsold units
• Temporary Certificate of Occupancy renewed; Permanent Certificate of Occupancy pending with $5,000 held in escrow
• Plan term extended

Amendment 24 Aug 31, 2021

Updated Schedule A with current offering prices for all units.

• Unit 19: $20,500,000
• Unit 21: $22,500,000
• Unit 29: $28,250,000
• Unit 32: $31,650,000
• PH 50: $41,000,000
• PH 58: $39,950,000
• PH 62: $42,000,000
• DP-PH 63: $100,000,000

Amendment 23 Jun 9, 2021

Amendment updates unit reconfiguration, financial statements, budget, board composition, and tax law provisions.

• Unit PH-58 reconfigured: master bathroom, powder room, en-suite bathroom, and washer/dryer relocated to hallway closet
• 2020/2021 audited financial statements included
• Working Capital Account balance $519,429 as of March 1, 2022
• 6 unsold residential units remain; 29 sold
• Permanent Certificate of Occupancy escrow reduced to $5,000
• New York State Tax Law Section 1404(a) effective July 1, 2021 changes 'bulking up' calculation for State Transfer Tax and Mansion Tax

Amendment 22 Oct 30, 2020

Twenty-Second Amendment updates financial statements, budget, board members, and sponsor disclosures as of April 1, 2021.

• 2019/2020 audited financial statements added (fiscal year ended January 31, 2020)
• 2021/2022 condominium budget adopted
• Working Capital Account balance approximately $457,721 as of April 1, 2021
• Condominium Board: Ezra Nassar (President), Ephram Lustgarten (Vice President), Michael Zhang (Secretary/Treasurer)
• Sponsor owns 12 unsold residential units; 31 units sold
• Aggregate monthly common charges for unsold units approximately $69,489
• Aggregate real estate taxes for unsold units approximately $164,200
• $250,000 held in escrow for Permanent Certificate of Occupancy

Amendment 21 Mar 13, 2020

Amendment updates financial statements, budget, board composition, and sponsor financial disclosures for the condominium.

• Schedule A reflects actual real estate taxes higher than originally projected
• 2018/2019 audited financial statements added (August 30, 2018 through January 31, 2019)
• 2020/2021 condominium budget adopted for year commencing February 1, 2020
• Working Capital Fund balance of approximately $412,647 as of March 1, 2020
• Condominium Board members: Ezra Nasser (President), Ephram Lustgarten (Vice President), Nicholas Maldonado (Secretary/Treasurer)
• Sponsor has sold 25 residential units with 10 units remaining unsold
• Temporary Certificate of Occupancy to be renewed until Permanent Certificate issued; $250,000 held in escrow

Amendment 19 May 8, 2019

Amendment updates financial disclosures, working capital balance, board members, loan terms, and closing costs reflecting new tax and title insurance rates.

• Working Capital Account balance as of May 1, 2019: approximately $201,999
• Sponsor sold 22 Residential Units; 13 Residential Units remain unsold
• Monthly Common Charges for unsold units: approximately $118,201
• Loan outstanding balance: $51,434,812; expiration April 1, 2020; interest rate 5.9015%
• Escrow for Permanent Certificate of Occupancy reduced to $250,000
• Closing Costs and Adjustments revised for NY State transfer tax increases (effective July 1, 2019) and 5% title insurance rate decrease (effective February 15, 2019)
• FinCEN reporting threshold for residential real property purchases: $300,000
• Schedule A prices increased for 1 home (median +3.0%): 5B $4,354,000 → $4,483,430

Amendment 18 Apr 19, 2019

Updated Schedule A with current offering prices for unsold units.

Amendment 17 Feb 27, 2019

Updated offering prices for all units in the condominium.

Amendment 16 Oct 23, 2018

This amendment documents the First Closing on August 30, 2018 for Unit 18 and establishes operational details including board members, financial obligations, and a Permanent Certificate of Occupancy escrow.

• First Closing occurred August 30, 2018 for Unit 18
• Condominium Declaration recorded April 27, 2018 in CRFN 2018000140436
• Floor Plans filed April 24, 2018 as Condominium Plan No. 2832
• Common Charges waived from August 30, 2018 to February 1, 2019; Sponsor pays operating expenses during Waiver Period
• Working Capital Account established with $14,457
• Sponsor deposited $1,109,269.78 for real estate tax escrow
• Permanent Certificate of Occupancy escrow of $2,500,000 deposited
• 33 Unsold Residential Units remain; 2 units sold; Sponsor controls Board and will relinquish control upon 95% sales or Permanent Certificate of Occupancy

Amendment 15 Nov 7, 2018

Updated Schedule A with current offering prices for all residential units, storage, and wine storage.

