801 Riverside Condominium

Amendment 20 Apr 30, 2024

Successor Sponsor (Jober Upper Riverside LLC) offers 17 unsold units with combined monthly common charges of $14,180.46, rental income of $18,353.35, and quarterly taxes of $27,283.95.

• Successor Sponsor reserves right to negotiate individual purchase prices and terms without amendment filing
• Aggregate monthly common charges for Unsold Units: $14,180.46 as of April 1, 2024
• Aggregate monthly base rental from tenants: $18,353.35 as of April 1, 2024
• Aggregate quarterly real estate taxes: $27,283.95
• Unsold Units carry no financing encumbrance
• Offering plan filing period extended 12 months
• Financial Crimes Enforcement Network (FinCEN) reporting requirements apply to purchases in specified counties including New York boroughs through April 18, 2024

Amendment 19 2023

New sponsor Jober Upper Riverside LLC acquired 17 unsold units from 801 Realty Co. LLC on March 31, 2023, with amended purchase prices and offering terms.

• 17 unsold units transferred to successor sponsor Jober Upper Riverside LLC on March 31, 2023
• Purchase prices amended for unsold units per Exhibit A
• Units offered 'as is'; successor sponsor may renovate vacant units before sale at its discretion
• Successor sponsor may negotiate individually with purchasers on price, down payment, financing, renovations, and closing timelines
• Price changes by amendment only for across-the-board adjustments, advertised prices, or increases to individual purchasers; individual discounts do not require amendment
• Successor sponsor assumes obligations only for unsold units; does not assume prior sponsor's liabilities or representations about building condition
• Managing agent: MD Squared Property Group LLC at 7 Penn Plaza, Suite 601, New York, New York 10001
• Successor sponsor will comply with rent regulation requirements for DHCR-regulated apartments among unsold units

Amendment 18 Aug 12, 2022

This 18th Amendment updates financial disclosures, board composition, financial statements, 2022 budget, renovation details for Unit 5E, and modifies Unit 5E's purchase price to $675,000.00.

• Unit 5E purchase price set at $675,000.00
• 18 unsold units owned by Sponsor; aggregate monthly Common Charges $14,948.00, real estate taxes $6,693.00 as of February 28, 2022
• Mortgage held by Axos Bank, principal amount $39,000,000.00, matures July 1, 2050, 4.75% fixed rate for first 5 years
• Current Board of Managers: Craig Hart, Murray Mackinnon, Timothy Popham, Joel Wiener, Darren Landy; Sponsor does not control board
• Unit 5E undergoing renovation: new floors, kitchen cabinets, plumbing, fixtures, appliances, bathroom tiles, electrical rewiring, doors and moldings
• Tenant Protection Plan filed with DOB for Unit 5E renovations; construction limited to Monday-Friday 7:00 AM to 6:00 PM
• 2022 budget attached as Schedule D; Financial Statements for 2020 and 2019 attached as Schedule C
• No pending litigation against Condominium; no changes to J-51 benefits since previous amendment

Amendment 17 2021

17th amendment updates sponsor financial disclosures, board composition, and financial statements for the condominium.

• 18 unsold units owned by sponsor with $15,930.54 monthly common charges and $9,504.74 monthly real estate tax as of January 7, 2021
• Mortgage of $39,000,000.00 held by Axos Bank, maturing July 1, 2050, at 4.75% fixed rate for first 5 years
• Board of Managers includes Joel Wiener and Darren Landy affiliated with sponsor
• Financial statements for years ending December 31, 2019 and 2018 attached; 2020 statement not yet available
• 2021 budget not yet available
• No litigation pending against condominium
• Sponsor may undertake renovation work in vacant unsold units subject to Tenant Protection Plan

Amendment 16 May 20, 2020

Unit 2D purchase price for non-tenant purchasers revised to $775,000.

Amendment 15 Feb 25, 2020

Amendment updates prices for 2 units, discloses sponsor's financial status and board composition, and provides 2020 budget and tax law information.

