Times Plaza Condominium

Amendment 25 Feb 16, 2018

Unit prices are being changed.

Amendment 24 Nov 22, 2017

Amendment updates unsold unit charges, board membership, and provides 2018 budget and 2016 financial statements.

• Monthly maintenance charges for unsold units: $1,080.15 aggregate; tenant rentals: $6,307.00
• Commercial unsold units pledged as collateral to Apple Savings Bank
• New Board of Managers: Liz Figueira (President), Chris Steib (Vice President), Bruce Orlofsky (Treasurer), Bryan Grover (Secretary), Mitchel Orlofsky (Commercial Representative)
• Sponsor no longer controls Board of Managers
• 2018 budget total expenses: $270,648.48
• 2016 year-end cash: $160,576; net loss: $(75,159)

Amendment 23 Jan 19, 2017

Amendment updates unsold unit offerings, maintenance charges, board composition, and 2017 budget after sponsor relinquishes board control.

• Monthly maintenance charges for unsold units are $1,080.15 in aggregate; current tenant rentals are $6,307.00
• Sponsor no longer controls Board of Managers; five new board members listed including Liz Figueira as President
• Commercial unsold units pledged as collateral for loan held by Apple Savings Bank
• 2017 budget totals $270,648.48 in expenses
• Certified financials for year ended December 31, 2015 attached
• Sponsor to meet obligations through rentals and own resources

Amendment 22 May 31, 2016

Sponsor changed prices of units at the building.

Amendment 21 Feb 23, 2016

Amendment updates unsold unit listings, maintenance charges, board composition, and 2016 budget after sponsor loss of board control.

• Monthly maintenance charges for unsold units: $1,697.85 in aggregate; tenant rentals: $10,610.78
• Commercial unsold units pledged as collateral to Apple Savings Bank
• Sponsor no longer controls Board of Managers; new board members: Liz Figueira (President), Edan Rotenberg (Vice President), Bruce Orlofsky (Treasurer), Jonathan Oatis (Secretary), Mitchel Orlofsky (Commercial Representative)
• 2016 fiscal year budget total expenses: $270,848.48
• Certified financials for year ended December 31, 2014 attached
• Three unsold units listed: 4B ($617.70), 5A ($598.81), 8B ($481.34)

Amendment 20 Feb 24, 2015

Amendment updates unsold unit charges, board membership, 2015 budget, and certified financials for December 31, 2013.

• Three unsold units (4B, 5A, 8B) with total monthly common charges of $1,562.89
• Sponsor no longer controls Board of Managers; five new board members listed
• 2015 budget total expenses $250,733.04 with reserve fund renewal of $41,688.84
• Certified financial statements for year ended December 31, 2013 attached

Amendment 19 Sep 9, 2014

Unit prices changed at Times Plaza Condominium.

Amendment 18 Jan 21, 2014

Prices of units at the building are changed.

Amendment 17 Jan 21, 2014

Prices of units at the building have been changed.

Amendment 16 Jan 7, 2014

Monthly common charges increased 5% effective January 1, 2014, sponsor relinquished board control, and 2014 budget was adopted.

• Monthly common charges increased 5% effective January 1, 2014
• Seven unsold units listed with total monthly common charges of $3,557.90
• Sponsor no longer controls Board of Managers; new board members named
• Commercial unsold units pledged as collateral for loan with Apple Savings Bank
• 2014 budget adopted with total expenses of $250,733.06
• Building located in Flood Zone X with no Hurricane Sandy damages reported
• Certified financials for year ended December 31, 2012 attached

Amendment 15 Nov 21, 2013

Prices of 2 unsold units changed.

• Unit 5B price set to $850,000.00
• Unit 6C price set to $730,000.00

Amendment 14 Mar 8, 2013

Amendment updates escrow procedures, replaces contract of sale, establishes new board of managers, and provides fiscal year 2013 budget.

• Sponsor no longer controls Board of Managers; five new board members named
• Escrow agent changed to Eiseman Levine Lehrhaupt & Kakoyiannis, P.C. at Citibank account
• New escrow procedures and contract of sale (Exhibit D) replace prior versions
• Monthly maintenance charges on unsold units: $3,388.48 aggregate; tenant rentals: $20,509.58 aggregate
• Commercial unsold units pledged as collateral for loan with Apple Savings Bank
• Purchaser may cancel within 90 days if deposit notice not received within 15 business days
• No sponsor release of defaulting purchaser deposits until plan consummation

Amendment 13 Feb 16, 2012

Amendment extends the offering plan for twelve months, updates unsold units list, monthly maintenance charges, board composition, 2012 budget, and 2010 financial statements.