• Offering prices updated for all units
• Common Interest Percentages recalculated
• Monthly Common Charges recalculated
• Monthly Real Estate Taxes recalculated
• Total Monthly Carrying Charges recalculated

Amendment 14 Jun 28, 2018

Amendment extends the offering plan term and updates construction timeline expectations.

• First closing projected to begin during First Year of Condominium Operation as set forth in Seventh Amendment
• If first closing does not occur by August 31, 2018, Sponsor will amend Plan to include updated Schedule B
• Plan term extended

Amendment 13 Jan 31, 2018

Amendment changes the escrow bank to HSBC Bank USA, N.A. and updates purchasers about changes to federal tax law effective January 1, 2018.

• Escrow deposits moved to HSBC Bank USA, N.A., 452 Fifth Avenue, 24th Floor, New York, NY 10018
• New escrow bank interest rate approximately 0.15%, subject to change at bank's discretion
• Tax Cuts and Jobs Act of 2017 effective January 1, 2018 may affect tax information and deductions in the Plan
• Purchasers advised to consult tax expert regarding impact of new federal tax law on their taxes and deductions

Amendment 12 Dec 26, 2017

Updated Schedule A with current offering prices for all units as of December 26, 2017.

• Schedule A updated with offering prices effective December 26, 2017
• Protected common charges and real estate taxes projected for March 1, 2018 to February 28, 2019
• Residential units range from $3,000,000 to $83,000,000
• Storage units priced from $55,000 to $95,000
• Wine storage units priced from $125,000 to $250,000
• Total offering price for all units: $1,085,879,000

Amendment 11 Nov 14, 2017

Eleventh Amendment reconfigures a triplex unit into two separate units, adds an additional escrow bank, grants terrace enclosure rights, and extends the plan term.

• Triplex unit TRI-PH 62 reconfigured into simplex unit PH-62 and duplex unit DP-PH-63
• Simplex unit PH-62: 3 bedrooms, 3 baths, 1 powder room, 4,628 SF interior
• Duplex unit DP-PH-63: 5 bedrooms, 6 baths, 1 powder room, 7,886 SF interior, 1,538 SF exterior
• Unit DP-PH-63 owner may enclose portion of upper floor roof terrace at sole cost without consent from Sponsor or Board
• Building now contains 36 units (including 1 Resident Manager's Unit) and 7 Suite Units
• Additional escrow bank added: HSBC Bank USA, N.A., 452 Fifth Avenue, 24th Floor, New York, NY 10018, interest rate approximately 0.15%
• FinCEN Geographic Targeting Order extended through March 20, 2018, applies to residential purchases over $3,000,000 in Manhattan and over $1,500,000 in other boroughs

Amendment 10 Aug 2, 2017

Plan declared effective upon receipt of Option Agreements from more than six purchasers representing over 15% of the 34 units offered.

• Plan declared effective based on Option Agreements from 6+ purchasers representing 15%+ of 34 units
• Extension of plan terms

Amendment 9 Feb 6, 2017

Duplex unit DP-PH 50 reconfigured into two simplex units (PH 50 and PH 51); floor plan changes on multiple levels; first closing expected on or about March 1, 2018.

• Duplex unit DP-PH 50 reconfigured into two simplex units designated PH 50 and PH 51
• Building now contains 35 Units (including 1 Resident Manager's Unit) and 7 Suite Units
• Bedroom/bathroom layout changes on 21st and 24th Floors
• Room designation corrections on Floors 22, 23, and 25 through 36
• First closings expected on or about March 1, 2018
• PH 50 and PH 51 not offered under the Plan as purchase prices not yet determined
• Updated Schedule B-1 Projected Individual Energy Costs Budget included

Amendment 8 Dec 15, 2016

Construction completion and first closing timeline updated to on or about March 1, 2018, with reference to updated Schedule A, Schedule B, and related exhibits from the Seventh Amendment.