• Unit 2D price set to $750,000
• Unit 6C price set to $400,000
• 20 unsold units owned by Sponsor; aggregate monthly Common Charges approximately $16,356.00 as of February 14, 2020
• Aggregate monthly real estate tax on unsold units approximately $9,724.00 as of February 14, 2020
• Aggregate monthly rent from unsold units approximately $19,532.00 as of February 14, 2020
• 2020 calendar year budget attached
• Financial Statements for years ending December 31, 2018 and December 31, 2017 attached; 2019 statement not yet available

Amendment 14 Mar 14, 2019

Fourteenth Amendment adds sponsor financial disclosures, board member names, smoking policy, and FinCEN reporting requirements.

• 20 unsold units owned by sponsor; aggregate monthly common charges $16,356.00, real estate tax $9,552.00, tenant rent $22,183.00 as of February 20, 2019
• Board of Managers members: Candice Montoro, Adrian Roberts, Brett Rollins, Joel Wiener, Darren Landy; two affiliated with sponsor
• Financial Statements for years ending December 31, 2017 and 2016 attached; 2018 statement to follow
• 2019 budget to be provided when available
• No changes to J-51 benefits; no units de-regulated under High Rent Decontrol
• No litigation pending against condominium
• Smoking policy adopted: prohibited in all common areas and outdoor areas; permitted only inside individual apartments, not on balconies or terraces
• FinCEN Form 8300 reporting required for entity purchasers paying over $300,000 without bank financing, effective November 17, 2018

Amendment 13 Aug 13, 2018

Revised purchase price for a Non-Tenant Purchaser unit.

Amendment 12 2018

Amendment updates sponsor financial disclosures, unsold unit information as of March 5, 2018, board composition, 2018 budget, and closing cost fees for purchases after this amendment.

• 22 unsold units owned by sponsor; monthly common charges $18,265.00, real estate tax $8,701.00, rental income $23,285.00 as of March 5, 2018
• Sponsor legal fees for purchase agreements set at $2,500 payable to Pryor Cashman LLP for agreements entered after this amendment
• Additional closing fees: $750 attendance fee for Manhattan closings, $1,000 for closings outside Manhattan; $300 reschedule fee; $750 assignment fee
• Board of Managers composition: Craig Hart, Adrian Roberts, Candie Strickler, Joel Wiener, Darren Landy (two affiliated with sponsor)
• 2016 and 2015 certified financial statements attached; 2017 statement not yet available
• Sponsor ownership changed July 7, 2017 when Pinnacle Holding Company III, LLC purchased interests; A. Floyd Lattin and Russell L. Appel no longer principals
• Tax Cuts and Jobs Act of 2017 effective January 1, 2018 may affect tax projections in plan
• No litigation pending against condominium; no changes to J-51 benefits or rent decontrol since prior amendment

Amendment 11 2017

Amendment updates sponsor financial disclosures, board information, unit pricing, and sponsor principal's business history.

• Unit 6D price set at $825,000.00
• 22 unsold units owned by sponsor; monthly common charges $18,264.66, real estate taxes $8,247.97, rental income $23,051.67 as of March 16, 2017
• Board of Managers members listed: Craig Hart, Adrian Roberts, Connie Ip, Joel Wiener, Darren Landy (two affiliated with sponsor)
• 2014 and 2015 certified financial statements provided; 2016 budget and certified statement not yet available
• No changes to J-51 benefits or rent deregulations since prior amendment
• No pending litigation against condominium
• Sponsor principal Joel Wiener's prior involvement in bankruptcy and rent calculation settlement disclosed

Amendment 10 2016

Tenth amendment discloses sponsor's financial status, unsold units, board composition, and condominium budgets and financial statements.

• 22 unsold units owned by sponsor listed with aggregate monthly common charges of approximately $18,265.00
• Aggregate monthly real estate tax on unsold units approximately $7,536.00 as of April 1, 2016
• Aggregate monthly rent from unsold units approximately $23,621.00
• Sponsor current on all financial obligations to condominium
• Board of managers composition disclosed: 5 members including 2 affiliated with sponsor
• 2014 and 2013 certified financial statements attached
• 2016 calendar year budget attached

Amendment 9 May 13, 2015

Ninth Amendment discloses 22 unsold units owned by Sponsor, their financial obligations, Board composition, and 2012–2013 financial statements with 2015 budget.