• Offering plan extended twelve (12) months from February 16, 2012
• Nine unsold units listed with aggregate monthly maintenance charges of $4,225.62
• Aggregate monthly rentals from current tenants of unsold units: $19,314.61
• Board of Managers: Sponsor no longer in control; new members include Danielle Westen (President), Edan Rotenberg (Vice President), Bruce Orlofsky (Treasurer, Sponsor Rep), Timothy Grob (Secretary), Jason Orlofsky (Sponsor Rep)
• Commercial unsold units pledged as collateral for loan held by Apple Savings Bank
• 2012 budget total expenses: $238,821.94
• Certified financial statements for year ended December 31, 2010 included
• No financial obligations coming due within twelve months other than maintenance charges and assessments

Amendment 12 Mar 8, 2011

Amendment updates unsold unit listings, maintenance charges, board composition, budget, and financial statements; extends the plan for twelve months.

• Monthly maintenance charges for unsold units: $5,094.72 aggregate; aggregate monthly rentals from current tenants: $15,697.28
• Board of Managers: Sponsor no longer in control; new members include Danielle Westen (President), Andru Prescod (Vice President), Bruce Orlofsky (Treasurer, Sponsor Representative), Timothy Grob (Secretary), Jason Orlofsky (Sponsor Representative)
• 11 unsold units listed with individual monthly common charges ranging from $411.58 to $575.40
• 2011 budget total expenses: $238,821.94
• General Partner changed: AYND Orlofsky LLC is new General Partner with 25% holding in Times Plaza Development Corp; Bruce Orlofsky no longer member of General Partner or Sponsor
• Commercial unsold units pledged as collateral for loan held by Apple Savings Bank
• Financial statements for year ended December 31, 2009 attached; net income $84,597
• Plan extended for twelve (12) months from date of amendment

Amendment 11 Feb 23, 2010

Eleventh amendment updates unsold unit list, maintenance charges, board membership, 2010 budget, and certified financials; extends plan for 12 months.

• 12 unsold units listed with monthly common charges totaling $5,508.29
• Monthly rental income from current tenants totals $25,436.77
• Sponsor no longer controls Board of Managers; new board members named including two Sponsor Representatives
• 2010 budget total expenses $233,721.00
• Certified financials for year ended December 31, 2008 provided
• Plan extended for twelve (12) months from acceptance of this amendment
• No unsold units pledged as collateral for loan

Amendment 10 Feb 24, 2009

Tenth Amendment updates unsold unit offerings, closing fees, board membership, and extends the plan for twelve months.

• New Contract of Sale form (from Ninth Amendment Exhibit A) replaces prior form; terms subject to negotiation per purchaser
• Closing fees: $1,000 basic, $450 for financing, $500 for adjournment, $500 for assignment
• Board of Managers: Sponsor no longer controls; new members are Danielle Westen (President), Tim Ventimiglia (Vice President), Bruce Orlofsky (Treasurer, Sponsor Rep), Bob Cashill (Secretary), Jason Orlofsky (Sponsor Rep)
• 12 unsold units listed with monthly common charges totaling $4,590.23; aggregate tenant rentals $21,537.30
• Sponsor owns approximately 31% of unsold residential units
• 2009 budget total expenses $202,611.48
• Dispute with adjoining property owner regarding lot line windows facing courtyard; no litigation pending
• Plan extended twelve months from acceptance date

Amendment 9 Feb 13, 2008

Amendment updates unsold unit pricing, closing fees, board composition, and financial disclosures for the condominium.

• Unsold unit prices listed on Schedule A
• Closing fees: $1,000 for cash sales, additional $450 for financed sales, $500 for adjourned closings, $500 for contract assignments
• New Contract of Sale form (Exhibit A) replaces prior form; terms subject to negotiation
• All units sold "as is" in current condition
• Sponsor no longer controls Board of Managers; new board members listed
• Monthly maintenance charges on unsold units total $5,357.77; tenant rentals total $22,846.44
• Sponsor owns approximately 36% of unsold residential units
• Plan extended 12 months from amendment acceptance date

Amendment 8 Dec 22, 2006

Amendment establishes new pricing and purchase procedures for unsold units, replaces the contract form, updates the Board of Managers, and discloses that the Sponsor owns approximately 49% of unsold units.

