521 Park Avenue Condominium

Amendment 25 Dec 15, 1998

The amendment updates the sponsor's unsold-unit rent, charges, taxes, and mortgage figures as of September 30, 1998, attaches the 1998 financial statement and 1998/99 budget, and describes a new state law on paying rent to the condominium association when an owner is delinquent.

• Schedule of unsold units as of September 30, 1998 attached as Exhibit A (Units 4C, SB/C, 10B, 11B, 12B)
• Aggregate annual rental income on unsold units approximately $123,143.00
• Annual common charges, special assessment share and real estate taxes on unsold units total $168,395.00 (common charges $116,677.00; special assessment $10,500.00; real estate taxes $41,218.00)
• Mortgage on unsold units outstanding at $11,148,682.00 as of September 30, 1998, maturing January 31, 2001; release payment due at each unit closing
• New RPL 339-kk: if a non-occupying owner is 60+ days behind on common charges, tenant rent may be paid directly to the association; sponsor makes no representation on its effect
• Certified financial statement for fiscal year ending June 30, 1998 (Exhibit B) and projected 1998/99 budget (Exhibit C) attached
• Board of Managers membership list updated
• Sponsor states it is current on Plan obligations for the twelve months before the amendment

Amendment 24 Dec 2, 1997

The amendment lists the sponsor's remaining unsold units, reports their rental income, carrying costs and shared Chase mortgage, and attaches the 1997 financial statement and 1997/98 budget.

• Five sponsor-owned unsold units listed (4C, 5B/C, 10B, 11B, 12B) as of November 5, 1997
• Unsold units' annual rental income approximately $120,541.00; common charges $104,830, special assessment $12,579.72 and real estate taxes $39,100.00 total $156,509.72 as of October 1, 1997
• Chase Manhattan Bank mortgage principal $12,603,046.00 as of November 5, 1997, maturing January 31, 2001; release payment due to Chase at each unit closing
• Certified financial statement for fiscal year ending June 30, 1997 attached
• Budget for 1997/98 fiscal year attached; common charges increase of 3.5% effective November 1, 1997 and $7,000 assessment effective November 1
• Board of Managers members listed, including sponsor-designees Elizabeth Counihan and Matthew W. Mayer
• Sponsor also sponsors the 525 Park Avenue offering, whose units share the Chase mortgage
• Sponsor states it is current on Common Charges, real estate taxes and plan obligations

Amendment 23 Dec 3, 1996

This twenty-third amendment updates the sponsor's unsold-unit schedule, rental and carrying-cost figures, mortgage status, financial statements, budget, and Board of Managers list for 521 Park Avenue Condominium as of November 25, 1996.

• Schedule of Unsold Units added as Exhibit A, listing 5 sponsor-owned units: 4C, 5B/C, 10B, 11B, 12B
• Aggregate annual rental income on unsold units approximately $119,230.00
• Annual common charges on unsold units $104,830.00 plus real estate taxes $41,275.00, totaling $146,106.00
• Unsold units plus some 525 Park Avenue units are mortgaged to Chase Manhattan Bank, N.A., outstanding principal 12,603,045.00, maturing January 31, 1999
• Sponsor must pay a release payment to Chase at each unit closing to free that unit from the mortgage lien
• Sponsor says it will pay carrying costs from rent and sales proceeds, with partners funding any shortfall but no bond provided
• Audited financial statement for fiscal year ending June 30, 1996 attached as Exhibit B
• Budget for the 1996/97 fiscal year attached as Exhibit C

Amendment 22 Dec 12, 1995

This 1995 amendment lists the sponsor's unsold units, discloses the sponsor's rental income, carrying costs, and a Chase mortgage that must be released at each unit closing, and attaches the 1995 financial statements and 1995/96 budget.