• 22 unsold units owned by Sponsor; aggregate monthly Common Charges $18,265.00, real estate tax $6,717.00, tenant rent $23,423.00 as of April 17, 2015
• Sponsor current on all financial obligations to Condominium; unsold units not subject to mortgages
• Board of Managers members listed: Craig Hart (President), Adrian Roberts (Treasurer), Connie Lp (Secretary), Joel Wiener, Darren Landy; two members affiliated with Sponsor
• Certified Financial Statements attached for years ending December 31, 2012 and December 31, 2013; 2014 statement not yet available
• Draft 2015 budget prepared by Impact Real Estate Management; not yet approved by Board
• No changes to J-51 benefits or rent law deregulation since previous amendment
• Sponsor owns more than 10% in 23 other cooperatives and condominiums; list attached

Amendment 8 Jun 5, 2014

Amendment updates financial disclosures, board information, and settlement details for 22 unsold units as of May 1, 2014.

• 22 unsold units owned by Sponsor; aggregate monthly Common Charges approximately $18,264.68, real estate tax approximately $6,632.59, rental income approximately $23,595.75 as of May 1, 2014
• 2012 and 2011 certified Financial Statements attached; 2013 statement not yet available
• Draft 2014 Budget attached; not yet approved by Board of Managers
• Board members: Joel Wiener, Darren Landy, Craig Hart, Jeffrey Papola, Robin Dupree; Joel Wiener and Darren Landy affiliated with Sponsor
• Litigation settlement update: Supreme Court denied Petition for Writ of Certiorari in April 2014; settlement will not affect Sponsor's obligations to Condominium
• No changes to J-51 benefits or High Rent Decontrol de-regulations since prior amendment
• Sponsor current on all financial obligations to Condominium during 12-month period

Amendment 7 Apr 4, 2013

Amendment discloses Fannie Mae approval, changes managing agent from Pinnacle to Impact Real Estate Management, updates financial statements and budget, includes Local Law 11 inspection report and unit owners' engineer report, and provides rescission rights for pending purchasers.

• Purchasers with executed agreements may rescind within 15 days due to omitted Cycle 6 Local Law 11 Report and uncured building defects
• 23 unsold units owned by Sponsor as of April 4, 2013
• Managing agent changed to Impact Real Estate Management, Inc. effective March 1, 2013
• Fannie Mae Final Project Approval dated March 21, 2013, expiring September 21, 2014
• 2013 budget includes 17% increase in common charges
• 2011 expenses exceeded income by approximately $93,107 due to fuel costs and capital improvements
• Cycle 7 Local Law 11 report required in February 2012 was not commissioned
• Unit Owners' Engineer's Report from August 20, 2012 identifies repair work in 3 priority categories

Amendment 6 Feb 17, 2012

Amendment updates unsold unit list, sponsor financial disclosures, selling agent, board members, Fannie Mae approval status, and budgets for 2011–2012.

• 24 unsold units owned by Sponsor listed with sizes and common interest percentages
• Sponsor's aggregate monthly common charges $15,262.00 and real estate tax $5,686.00 as of January 11, 2012
• Selling Agent changed to Keller Williams NYC at 725 Fifth Avenue, 19th Floor, New York, NY 10022, effective January 12, 2012
• Fannie Mae Final Project Approval letter dated December 29, 2011 for 48-unit project, expires December 31, 2012
• Blanket mortgage of $6,089,761.58 held by Wells Fargo Bank, maturity extended to March 20, 2013, at LIBOR plus 3.00%
• Board of Managers: Joel Wiener (President), Darren Landy (Vice President), Tanya Nekhlyudov (Secretary), Lyndell Brookhouse-Gil, David Wysnewski
• Budgets for 2011 and 2012 and Financial Statement for period ending December 31, 2010 attached
• Settlement in Marjorie Charron v. Pinnacle Group NY LLC approved with approximately $2.5 million contribution to legal aid

Amendment 5 Jan 4, 2011

Fifth Amendment modifies Schedule A pricing, provides financial disclosures regarding unsold units, and updates litigation and J-51 tax benefit information.

