86-11 34th Avenue

Amendment 14 Nov 17, 2010

This amendment adds the sponsor's 2010 financial disclosure (unsold units, board members, financial statements, 2010 budget, maintenance) and discloses how J-51 tax benefits may affect rent-stabilized apartments.

• Sponsor owns 14 unsold apartments, about 17.58% of shares (5,559 of 31,622)
• Monthly maintenance on unsold shares is $9,146.79 ($1.65/share); projected monthly rent from tenants of unsold shares is $13,149.48
• Sponsor has not pledged or otherwise encumbered its interest in the unsold units
• Board of Directors members listed: Randall Paul (President), Gregory Drouineaud, June Urueta, Sabrina Nebija (Secretary), Bekim Nebija (Treasurer)
• Apartment Corporation financial statements for 2000-2009 annexed as Exhibit B; 2010 budget annexed as Exhibit C
• Maintenance increased 8% in January 2009; now approximately $1.65/share and subject to change without amendment
• J-51 tax benefits began in the 1999/2000 tax year and are expected to expire fourteen years after commencement; rent-stabilized units may be deregulated after that period, depending on lease notices

Amendment 13 Aug 22, 2000

This thirteenth amendment updates the sponsor's unsold-share disclosures, including unsold apartment maintenance and rent figures, the absence of financing on unsold shares, and the sponsor's payment status, and adds a list of the sponsor's other buildings, financial statements, and directors.

• Exhibit A lists the unsold apartments with their shares and offering prices, totaling $3,218,400.00
• Sponsor's unsold apartments carry aggregate monthly maintenance charges of $17,913.25
• Monthly rents received from tenants of unsold apartments total $28,071.92
• None of the unsold shares are subject to mortgages or financing commitments
• Sponsor has no financial obligations to the corporation due within 12 months other than monthly maintenance charges
• Sponsor states it is current on all obligations, with no delinquencies in the year before the amendment
• Present monthly maintenance is $1.06 per share
• Financial statements for the year ending December 31, 1999 and the year 2000 budget are attached as Exhibit B for information

Amendment 12 Jul 14, 1999

This amendment updates the unsold-share, sponsor-finance and building disclosures, adds a summary of a new state law on rent payments to the cooperative, and states there are no other material changes to the plan terms.

• Sponsor Saxony Heights Realty Associates owns all unsold shares; list in Exhibit A, prices in Schedule A of the plan
• Monthly maintenance on sponsor-held unsold apartments is $20,565.99; monthly tenant rents from them are $30,646.00
• No unsold shares are subject to mortgages or financing commitments
• Sponsor has no obligations due within 12 months other than maintenance, and is current with no delinquencies in the prior year
• Present monthly maintenance is $1.06 per share
• New GBL 352-i: if a non-occupying owner's rent-producing unit falls 60 days behind on charges, tenant rent is paid to the cooperative; sponsor makes no representation on its effect
• Lists other buildings where the sponsor or its principal owns more than 10% of shares, with Department of Law file numbers
• Sponsor does not control the board; current directors listed, with one Sponsor designee

Amendment 11 Jul 31, 1998

The amendment reports that the building's underlying mortgage was refinanced in April 1998, updates the unsold-share and maintenance figures, describes a settled lawsuit, and attaches 1996–1997 financial statements and the proposed 1998 budget.

• Underlying mortgage refinanced in April 1998 with Queens County Savings Bank: original principal $1,900,000.00, monthly payments $13,428.81, matures April 30, 2008
• Mortgage interest 7.00% for first five years, then adjusted to 1.00% over "Prime Rate" with minimum 7.00% and maximum 16.00%
• Monthly deposits of $9,156 required for real estate taxes and water and sewer charges
• Present monthly maintenance is $1.06 per share
• Lawsuit Saxony Heights Corp. v. S.L. Management Co., et al. settled in early 1998; Sponsor paid $10,000.00 to the cooperative
• Unsold shares: 48 units, 17,521 shares, listed in Exhibit A; offering prices are in Schedule A of the Offering Plan
• Unsold apartments: aggregate monthly maintenance $18,576.53 and aggregate monthly rents $27,441.86; none subject to mortgages or financing commitments
• Financial statements for 1996 and 1997 (Exhibit B) and proposed 1998 budget (Exhibit C) attached for information

Amendment 9 Mar 17, 1995

The OCR text is unreadable garbled characters, so this amendment's changes cannot be identified from it.

Amendment 8 Dec 1, 1994

The OCR text is too garbled to identify any changes this amendment makes to the plan.

Amendment 7 Jun 6, 1990

The OCR text is too garbled to read, so no plan changes can be identified.

Amendment 6 Jan 16, 1987

The OCR text is too garbled to identify any changes this amendment makes to the plan.

Amendment 5 Oct 17, 1986

The OCR text is unreadable, so this amendment's changes to the plan cannot be determined.

Amendment 4 Sep 26, 1986

The OCR text is too garbled to identify any changes this amendment makes to the plan.

Amendment 3 Jun 3, 1986

The OCR text is too garbled to read, so this amendment's changes cannot be identified.

Amendment 2 Apr 2, 1986

The amendment text is too garbled by OCR to identify any changes to the plan.