• Schedule of sponsor-owned unsold units as of November 20, 1995 added: 4A, 4C, 5B/C, 10B, 11B, 12B
• Aggregate annual rental income on unsold units approximately $129,936 as of November 20, 1995
• Aggregate annual common charges on unsold units ($114,934) plus estate taxes ($46,429) totals $161,363
• Unsold units encumbered by Chase Manhattan Bank, N.A. mortgage with outstanding principal of $16,144,709.00 as of November 20, 1995, maturing January 31, 1999; sponsor pays a release payment to Chase at each unit closing
• Sponsor states it is current on common charges, real estate taxes, and mortgage payments for the preceding twelve months
• Sponsor says it expects to pay carrying costs from rental income, sales proceeds, and partnership reserves, with partners funding any shortfall; no bond or other security is provided
• Certified financial statement for fiscal year ending June 30, 1995 attached as Exhibit B
• Budget for 1995/96 fiscal year attached as Exhibit C; Board of Managers list included

Amendment 21 Dec 28, 1994

The amendment updates the sponsor's unsold-unit schedule, carrying costs, Chase mortgage details, sponsor status, financial statements, budget, and Board of Managers list for 521 Park Avenue Condominium.

• Schedule of sponsor-owned unsold units added as Exhibit A (2B, 4A, 4C, 5B/C, 10B, 11B, 12B)
• Monthly rental income on unsold units is $10,799.58 as of December 1, 1994
• Monthly common charges ($11,274.00) plus taxes ($4,554.17) on unsold units total $15,828.17 as of December 1, 1994
• Unsold units and certain units at 525 Park Avenue are mortgaged to Chase Manhattan Bank, N.A., with principal of $17,001,462.00 as of December 6, 1994, maturing January 31, 1999
• Sponsor must pay Chase a release payment at each unit closing, which reduces the mortgage balance
• Sponsor says it is current on all plan obligations for the past twelve months
• Certified financial statement for the fiscal year ending June 30, 1994 added as Exhibit B
• New budget for the 1994/95 fiscal year added as Exhibit C

Amendment 20 Dec 6, 1993

This amendment gives tenants in listed apartments until February 1, 1994 to buy their units or accept a lease buy-out, sets the sale terms, and lists the Sponsor's unsold units as of November 12, 1993.

• Tenants in Exhibit A apartments may buy their unit until February 1, 1994, at the Exhibit A price
• Tenant down payment set at 10% of the purchase price
• Sponsor pays NYC and NYS real property transfer taxes and its closing attorneys' fees for tenant buyers
• Tenants who decline to buy may sign a lease termination agreement for a Termination Payment agreed with Sponsor
• Tenant purchase may be contingent on a financing commitment; assignees get this only if Sponsor agrees in a rider
• Tenant units are sold as-is; Sponsor has no duty to do work before closing except as required by law
• Purchase agreements may be assigned without consent if Sponsor acknowledges notice at least 15 business days before closing
• Schedule of unsold units (Exhibit C) and rent, common charge and tax information given as of November 12, 1993

Amendment 19 Dec 28, 1992

This amendment updates the sponsor's unsold-unit schedule, carrying costs, and mortgage status, and attaches a 1992/93 budget, a financial statement, and a Board of Managers list for 521 Park Avenue.

• Schedule of 14 unsold units listed as of December 9, 1992 (Exhibit A)
• Unsold units bring in monthly rental income of $23,882.13 against monthly common charges of $22,173.26 plus monthly real estate taxes of $9,818.64, totaling $31,991.90
• Unsold units and certain 525 Park Avenue units are encumbered by a Chase Manhattan Bank, N.A. mortgage with outstanding principal of $26,957,125 as of December 9, 1992
• Mortgage maturity extended to January 31, 1999
• Sponsor must pay a release payment to Chase at each unit closing to free that unit from the mortgage lien
• Sponsor states it is current on all Plan financial obligations for the twelve months before this amendment
• New budget for the 1992/93 fiscal year attached (Exhibit C)
• Certified financial statement for the fiscal year ending June 30, 1992 attached (Exhibit B)

Amendment 18 Oct 26, 1992

This amendment replaces the plan's earlier down payment escrow terms, requiring that purchasers' down payments under purchase agreements signed on or after the amendment date be held in an escrow account with Andrews & Kurth L.L.P. as escrow agent.

