690 Riverside Condominium

Amendment 21 Apr 8, 2025

Successor Sponsor Jober Upper Riverside LLC offers unsold units with updated financial information, new managing agent, and FinCEN disclosure requirements.

• Jober Upper Riverside LLC is the new Successor Sponsor for unsold units
• Bronstein Properties LLC appointed as managing agent for unsold units
• Monthly common charges as of March 1, 2025: $12,908.36 for unsold units
• Monthly special assessment as of March 1, 2025: $3,883.68, collected through December 31, 2025
• Facade project anticipated to start in 2025, estimated cost approximately $216,000
• 2025 budget shows 3% increase in common charges
• FinCEN Geographic Target Order effective October 16, 2024 requires title companies to collect and report purchaser identity information

Amendment 20 Apr 23, 2024

Successor Sponsor Jober Upper Riverside LLC offers unsold units with negotiable pricing and terms, reports financial obligations as of April 1, 2024, and extends the filing period by twelve months.

• Successor Sponsor reserves right to negotiate prices and terms individually with purchasers without filing amendments for negotiated deals
• Aggregate monthly common charges for Unsold Units: $13,367.71 as of April 1, 2024
• Aggregate monthly special assessment: $4,148.55, collected through December 31, 2025 for facade work, NYC Local Law 97, and reserve fund
• Aggregate monthly base rental from tenants: $16,254.73 as of April 1, 2024; two Unsold Units were vacant
• Aggregate monthly real estate taxes for Unsold Units: $6,117.11 as of April 1, 2024
• Unsold Units are not encumbered by financing
• Condominium Board directors include Barry Katz, Mike Longman, Paul Lugger, George Sayrafe, and Aaron Israel; Sayrafe and Israel are designees of Successor Sponsor
• Filing period extended twelve months from filing of this Amendment

Amendment 19 Aug 7, 2023

New sponsor Jober Upper Riverside LLC acquired 17 unsold units on March 31, 2023, and will offer them at amended prices with revised terms.

• 17 unsold units transferred to Jober Upper Riverside LLC as Successor Sponsor on March 31, 2023
• Units will be offered in 'as is' condition; Successor Sponsor may renovate vacant units before sale
• Purchase prices amended per Exhibit A
• Successor Sponsor reserves right to negotiate terms individually with each purchaser including price, down payment, financing, renovations, and timeframes
• Successor Sponsor assumes only obligations for unsold units, not for building or other apartments
• MD Squared Property Group LLC appointed as managing agent for unsold units
• Successor Sponsor will comply with rent regulation requirements for rent-regulated apartments

Amendment 18 Aug 3, 2020

Amendment updates financial disclosures as of July 24, 2020, sets Board membership, provides 2020 budget and 2019 financials, and revises Unit 2C price to $775,000.

• 18 Unsold Units owned by Sponsor, with aggregate monthly Common Charges of approximately $12,874.00
• Aggregate monthly special assessment approximately $3,437.00; extended through December 31, 2020
• Aggregate monthly real estate tax approximately $6,141.00; aggregate monthly rent from occupied Unsold Units approximately $16,998.00
• Board of Managers: Barry Katz, Paul Lugger, Mike Longman, Joel Wiener, Darren Landy (Wiener and Landy affiliated with Sponsor)
• 2020 budget shows Common Charge increase of 2% effective January 1, 2020
• Unit 2C (Vacant) price set at $775,000 for Non-Tenant Purchasers
• No litigation pending against Condominium
• No changes to J-51 benefits or rent law de-regulations since previous amendment

Amendment 17 Dec 17, 2019

Amendment discloses sponsor's 18 unsold units, their financial obligations, board composition, 2020 budget with 2% Common Charge increase, pending litigation, and new New York State real estate transfer taxes.

• 18 unsold units owned by sponsor; aggregate monthly Common Charges approximately $12,621.00
• 2% Common Charge increase effective January 1, 2020
• Special assessment extended through December 31, 2020
• Board members: Barry Katz, Paul Lugger, Mike Longman, Joel Wiener, Darren Landy; sponsor does not control board
• One pending litigation: Elizabeth Payano vs. 680 Riverside Realty Co. LLC et al., alleged trip and fall
• New York State transfer tax: $1.25 per $500 on residential property $3 million or more; supplemental tax rates 0.25% to 2.25% depending on sale price

Amendment 16 2019

Sixteenth amendment discloses unsold units, sponsor financial obligations, board members, 2019 budget with 2% common charge increase and special assessment for elevator upgrade, smoking policy, and FinCEN requirements.