• Unsold units offered at prices listed on Schedule A
• 30-day exclusive purchase period for Tenants in Occupancy at cash prices on Schedule A
• 10% down payment required, 80% mortgage financing contingency available
• New Contract of Sale form replaces prior form; terms subject to negotiation
• Closing fees: $750 base, $450 additional for financing, $500 if adjourned or assigned
• Monthly maintenance charges for unsold units: $7,139.26 aggregate; tenant rentals: $22,513.74 aggregate
• Board of Managers restructured with new members; Sponsor no longer in control
• Sponsor owns approximately 49% of unsold units

Amendment 7 Feb 24, 2006

Revised purchase prices for certain apartments in the offering plan.

Amendment 6 Jan 23, 2006

Sixth amendment confirms first unit closing occurred September 6, 2005, documents reserve and working capital funds deposited, and names the initial board of managers.

• First unit closing took place September 6, 2005
• Condominium Declaration filed August 30, 2005 in Kings County
• Reserve Fund fully funded at $524,452.00 deposited in HSBC Bank
• Working Capital Fund set at $32,780.10 deposited in HSBC Bank
• First meeting of unit owners held December 14, 2005
• Board of Managers elected with Bruce Orlofsky as President, Mitchell Orlofsky as Secretary, Jason Orlofsky as Treasurer
• 18 units remain unsold and held by Sponsor

Amendment 5 Oct 4, 2005

Fifth amendment corrects unit C4 common interest percentage, extends relocation allowance for tenants, and credits sponsor $50,000 against Reserve Fund Contribution for roof work.

• Unit C4 common interest percentage corrected to 2.50431% (increase of .00063%)
• Relocation Allowance extended on same terms; tenants must notify Selling Agent within 30 days
• Sponsor takes $50,000.00 credit against Reserve Fund Contribution for completed roof work
• Tax lot designations added for each unit in Schedule B

Amendment 4 Aug 26, 2005

Purchase prices increased for four units.

• Unit 3A price raised to $617,700.00
• Unit 7C price raised to $614,800.00
• Unit 7E price raised to $620,600.00
• Unit 8A price raised to $606,100.00

Amendment 3 Apr 29, 2005

Plan declared effective with 10 purchase agreements; water meter defect resolved; maintenance company fee increased; superintendent housing allowance eliminated; deed description corrected; first closing scheduled for June 16, 2005.

• Plan declared effective April 1, 2005 with 9 purchase agreements (23.08% of 39 units)
• Water meter defect replaced by DEP; annual water and sewer charges projected at $13,109; no escrow required
• Maintenance company M&J Maintenance & Renovation Inc. hired at $42,000 annually (increase of approximately $1,400); superintendent housing allowance of $600/month eliminated
• No increase to Common Charges despite budget changes
• Property deed description revised (corrected Meets and Bounds)
• First unit closing scheduled for June 16, 2005 at 10:00 a.m. at 845 Third Avenue, 8th Floor, New York
• Relocation Allowance from Second Amendment extended; qualified tenants have 30 days to elect in writing

Amendment 2 Mar 11, 2005

Amendment changes real estate tax procedures, adds a 30-day exclusive purchase period for existing tenants with relocation stipends, adjusts deposit requirements, and corrects the Declaration description.

• Real estate taxes: units taxed separately; sponsor escrows six months of taxes at first closing until individual tax bills issued
• Existing tenants have 30-day exclusive right to purchase at original offered prices
• Relocation stipend offered: $20,000 for two-bedroom apartments, $15,000 for studio apartments
• Qualified tenants must vacate within specified period to receive stipend; stipend not paid if tenant dies before vacating
• Deposit for qualified tenant purchasers reduced to $1,000.00
• Purchasers may rescind within 15 days of amendment presentation and receive refund
• Declaration Article 3 corrected to describe building construction details and floor layout

Amendment 1 Jan 24, 2005

Amendment corrects Schedule A unit square footages and common interest percentages, revises Schedule B commercial unit expense obligations, and clarifies tenant rights under recent case law.

• New Schedule A corrects square footage and Percentage of Common Interest for Units 1B, 1C, 2B, 2C, 3B, 3C, 4B, 4C, 5B, 5C, 8B, 8C, 9B, 9C, 10B, 10C
• Common Charges, Real Estate Taxes, and unit Prices changed for affected units; column totals remain the same
• Schedule B revised: Commercial Unit Owners excluded from Residential Common Expenses and costs for compactor, intercom, exterminating
• No elevators in building; references to elevators deleted from Offering Plan
• Post-conversion tenants renting from Holder of Unsold Shares have status of 'Non-Purchasing Tenant' per Paikoff v. Harris case
• Purchasers who signed before amendment and are materially adversely affected by Schedule A changes have 15-day rescission right