• Down payments on purchase agreements signed on or after October 26, 1992 are placed in an escrow account held by Andrews & Kurth L.L.P.
• Deposits must be delivered to the Escrow Agent within five (5) business days after the agreement and all required documents are signed and the check is delivered
• Escrow account is at The Chase Manhattan Bank, N.A., 101 Park Avenue, with FDIC coverage up to $100,000 per individual deposit, though future coverage is not guaranteed
• Escrow account is interest-bearing, and interest is credited to the purchaser at closing unless the purchaser defaults
• If purchaser does not receive notice of the escrow deposit within fifteen (15) business days after tender, purchaser may rescind if exercised within ninety (90) days after tender
• Funds go to Sponsor only at closing, by written agreement of Sponsor and purchaser, by Attorney General determination, by court order, or after ten (10) business days' prior written notice if there is no dispute
• Purchasers are not obligated to pay Sponsor's legal or other expenses related to trust fund obligations
• Escrow Agent keeps escrow account records for seven years after release of funds

Amendment 17 Dec 17, 1991

The amendment updates the sponsor's unsold-unit income, carrying costs, mortgage, and financial status, confirms the budget is unchanged, and discloses a new state law on rent payments to the condominium when non-occupant owners fall behind.

• Unsold units listed in Exhibit A, as of November 27, 1991
• Monthly rental income from unsold units: $25,160.42
• Monthly common charges ($21,320.44) plus pro-rata real estate taxes ($9,793.87) on unsold units: $31,114.31
• Chase Manhattan Bank mortgage outstanding principal $38,703,214.48, interest-only payments, maturity extended to November 1, 1993
• Sponsor must pay a release payment to Chase at each unit closing, which reduces the mortgage balance
• Sponsor current on all plan obligations for the prior twelve months; financial statement for fiscal year ending June 30, 1991 attached
• Operating budget not modified; condominium continues under the 1990/91 budget
• New GBL § 352-e(2-d) law, effective July 23, 1991, makes rent from non-purchasing tenants payable to the condominium if non-occupant owners are more than 30 days late

Amendment 16 Jun 21, 1991

This amendment updates the sponsor's unsold-unit, rent, tax, and mortgage information as of May 22, 1991, and amends the condominium's leasing rules and the procedure for amending the Declaration and By-laws.

• Mortgage maturity extended to November 1, 1993
• Professional Units may be leased or licensed in part, with the Board's prior written consent required for partial leases
• Residential Units may not be sold or leased in part, rather than as the entire Unit
• Unsold units as of May 22, 1991 listed in Exhibit A; aggregate monthly rental income is $25,059.76, and common charges plus pro-rata real estate taxes total $35,386.76
• Declaration amended in March 1991 to distinguish Residential and Professional Units for leasing
• Amendment procedure changed: Declaration and By-laws may be amended by approval of owners holding at least 66-2/3%, with Sponsor consent required where Sponsor rights are affected
• Sponsor's 525 Park Avenue units are also covered by the same Chase mortgage
• Sponsor states it is current on all Plan obligations

Amendment 15 Dec 21, 1990

This amendment updates the unsold-unit list, financial statement, budget and board list, and changes the sponsor's closing law firm and the bank for down-payment escrow.

• Law firm for most unit closings changed to Andrews & Kurth, which is sole signatory on the down-payment account
• Down payments stay in the non-interest-bearing 521 Park Avenue Special Account at The Chase Manhattan Bank
• Unsold units list updated as of December 5, 1990 (Exhibit A)
• Certified financial statement for fiscal year ending June 30, 1990 added (Exhibit B)
• Operating budget for fiscal year ending June 30, 1991 added (Exhibit C)
• Board of Managers list updated (Exhibit D); sponsor still controls the board

Amendment 14 Feb 21, 1990

The amendment updates the sponsor's partners and address, replaces the selling agent and management agent, attaches a new purchase agreement form, corrects two unit common interest percentages, and reports the sponsor's unsold-unit income, obligations and mortgage as of May 15, 1990.