• 19 unsold units owned by Sponsor
• As of December 21, 2018: aggregate monthly common charges $13,263.00, real estate taxes $5,743.00, rental income $18,947.00
• 2% common charge increase effective January 1, 2019
• 5-month special assessment payable over 18 months starting April 1, 2019 for city-mandated elevator upgrade
• Board members: Vincent Violago, Paul Luggar, Mayo Roe, Joel Wiener, Darren Landy (last two affiliated with Sponsor)
• Smoking prohibited in all common elements; allowed in units but residents must prevent smoke from escaping
• FinCEN Form 8300 reporting required for certain cash purchases over $300,000

Amendment 15 Aug 13, 2018

Non-Tenant Purchaser prices revised for one unit.

Amendment 14 2018

Amendment updates sponsor financial disclosures, board composition, 2018 budget with 3% Common Charge increase, and sponsor ownership changes.

• 19 Unsold Units owned by Sponsor; aggregate monthly Common Charges $13,263.00, real estate tax $5,700.00, tenant rent $20,108.00 as of January 5, 2018
• Board of Managers: Vincent Violago, Paul Luggar, Mayo Roe, Joel Wiener, Darren Landy; Joel Wiener and Darren Landy affiliated with Sponsor
• 2018 Budget attached with 3% Common Charge increase effective January 1, 2018
• Pinnacle Holding Company III, LLC purchased interests of NYC Residential Manager LLC and Kaben RSD LLC as of July 7, 2017; A. Floyd Lattin and Russell L. Appel no longer principals
• Sponsor closing costs: $2,500.00 legal fee to Pryor Cashman LLP, plus attendance fees up to $1,000.00 and reschedule fee of $300.00
• Tax Cuts and Jobs Act of 2018 may affect tax projections in Plan; purchasers advised to consult tax expert
• Certified Financial Statement for year ending December 31, 2017 not yet available; will be provided by amendment
• No pending lawsuits against Condominium; no changes to J-51 benefits since prior amendment

Amendment 13 Dec 30, 2016

Thirteenth Amendment discloses 19 unsold units owned by Sponsor, financial obligations, board members, and 2017 budget.

• 19 unsold units listed with monthly common charges of $12,877.06, real estate taxes of $5,407.75, and rental income of $19,487.51 as of December 12, 2016
• Board of Managers members named: Vincent Violago, Paul Luggar, Mayo Roe, Joel Wiener, and Darren Landy
• 2017 budget forecast attached with total revenues of $281,100 and net operating income of $59,200
• Sponsor owns more than 10% in 32 other properties listed in Exhibit B
• No pending litigation against the Condominium
• No changes to J-51 tax benefits since previous amendment
• Certified financial statement for year ending December 31, 2015 attached

Amendment 12 Feb 5, 2016

Twelfth Amendment discloses sponsor's financial obligations, unsold units, board composition, 2016 budget, and confirms no material changes to the plan.

• 19 unsold units owned by sponsor listed with common interest percentages
• Sponsor's aggregate monthly common charges on unsold units: $12,263.87
• Sponsor's aggregate monthly real estate taxes on unsold units: $5,343.10
• Sponsor's aggregate monthly rental income from unsold units: $19,292.62
• Board of Managers members named: Joel Wiener, Adam Kaplan, Darren Landy, Anne Flynn, Russel Barnes, Vincent Violago
• 2016 budget attached showing net cash flows of $15,700
• 2014 certified financial statement attached; 2015 statement not yet available

Amendment 11 Mar 13, 2015

Amendment updates sponsor's financial disclosures, board composition, 2015 budget, and litigation status for 20 unsold units.

