88 Lexington Avenue Condominium (88 & 90 Lex)

Amendment 25 May 2, 2025

Successor-Sponsor acquires 16 unsold units and offers them to rent-stabilized tenants with relocation allowances, and to non-tenant purchasers at specified prices.

• 88-90 Lexington Owner LLC acquired 16 unsold units (204, 303, 305, 306, 402, 602, 804, 1004, 1005, 1401, 1403, 1404, 1407, 1505, 1702, 1703) on March 3, 2025
• Successor-Sponsor disclaims liability for Original Sponsor's prior obligations, warranties, construction defects, and title defects
• Rent-stabilized tenants have 90-day exclusive purchase period at prices in Schedule C-1
• Non-tenant purchasers offered units at prices in Schedule C-2
• Relocation allowance provided for rent-stabilized tenants
• 2023 Condominium Financial Statements included
• 2025 Condominium Budget included
• Schedule A prices increased for 3 homes (median +11.7%): 402 $1,400,000 → $1,440,000; 602 $1,100,000 → $1,435,000; 1404 $985,000 → $1,100,000
• Schedule A prices decreased for 9 homes (median -21.8%): 303 $1,270,000 → $1,201,000; 804 $2,150,000 → $1,937,000; 1004 $2,205,000 → $1,937,000; 1005 $3,015,000 → $2,263,000; ...

Amendment 24 Jun 12, 2024

Offering plan updated with 2022 financial statements, 2024 budget, current board members, and sponsor financial disclosures as of June 1, 2024.

• 17 unsold units offered at prices in Schedule A
• 2022 audited financial statements attached; 2023 statements not yet available
• 2024 condominium budget adopted and attached
• Board of Managers: Edward Skylar (President), James Miller (Vice President), Colleen Tanjeloff (Secretary), Daniel Widawsky (Treasurer), Daniel Ottensoser (Sponsor Representative)
• Sponsor owns 17 units with monthly common charges of approximately $22,802 and monthly rents of approximately $23,238
• Sponsor current on all financial obligations; none of the unsold units are mortgaged
• Department of Law investigating potential transaction involving investor loan to HFZ; subject unit was conveyed to unrelated party and investor not reimbursed
• FinCEN reporting threshold for residential real property purchases is $300,000; order currently in effect until April 14, 2025

Amendment 23 Jul 10, 2023

Twenty-Third Amendment updates Schedule A prices for 24 unsold units, adds 2021 financial statements and 2023 budget, and lists current Board of Managers.

• Schedule A with purchase prices for 24 unsold units
• 2021 audited financial statements included; 2022 statements not yet available
• 2023 condominium budget adopted
• Board of Managers listed with five members
• Sponsor owns 24 unsold units with $34,993 monthly common charges
• Unsold units collateral for $14,568,707 JP Morgan Chase loan expiring October 9, 2024
• Plan term extended

Amendment 22 Nov 21, 2022

Updated Schedule A with current purchase prices for all units offered for sale.

Amendment 21 Aug 5, 2022

Amendment updates financial statements, 2022 budget, board membership, sponsor disclosures, and tax law changes for purchase agreements.

• 2019 and 2020 audited financial statements included; 2021 statements not yet available
• 2022 condominium budget adopted by Board
• 29 units remain unsold as of June 15, 2022
• Sponsor loan with JP Morgan Chase: $15,572,143 outstanding, expiring September 1, 2022
• Board settled all prior allegations against Sponsor regarding Reserve Fund and building delivery
• New York State Tax Law Section 1404(a) amended effective July 1, 2021 changes 'bulking up' calculation for taxes
• FinCEN Geographic Targeting Order applies to purchases over $300,000 without external financing; Order effective until October 26, 2022

Amendment 20 Jan 10, 2022

Amendment updates purchase prices and related financial information for unsold units in the condominium.

• Schedule A – Purchase Prices and Related Information revised with current pricing for 36 unsold units
• FinCEN Geographic Targeting Order disclosure included with $300,000 reporting threshold
• No extension or renewal of any Exclusive Purchase Period

Amendment 19 Jul 23, 2021

Sponsor name changed to 88 Lexington Avenue Sponsor LLC, 24 units remain unsold with updated pricing, 2021 budget adopted, and purchase agreement updated to allow remote closings.