• Martin J. Raynes withdrew from Sponsor; TL Holding Corp. is now sole general partner and 521-5 Park Realty Company sole limited partner
• The Sunshine Group, Ltd., 520 Madison Avenue, is the new Selling Agent for Unsold Units; M.J. Raynes Incorporated is no longer Selling Agent
• Gumley-Haft, Inc. is the new managing agent, effective April 1, 1990, for three years at $25,000.00 per year
• Common interest corrected: Unit 7ABC from 8.26% to 8.25%, Unit 10A from 2.00% to 1.99%
• New form of purchase agreement annexed as Exhibit A
• Release of escrowed down payments now requires a signature from Ashinoff, Ross & Korff
• Sponsor's Chase mortgage on Unsold Units was $52,908,444.17 as of May 15, 1990, with maturity extended to June 1, 1990
• Sponsor placed $36,810.00 in escrow to cure violations of record by June 28, 1990

Amendment 13 Oct 23, 1989

This amendment reports that the Board of Managers met in September 1989 and elected condominium officers, and it states that no other material changes have been made to the plan.

• Board of Managers met in September 1989 and elected officers of the 521 Park Avenue Condominium
• Officers elected: Richard Adelman (President), Sherry Lynn and John Goldstein (Vice Presidents), Matthew Mayer (Secretary), Donald Rowley (Treasurer), Douglas Weinstein (Assistant Secretary)
• Amendment is incorporated into the offering plan and supplements the prior amendments
• No other material changes to the plan, except as stated in prior amendments and this one

Amendment 12 Aug 31, 1989

This amendment raises the purchase price of Professional Apartment S to $1,040,400 and otherwise only incorporates the Plan and prior amendments, stating that there are no other material changes.

• Purchase price for Professional Apartment S increased to $1,040,400
• Plan, as modified and supplemented, incorporated into this amendment
• No other material changes to the Plan beyond the prior amendments and this one

Amendment 11 Aug 16, 1989

This eleventh amendment reports that the first unit closed on June 28, 1989, and sets out the reserve and working capital funds, the sponsor's $36,810 escrow for violation repairs, the unsold units, and the first unit owners meeting.

• Sponsor escrowed $36,810 with its attorneys to secure its obligations to cure violations of record and dangerous conditions
• First unit closing occurred June 28, 1989
• Sponsor's $385,525 contribution to the Reserve Fund deposited in a money market account
• Net credit of $5,991 plus balance of $13,190 deposited into the Working Capital Fund operating account
• Units have no separate real estate tax assessments as of submission of this amendment
• Unsold units listed as of August 10, 1989 (Exhibit B)
• First Annual Meeting of Unit Owners scheduled for August 29, 1989
• Exhibit A lists open elevator, sidewalk and housing violations with estimated repair costs as of June 26, 1989

Amendment 10 Jul 24, 1989

This Tenth Amendment adds a revised first-year budget (Exhibit A, total estimated expenses $444,814) and annexes sponsor expert certifications on the budget and on common charges for the professional units.

• Revised Projected Schedule of Income and Expenses for the first year of condominium operation added as Exhibit A, with total estimated expenses of $444,814
• Sponsor's expert certifications on budget adequacy and on common charges for professional units added as Exhibit B
• Steam heat is shared with 107 East 60th Street, and that building's owner will pay for its share of steam once a submeter is installed after the first closing
• Laundry income of $1,500 and interest income are allocated to residential units, reducing residential common charges
• Service contracts with Pro-tech Pest Control, Knudson Elevator and Forest Uniform total $7,900 per year
• Section 2 (First Unit Closing) has no text in this amendment
• Plan, as amended, is incorporated by reference, and the sponsor states there are no other material changes

Amendment 9 Jun 8, 1989

This ninth amendment changes tenant purchase rights and prices, sets a new price for Professional Apartment D, revises the budget, tax and closing terms, and adds assignment and window provisions.