• 20 unsold units owned by sponsor; aggregate monthly common charges $12,979.64, real estate tax $5,237.03, tenant rent $19,169.11 as of February 13, 2015
• Board of Managers: Joel Wiener, Adam Kaplan, Darren Landy, Steven Reseigh, Eric Warner, Vincent Violago; three affiliated with sponsor
• Proposed 2015 budget with total revenues $267,900 and operating expenses $254,200
• 2013 certified financial statement attached; 2014 statement not yet available
• No pending litigation against the condominium
• Settlement update: Pinnacle Group NY LLC lawsuit affirmed by appeals court; will not affect sponsor's obligations

Amendment 10 Apr 3, 2014

Tenth amendment updates sponsor's financial disclosures, unsold unit inventory, board composition, 2014 budget, and litigation status.

• 20 unsold units owned by sponsor; aggregate monthly common charges $12,979.55, real estate tax $5,360.75, tenant rent $20,220.41 as of March 20, 2014
• Sponsor no longer controls the Board of Managers; Joel Wiener, Darren Landy and Adam Kaplan are affiliated with Sponsor
• 2014 budget proposed with no common charge increase from 2013
• No changes to J-51 benefits or high rent decontrol regulations
• Litigation update: Marjorie Charron v. Pinnacle Group NY LLC settlement approved in June 2012, affirmed September 2013, petition for Supreme Court writ filed February 2014; settlement will not affect Sponsor's obligations
• No pending lawsuits against the Condominium
• Sponsor current on all financial obligations; unsold units not mortgaged

Amendment 9 Mar 28, 2013

Amendment updates Fannie Mae approval status, sponsor financial disclosures, board members, 2013 budget with 18% common charge increase, selling agent information, and escrow procedures.

• Fannie Mae Final Project Approval issued March 21, 2013, expires September 21, 2014
• 20 unsold units owned by sponsor; aggregate monthly common charges $12,980.00, real estate taxes $5,082.00, tenant rent $19,435.00
• Board of managers: Joel Wiener, Adam Kaplan, Darren Landy, Steven Reseigh, Eric Warner (three affiliated with sponsor)
• 2013 budget includes 18% increase in common charges for capital reserve
• Selling agent changed to Keller Williams NYC, 425 Park Avenue, 19th Floor, New York, NY 10022
• Escrow agent: Pryor Cashman LLP, 7 Times Square, New York, NY 10036-6569
• Master escrow account at Citibank N.A., 666 5th Avenue, 5th Floor, New York, NY 10103
• Deposits with completed W-9 or W-8BEN forms placed in individual interest-bearing sub-accounts

Amendment 8 Jul 17, 2012

Amendment updates financial disclosures, lists 20 unsold units owned by sponsor, confirms Fannie Mae approval, and reports on litigation settlement.

• 20 unsold units listed with square footage and common interest percentages
• Fannie Mae Final Project Approval issued December 29, 2011, expires December 31, 2012
• Sponsor's aggregate monthly common charges approximately $12,980.00 as of July 3, 2012
• Sponsor's aggregate monthly real estate tax approximately $5,290.00 as of July 3, 2012
• Sponsor's aggregate monthly rental income from unsold units approximately $19,117.00
• 2011 condominium expenses exceeded income by approximately $7,700.00
• Board of Managers will conduct semi-annual review to determine if common charge increase required
• Pinnacle Group NY LLC litigation settlement requires contribution of approximately $2.5 million to legal aid organizations

Amendment 7 Aug 2, 2011

This amendment updates unsold unit information, provides Fannie Mae approval, discloses sponsor financial obligations, and includes 2011 budget and 2010 financial statements.

• Unit 6A price decreased to $375,000.00
• Fannie Mae Final Project Approval issued December 16, 2010, expires December 16, 2011
• 21 unsold units owned by Sponsor listed in Exhibit A
• Sponsor mortgage of $7,348,260.95 with Wells Fargo extended to December 20, 2011
• Monthly common charges for unsold units: $13,472.70; monthly real estate taxes: $5,110.78
• Board of Managers: Joel Wiener, Adam Kaplan, Darren Landy, Steven Reseigh, Eric Warner

Amendment 6 Dec 9, 2009

Sixth amendment updates unsold unit details, Fannie Mae approval, board members, financial disclosures, litigation status, J-51 tax benefits, and amends condominium declaration and by-laws.