• Sponsor name changed to 88 Lexington Avenue Sponsor LLC (effective March 19, 2021)
• 24 unsold units offered for sale at prices in Schedule A
• 2021 Condominium Budget adopted
• Purchase Agreement updated with remote closing and virtual walkthrough options
• Board composition updated with five named managers
• Sponsor owes $45,474 monthly Common Charges and receives $23,570 monthly rents on unsold units
• Board allegations regarding Common Charges, Reserve Fund use, and building delivery being evaluated
• Loan outstanding balance $29,778,708 with expiration date May 9, 2022

Amendment 18 Jan 22, 2021

Sponsor ownership and management changed following a UCC foreclosure sale; new principal, attorneys, and escrow agent appointed.

• UCC foreclosure sale conducted January 7, 2021 by Mezz Lender (CCO Condo Portfolio (AZ) Junior Mezzanine, LLC); Mezz Lender now owns 100% of Sponsor
• New Principal Jason Schreiber replaces Former Principal Ziel Feldman; all officers, directors, members, principals, partners, and managers transitioned
• New Attorneys for Sponsor: Starr Associates LLP, 220 East 42nd Street, New York, New York 10017, (212) 620-2680
• Escrow Agent changed from Kramer Levin Naftalis & Frankel LLP to Starr Associates LLP; escrow account at Signature Bank, 261 Madison Avenue, New York, NY 10016
• Future Amendment forthcoming with budgetary updates and disclosure of Board-raised construction and condominium matters
• FinCEN Geographic Targeting Order reporting threshold for residential real property purchases is $300,000; Order currently in effect until May 4, 2021

Amendment 17 Jul 29, 2020

Amendment updates Schedule A with 2020/2021 real estate taxes, adopts 2020 operating budget, discloses financial information, and extends the offering period by 12 months.

• Schedule A updated with actual real estate taxes assessed July 1, 2020 for 2020/2021 tax year
• Operating budget adopted for January 1, 2020 through December 31, 2020
• 41 unsold units owned by Sponsor as of July 10, 2020
• Sponsor relinquished Board control on February 12, 2019
• Sponsor's loan unpaid balance approximately $35,791,855.99 as of June 9, 2020, maturity May 9, 2021
• Reserve Fund balance $23,434.99 as of July 10, 2020
• Offering period extended 12 months from filing date

Amendment 16 Aug 30, 2019

This sixteenth amendment updates Schedule A with 2019/2020 real estate taxes, provides the 2019 operating budget, updates sponsor financial disclosures, and addresses tax law changes and new transfer tax requirements for closings after July 1, 2019.

• Schedule A updated with actual real estate taxes assessed July 1, 2019 for 2019/2020 tax year
• 2019 operating budget adopted for January 1 - December 31, 2019
• As of July 10, 2019, Sponsor owns 42 Unsold Units with aggregate monthly Common Charges of $58,850.00
• Sponsor relinquished control of Board on February 12, 2019
• Sponsor's Loan unpaid balance approximately $41,575,842.86 as of May 9, 2019, maturing May 9, 2021
• New York State transfer tax and supplemental mansion tax increased effective July 1, 2019 for certain purchasers
• Tax Cuts and Jobs Act of 2017 identified as special risk affecting tax projections in Plan
• FinCEN title company reporting requirements for beneficial owners of 25% or more in purchasing entities

Amendment 15 Dec 6, 2018

Fifteenth Amendment corrects the sponsor's loan balance and adds FinCEN title company reporting requirements for Manhattan residential transactions.

• Sponsor's Loan unpaid balance corrected to approximately $48,350,911.33 as of November 9, 2018
• Sponsor's Loan maturity date: May 9, 2019, with option to extend six months to November 9, 2019
• FinCEN reporting requirement for title companies on beneficial owners of 25%+ equity in purchasing entities for cash transactions over $300,000
• Purchaser responsible for FinCEN compliance costs and closing delays; Sponsor has no obligation

Amendment 14 2018

Five units combined into two units, three units redesignated, one unit reconfigured, and Schedule A updated with revised prices and common charges.