• Tenant-Offerees get 30 days from the Presentation Date to buy at the Total Cash Payment in revised Schedule A; later purchase agreements pay the non-tenant price
• Purchase Price for Non-Tenant Purchasers of Professional Apartment D increased to $285,000.00
• Real estate tax assessment settled at $3,000,000 (from $4,940,000) for 1988/89 and 1989/90; sponsor will not make tax rebate payments; tax reduction apportioned to purchasers at closing
• Sponsor to file a Further Revised Budget within thirty days, revising heating, utilities and water footnotes with 1988 figures
• Certified financial statements for January 1 through December 31, 1988 added
• Unit closings rescheduled for 30 to 120 days after the Presentation Date; balance of purchase price due within fifteen days after it
• Assignment of purchase agreements permitted within 30 days for a $2,000.00 assignment fee and a $400.00 processing fee, with closing within 60 days
• Sponsor transfers unused new windows to Board of Managers, paying $100.00 per window installed, and waives MCI rent increases for non-purchasing tenants; litigation settled under May 17, 1989 stipulation

Amendment 8 Mar 27, 1989

This amendment reports on litigation by tenants challenging the offering plan, including court orders that pause defaults and title transfer, and corrects the common interest percentages for Units 7ABC and 10A.

• Supreme Court decision dated February 24, 1989 denied the tenants' preliminary injunction and granted the Attorney General's and Sponsor's motions to dismiss, pending appeal
• Appellate Division order dated March 21, 1989 stays enforcement of the February 24, 1989 order
• Sponsor and Selling Agent enjoined from holding purchasers in default or passing title to condominium ownership pending the appeal
• Time for purchasers to perform under their subscription agreements is tolled pending the appeal
• Appellate Division relief applies to all tenants of the Building
• Common interest of Units 7ABC and 10A reduced by .01 percent; revised Schedule A corrects a computer rounding error

Amendment 7 Feb 23, 1989

This seventh amendment moves the special account location, reports on a tenant lawsuit that did not stop closings, and attaches a revised common-element percentage schedule.

• Special Account moved to Chase Manhattan Bank, N.A., 1 Chase Manhattan Plaza, New York, New York
• Court refused the plaintiffs' temporary restraining order and order to show cause, so there is no stay or other impediment to closing title to Units under the Plan
• Sponsor agreed not to hold Purchasers of Units 4B, 4C, 5B/C, 10C, 10B, 11C, 12A, 12B and 12C in default under the January 30, 1989 letter until five business days after the court's decision on the preliminary injunction motion
• Court expected to render its decision by February 28, 1989
• Revised Schedule A of common element percentages attached as Exhibit B, reflecting adjusted Common Elements previously disclosed in the Fifth Amendment
• No other material changes beyond the Second through Sixth Amendments and this amendment

Amendment 6 Jan 30, 1989

This amendment declares the 521 Park Avenue Condominium plan effective as a non-eviction plan, reports the purchase agreements in effect after one rescission, and sets the timing window for the First Closing.

• Plan declared effective as a non-eviction plan by notice dated November 2, 1988
• One purchaser (Laura Panicello, Apartment 9A) exercised a right of rescission under the Fifth Amendment; purchase agreements now in effect for over 22.2% of Residential Apartments offered
• First Closing not yet held; to be held not less than thirty (30) days and within one hundred eighty (180) days of the Department of Law accepting this Amendment for filing, unless adjourned by the sponsor
• Sponsor affidavit states no material changes to the projected first-year budget that were not disclosed in a duly filed amendment

Amendment 5 Jan 17, 1989

Revises the common element percentages (raising the Professional Apartments share from 12.96% to 13.34%) and the first-year schedules, and gives buyers of Apartments 2A, 3B, 3C, 4B and 9A a 15-day right to cancel and get their deposit back.

• Buyers of Apartments 2A, 3B, 3C, 4B and 9A may cancel within 15 days of the Presentation Date and receive a refund of their deposit, because their apartments reflect a material change in Common Elements
• Common Elements allocation to Professional Apartments raised from 12.96 percent to 13.34 percent, with adjustments among Residential Apartments
• Revised Schedule A added, covering purchase prices, percentage of common interest, and estimated first-year common charges and real estate taxes
• Schedule A-1 added, showing estimated first-year real estate taxes net of the real estate tax rebate under the Third Amendment
• Sponsor to post a notice at the Building on the 20th day from the Presentation Date stating which purchasers exercised the rescission right
• Plan otherwise incorporated by reference, with no other material changes apart from the earlier amendments

Amendment 4 Nov 9, 1988

This amendment discloses a lawsuit filed on November 4, 1988 that challenges the plan, and it extends the tenant-insiders' exclusive period to buy their apartments.