• Price of Unit 6G for Non-Tenant Purchasers decreased to $550,000.00
• 25 unsold units owned by Sponsor listed with monthly common charges of $16,197.00 and real estate taxes of $5,396.00 as of October 28, 2010
• Blanket mortgage of approximately $11,950,000.00 held by Wells Fargo Bank; maturity extended to December 20, 2011
• Fannie Mae Final Project Approval issued December 9, 2009; extended December 16, 2010; expires December 16, 2011
• J-51 tax benefits received fiscal year 2003/2004; estimated to expire during fiscal year 2014/2015
• Litigation update: class certification granted in April 2010 for BRUSH v. Pinnacle Group case regarding alleged unlawful housing practices
• Board of Managers members named: Joel Wiener, Moshe Weinberger, Tanya Nekhlyudov, Brigitte Roberts, David Wysnewski
• 2010 budget and certified financial statement for period ending December 31, 2009 attached

Amendment 4 Dec 10, 2009

Fourth Amendment updates sponsor's attorney address, condominium board members, financial disclosures, 2009-2010 budget, and modifies Declaration and By-Laws regarding mortgagee rights and notice requirements.

• 29 unsold units owned by Sponsor listed
• Sponsor's attorney address changed to 7 Times Square, 3rd Floor, New York, NY 10036-6569
• Board of Managers: Joel Wiener (President), Darren Landy (Vice President), Tanya Nekhlyudov (Secretary), David Wysnewski, Nerou Cheng
• Aggregate monthly Common Charges for unsold units $18,515.00 as of November 6, 2009
• Aggregate monthly real estate taxes for unsold units $5,098.00 as of November 6, 2009
• Blanket mortgage on properties $22,931,403.50 with Wells Fargo, matures December 20, 2009
• Declaration and By-Laws amended regarding Permitted Mortgagee consent, notice requirements, and board obligations

Amendment 3 Nov 12, 2008

Third Amendment discloses unsold units, financial obligations, board members, and sponsor's other properties.

• Aggregate monthly Common Charges for unsold units: $49,984
• Aggregate monthly real estate taxes for unsold units: $8,636
• Aggregate monthly rents from unsold units: $27,351
• First Mortgage of $26,517,862 held by Wells Fargo Bank, N.A., maturing December 20, 2008
• Project Loan Mortgage of $5,000,000 with zero balance owed and $1,067,000 available to draw
• Board members: Joel Wiener (President, Treasurer) and Neil Wiener (Vice President, Secretary)
• Sponsor retains right to elect board majority until January 31, 2013 or when unsold units fall below 50% of common interests
• No financial statements available; first closing occurred January 31, 2008

Amendment 2 May 15, 2008

Second Amendment updates investigations into Pinnacle Group NY, records the condominium declaration, reports first closing status and fund amounts, and revises unit pricing.

• Pinnacle Group NY entered new Assurance of Discontinuance on December 20, 2007, extended to December 31, 2008
• Declaration of Condominium recorded January 15, 2008, CRFN 2008000019378
• First Closing held January 31, 2008; six units closed as of March 31, 2008
• Reserve Fund amount $433,182 (3% of $18,437,000 less $119,928 credits); $433,758 as of March 31, 2008
• Working Capital Fund $6,627.00 as of March 31, 2008
• Closing adjustments to Sponsor $15,825.50, repaid in twelve monthly installments at 7% interest starting May 1, 2008
• 42 unsold units held by Sponsor; Schedule A pricing revised
• Sponsor mortgages mature December 20, 2008; First Mortgage $34,887,461 and Project Loan Mortgage $925,000 held by Wells Fargo

Amendment 1 Nov 9, 2007

Amendment declares the plan effective, discloses litigation and regulatory investigations involving the sponsor affiliate, updates unit tax lot designations, and amends condominium declaration and by-laws provisions.

• Plan declared effective with 8 executed agreements (16% of units)
• Disclosure of Attorney General investigation and December 18, 2006 Assurance of Discontinuance with Pinnacle Group NY, LLC regarding rent increase calculations for rent-stabilized apartments
• Disclosure of Manhattan District Attorney agreement incorporating OAG Assurance, requiring audits of Housing Court and Tax Commission filings through December 18, 2008
• Disclosure of pending federal lawsuit BRUSH v. Pinnacle Group Corp. alleging RICO violations and unlawful housing practices
• Revised unit descriptions incorporating tentative tax lots from NYC Department of Finance
• By-laws amended to separately meter and bill gas for domestic cooking directly to unit owners
• By-laws amended to change insurance replacement value standard from 'full replacement value' to 'agreed amount replacement cost'
• References to 'General Common Elements' replaced with 'Common Elements' throughout plan