• First closing expected on or about March 1, 2018
• Purchasers to refer to Seventh Amendment exhibits for updated Schedule A (unit prices), Schedule B (budget), Certification of Budget Expert, and Real Estate Tax Projection Opinion Letter
• Plan expires six months after filing unless extended or amended

Amendment 7 Jul 8, 2016

Updated offering prices, common charges, real estate taxes, and first closing date to on or about May 1, 2018.

• First closings expected on or about May 1, 2018
• Updated Schedule A with revised offering prices for all units
• Updated Schedule B budget for first year of condominium operation (March 1, 2018 to February 28, 2019)
• Updated Schedule B-1 projected individual energy costs budget
• Updated certification of budget expert
• Updated real estate tax projection opinion letter

Amendment 6 Apr 25, 2016

Updated construction timeline, floor plans, property specifications, architect certification, and offering prices.

• First closing expected on or about November 1, 2017
• If first closing does not occur by April 30, 2018, updated Schedule B-Budget will be provided
• Updated floor plans and property specifications
• Updated architect certification
• Updated Schedule A offering prices and related information
• Schedule A prices decreased for 1 home (median -15.7%): DP-PH 50 $83,000,000 → $70,000,000

Amendment 5 Jan 26, 2016

The amendment updates offering prices, adds balconies and other features to penthouse units, and modifies floor plans.

• Balconies added to Units DP-PH 40, DP-PH 42, DP-PH 44, DP-PH 46, DP-PH 48, DP-PH 50, and TRI-PH-53
• Storage room and fireplace added on Upper Triplex Floor 54
• Master bedroom and library/bedroom 3 reconfigured on Floor 49
• Updated Schedule A with new offering prices ranging from $1,460,000 to $130,000,000
• Projected common charges and real estate taxes for first year November 1, 2017 to October 31, 2018
• Updated floor plans and architect certification

Amendment 4 Dec 18, 2015

Amendment updates Schedule A offering prices and reflects unit modifications pending DOB approval.

• First closing expected on or about November 1, 2017
• Units DP-PH 40, DP-PH 42, DP-PH 44, DP-PH 46, DP-PH 48, DP-PH 50, TRI-PH-53 and TRI-PH-54 undergoing modifications pending DOB approval

Amendment 3 Jul 13, 2015

Updated Schedule A with current purchase prices for all units in the condominium.

• Schedule A prices updated for residential units, suites, storage, and wine storage units
• Offering price for penthouse units ranges from $36,000,000 to $83,000,000
• Offering price for residential units ranges from $4,354,000 to $42,000,000
• Common interest percentages and projected monthly common charges and real estate taxes provided for first year of operation (November 1, 2017 to October 31, 2018)
• Grand total offering price: $1,274,794,000
• Schedule A prices increased for 12 homes (median +15.1%): 14 $16,200,000 → $18,200,000; 15 $16,400,000 → $18,650,000; 16 $16,600,000 → $19,100,000; 17 $16,950,000 → $19,550,000; ...

Amendment 2 Jun 22, 2015

Amendment reconfigures four duplex units into eight simplex units, updates floor plans with new amenities, replaces one elevator with a double-deck model, and modifies pet policy.

• Duplex units DP-PH 48 and DP-PH 38 reconfigured into simplex units PH 48, PH 49, PH 38, and PH 39
• Building now contains 34 Units (including 1 Resident Manager's Unit) and 7 Suite Units
• Passenger elevator PE-1 replaced with double-deck swing service/passenger elevator
• Master bathrooms on Floors 21-36 and Duplex Upper Floors now have bidets
• Laundry rooms added to Lower Floor Duplex Units and Triplex Lower Floor
• Two wine cellars added
• Pet policy: maximum 2 dogs weighing 70 pounds or less; specified breeds prohibited
• Construction financing procured from Talos Capital Limited and The Children's Investment Master Fund
• Schedule A prices increased for 13 homes (median +3.0%): 20 $17,950,000 → $18,650,000; 21 $18,450,000 → $19,550,000; 22 $18,950,000 → $20,250,000; 23 $19,650,000 → $20,800,000; ...

Amendment 1 Apr 5, 2015

Purchase prices changed for 17 units.

• Unit 20: $18,650,000
• Unit 21: $19,550,000
• Unit 22: $20,250,000
• Unit 23: $20,800,000
• Unit 24: $21,850,000
• Unit 25: $22,950,000
• Unit 26: $24,450,000
• Unit 27: $25,350,000