• Lawsuit filed November 4, 1988 by the 521 Park Avenue Tenants Association and Byron Janis seeks to void the plan's acceptance and to stop the offering
• Preliminary injunction motion not scheduled to be heard until November 15, 1988
• Tenant-insiders' exclusive period to purchase apartments extended to 5 p.m. under Appellate Division order (remaining date not legible in text)
• Plaintiffs' request for a temporary restraining order was denied
• Amendment to be served on tenant-offerees by personal service or under apartment doors, mailed to non-tenant purchasers, and posted in the lobby
• Sponsor states no other material changes except prior amendments and a pending proposed amendment confirming Declaration Effectiveness

Amendment 3 Oct 3, 1988

This amendment adds a five-year real estate tax rebate program tied to a pending tax certiorari challenge, gives tenant-offerees a 30-day right to buy at revised prices with an option to assign, and updates the budget, special account, bylaws, counsel opinion and pending litigation disclosures.

• Real estate tax rebate offered to purchasers for taxes paid during the first five years after closing, pending a tax certiorari proceeding on the 1988/89 transitional assessed valuation of $4,626,000
• Tenant-offerees get a 30-day exclusive right to buy at the Total Cash Payment in revised Schedule A (Exhibit D); after 30 days their price rises to the non-tenant purchaser price
• Tenant-offerees who buy within 30 days may assign their purchase agreement for a $2,000.00 assignment fee, subject to the conditions in the amendment
• Revised Schedule B (Exhibit I) gives updated projected income and expenses for the first year of condominium operation
• Special Account moved to Manufacturers Hanover Trust Company, 270 Park Avenue, New York, New York
• By-Laws amended to allow license agreements with owners of professional Units A, B and C for air conditioning equipment and storage in common areas
• Pending landlord-tenant litigation between the Sponsor and various tenants is disclosed
• Certified financial statements for the year ending December 31, 1987 (Exhibit H) and a revised opinion of counsel (Exhibit J) are added

Amendment 2 Apr 26, 1988

This Second Amendment raises the purchase prices for Apartments 7ABC, 8BC and Prof. Apt. C for non-tenant purchasers and makes these changes part of the offering plan.

• Apartment 7ABC new purchase price set at $4,135,000 for non-tenant purchasers
• Apartment 8BC new purchase price set at $3,386, 000 for non-tenant purchasers
• Prof. Apt. C new purchase price set at $ 258,720 for non-tenant purchasers
• Plan deemed amended to reflect the provisions of this amendment
• No other material changes beyond the First Amendment and this amendment

Amendment 1 Jan 25, 1988

The amendment lets the sponsor take a Reserve Fund credit for listed building repairs and sets out how 521 Park Avenue will share water bills while the adjoining 525 Park Avenue building is under construction.

• Sponsor may take a credit against its initial Reserve Fund contribution for five capital replacements: elevator upgrade $325,000, new water pumps $19,000, increased electrical service capacity $341,700, new windows $92,946, and steam heating upgrade $24,000
• Credit requires the sponsor to start the work after the Plan was first submitted to the Department of Law and before the Plan is declared effective
• Credit cannot exceed the lesser of (18) percent of the Total Price or a second limit that is cut off in the text
• If actual work cost is $802,646, maximum credit is $192,762 and initial Reserve Fund contribution is $385,525, assuming the option in paragraph (i) on page 104 of the Plan is elected
• 525 Park Avenue water tank will be replaced during construction, and 521 Park Avenue's tank will supply water to both buildings for several months
• During construction, 521 Park Avenue will pay 38.10% of the total water bill, apportioned by units (32 units at 521 and 52 units at 525)
• Amendment is incorporated into the Plan, and there are no other material changes