• 22 unsold units owned by Sponsor listed
• Fannie Mae Final Project Approval issued December 9, 2009; expires December 7, 2010
• Sponsor's attorney address changed to 7 Times Square, New York, NY 10036-6569
• Board of Managers names: Joel Wiener (President), Adam Kaplan (Vice President), Darren Landy (Vice President), Tatyana Nekhlyudov (Secretary), Steven Reseigh, Tricia Nepomuceno
• Aggregate monthly Common Charges for Sponsor's unsold units as of June 2, 2010: $14,193.60
• Blanket mortgage principal approximately $15,288,817 held by Wells Fargo; maturity extended to December 20, 2011
• Class action litigation certified regarding alleged unlawful housing practices by Pinnacle Group entities
• J-51 tax benefits received fiscal years 2002/2003 and 2003/2004; estimated expiration 2012/2013 and 2013/2014

Amendment 5 May 12, 2009

Gives tenants 30 days to purchase their units at discounted prices, or offers non-purchasing tenants a buyout payment of $25 per square foot to vacate within 90 days.

• Tenants have exclusive 30-day right to purchase units at discounted prices in Schedule A
• Non-purchasing tenants can receive buyout payment of $25/sq ft to vacate within 90 days
• Buyout amounts listed in Schedule B for each unit
• After 30-day period, sponsor can sell occupied units to non-tenant purchasers
• Tenants accepting buyout must waive right to purchase any unit under the plan

Amendment 4 Jan 21, 2009

Fourth Amendment updates financial disclosures, unsold unit information, board member names, and provides 2009 budget.

• Aggregate monthly Common Charges on unsold units: $22,861 as of November 19, 2008
• Aggregate monthly real estate taxes on unsold units: $2,308 as of November 19, 2008
• Aggregate monthly rents from unsold units: $19,982 as of November 19, 2008
• First Mortgage with Wells Fargo Bank: $26,217,862 outstanding principal, matures December 20, 2009
• Project Loan Mortgage: $5,000,000 maximum, zero balance owed, approximately $1,067,000 available to draw
• Board members: Joel Wiener (President/Treasurer), Neil Wiener (Vice President/Secretary)
• 2009 budget year commencing January 1, 2009 with projected income and expenses of $265,000

Amendment 3 Jul 10, 2008

Amendment adds tenant surrender option with buyout payments, updates fund amounts, records closing details, and makes administrative changes to declaration, bylaws, and attorney name.

• Non-purchasing tenants may surrender leases within 30 days for lump sum payment of $25.00 per square foot of unit
• Reserve Fund amount is $371,212.00 as of amendment date
• Working Capital Fund amount is $11,841.00 as of amendment date
• First Closing held May 20, 2008 at Pryor Cashman LLP offices
• Declaration recorded May 9, 2008 under CRFN 2008000189767
• Closing adjustments of $1,245.73 paid to Condominium by Sponsor
• Board of Managers members named: Joel Wiener (President/Treasurer) and Neil Wiener (Vice President/Secretary)
• Sponsor's attorney name changed from Pryor Cashman Sherman & Flynn LLP to Pryor Cashman LLP

Amendment 2 Jan 9, 2008

Second amendment addresses rent overcharge investigations, declares plan effective with 8 executed agreements, updates tax lots and unit descriptions, offers surrender payments to non-purchasing tenants, changes selling agent to Barak Realty, and clarifies building security procedures.

• Plan declared effective March 21, 2008; 8 units under executed agreements (22.86% of units offered)
• Non-purchasing tenants may surrender leases within 30 days for $25/sq ft payment
• Selling agent changed to Barak Realty, 237 West 72nd Street, New York
• New York City tentative tax lots issued; unit descriptions replaced
• Schedule A Note 2 and Article 7 of Condominium Declaration: 'exterior side' changed to 'midpoint'
• Building security: Secure Watch 24 cameras installed but not monitored; recordings available to NYPD upon complaint

Amendment 1 Mar 21, 2007

Purchase prices of units decreased and tenant purchaser exclusive purchase period extended by 30 days.

• Purchase prices decreased for certain units
• Exclusive purchase period for tenant purchasers extended 30 days from amendment presentation
• Tenant purchasers may purchase at discounted prices during extended period
• After extended period, sponsor may sell occupied units to non-tenant purchasers or lease to others