685 Fifth Avenue Condominium (Mandarin Oriental Residences, Fifth Avenue)

Amendment 6 Mar 11, 2025

Sixth amendment updates the 2024-2025 budget, confirms 46 unsold units, revises certain unit purchase prices, and updates financial and operational information as of February 1, 2025.

• Updated budget for fiscal year 2024-2025 with total estimated expenses of $3,627,900
• 46 unsold residential units owned by Sponsor as of February 1, 2025
• Common charge collection commenced August 15, 2024; waiver period concluded
• Sponsor mortgage held by NW 685 Fifth Senior Lender LLC with approximate principal balance of $97,000,000 and maturity date September 13, 2025
• Temporary certificate of occupancy issued; permanent certificate not yet issued
• Sponsor aggregate monthly common charges approximately $193,000 and monthly real estate taxes approximately $117,000
• Units separately assessed for real estate taxes as of July 1, 2024
• Purchase prices for certain units revised per Schedule A
• Schedule A prices decreased for 4 homes (median -17.9%): 6E $2,950,000 → $1,995,000; 6F $3,900,000 → $3,200,000; 7B $5,700,000 → $4,900,000; 7C $2,750,000 → $2,119,000

Amendment 5 Nov 29, 2023

Amendment establishes a Private Dining Room with required house account funding for new purchasers, reduces PCO escrow, and extends the Plan's effective period.

• New purchasers must fund $15 per square foot annual house account for Private Dining Room starting Year 2
• Prior purchasers have option to fund house account for Private Dining Room access
• Year 1 Private Dining Room operating costs borne by Sponsor; a la carte charges apply
• House account funds are non-refundable and used for Private Dining Room operations
• PCO Escrow Account reduced from $95,000.00 to $8,500.00 based on architect certification
• Temporary Certificate of Occupancy issued; permanent still pending
• Residential By-Laws amended to permit private dining room operation by independent not-for-profit
• Plan effective period extended six months from filing date of this Fifth Amendment

Amendment 3 Sep 9, 2022

Amendment reconfigures units, changes construction lender, revises purchase prices, and declares plan effective.

• Construction lender changed from CIM Real Estate Credit, LLC to NW 685 Fifth Avenue Lender LLC
• Units 15A, 15C and 15D combined into single Unit 15A
• Units 21A, 20A and 20B combined into single Unit Penthouse C
• Unit 20C floor plan revised
• Total residential units reduced from 69 to 65
• Plan declared effective based on 11 unit purchase agreements (16% of 65 units)
• Purchase prices revised per Schedule A
• Insurance references updated from 'Condo Insured Limited Common Elements' to 'Condo Insured Unit Common Elements'
• Schedule A prices increased for 59 homes (median +1.9%): 6A $4,850,000 → $5,050,000; 6B $3,340,000 → $3,500,000; 6C $2,650,000 → $2,700,000; 6D $2,425,000 → $2,475,000; ...

Amendment 2 Dec 14, 2021

Amendment updates the budget for the first year of condominium operation (July 1, 2022 – June 30, 2023), revises unit designations, property descriptions and floor plans, changes the master escrow account location, and clarifies insurance provisions.

• Budget updated for first year of operations July 1, 2022 – June 30, 2023; total estimated expenses $2,931,317
• Master Escrow Account moved to Bank of America, 1401 Elm Street, Dallas, TX 75283
• Unit designations changed; revised percentage common interest allocations
• Description of property and furniture schedule revised
• Floor plans revised
• Insurance provisions clarified in Special Risk 42 and residential by-laws
• Plan expires six (6) months after filing unless further extended or amended

Amendment 1 Aug 31, 2021

Amendment updates the First Year budget to July 1, 2022–June 30, 2023, extends the first closing deadline to January 5, 2024, removes a sponsor principal, and adjusts transfer tax calculations.

• First Year of Condominium Operation moved to July 1, 2022 – June 30, 2023
• First closing deadline extended to January 5, 2024 (from June 30, 2022) due to COVID-19 Executive Order tolling
• Budget adopted for July 1, 2022 – June 30, 2023 with total estimated expenses of $3,332,385
• Serdar Bilgili removed as sponsor principal
• Transfer tax no longer grossed up based on recent New York State Tax Law amendment
• Plan effective period extended six months from amendment filing date