• Units 1007 and 1008 combined into Unit 1007
• Units 1801, 1802, and 1803 combined into Unit 1801
• Unit 1701 reconfigured as two-bedroom, two-bathroom unit
• Units TH1, TH2, TH3 redesignated as Maisonette 1, 2, 3
• Total units in building reduced from 89 to 86
• Unit 1404 marked as Rent Stabilized (tenant relocated from Unit 1007 per June 15, 2016 agreement)
• Schedule A updated with revised purchase prices and common charges for 2018
• Floor plans updated for renovated units

Amendment 13 Sep 4, 2018

This amendment updates Schedule A with 2018/2019 real estate taxes, extends the offering period by 12 months, and makes administrative changes including a unit redesignation and smoking policy adoption.

• Schedule A updated with actual real estate taxes assessed July 1, 2018 for 2018/2019 tax year
• Operating budget for January 1 - December 31, 2018 attached
• 49 unsold units owned by Sponsor as of August 28, 2018
• Sponsor's loan balance approximately $170,672,302.31 as of July 9, 2018; maturity May 9, 2019 with extension right to November 9, 2019
• Reserve Fund balance $595,772.00 as of July 31, 2018
• Unit 1708 re-designated as Unit 1702 (remains Rent Stabilized)
• Smoking policy adopted as Board rule and regulation
• Offering period extended 12 months from filing date

Amendment 12 May 10, 2018

Purchase prices of residential units revised per attached Schedule A.

• Purchase prices of certain residential units increased or decreased
• Sponsor reserves right to revise further purchase prices and terms of sale
• No price changes for units with Purchase Agreements in effect without purchaser consent
• Eligible tenant purchase prices will not be increased during Exclusive Purchase Period
• Amendment does not extend or renew any Exclusive Purchase Period
• Schedule A prices decreased for 4 homes (median -6.3%): 405 $4,274,000 → $3,975,000; 407 $3,165,000 → $2,995,000; 607 $3,255,000 → $3,050,000; 1201 $4,350,000 → $3,995,000

Amendment 11 Apr 4, 2018

Amendment updates financial disclosures, extends the offering plan term by six months, and adds tax law warning.

• Waiver Period ended January 1, 2018; Common Charges collection from Unit Owners began
• 51 unsold units owned by Sponsor as of March 26, 2018
• Sponsor's Loan unpaid balance approximately $57,435,996.29 as of February 9, 2018, maturing May 9, 2019
• Reserve Fund balance $834,191.12 as of March 5, 2018
• Aggregate monthly Common Charges for unsold units $72,196.51
• Operating budget adopted for January 1, 2018 through December 31, 2018
• Tax Cuts and Jobs Act of 2017 warning: tax projections in Plan may be inaccurate
• Offering plan term extended six months from filing date

Amendment 10 Jul 12, 2017

Updates real estate taxes based on July 1, 2017 Department of Finance assessments and changes Unit 1803 status from rent-stabilized occupied to vacant unrenovated.

• Real estate taxes updated for 2017/2018 tax year based on DOF assessments as of July 1, 2017
• Unit 1803 changed from rent-stabilized occupied to vacant unrenovated after tenant relocation
• Schedule A revised to reflect actual tax assessments for all units

Amendment 9 May 3, 2017

This amendment updates the budget for 2017, provides financial statements through December 31, 2016, and extends the offering period for twelve months.

• 2017 budget projected at $1,591,339 income and $1,591,339 expenses
• 68 unsold units as of April 3, 2017
• First Closing held June 14, 2016
• Sponsor's Loan unpaid balance approximately $125,981,882.38 as of March 9, 2017, maturing May 9, 2019
• Real estate taxes on unsold units approximately $143,654.54 as of April 3, 2017
• Monthly rental income from Sponsor-owned units $17,599.29 as of April 3, 2017
• Offering period extended twelve months from filing date
• No material changes to plan except as stated in amendment

Amendment 8 Nov 30, 2016

Amendment discloses the first closing (June 14, 2016), establishes reserve and working capital funds, and updates budget information.

• First closing occurred June 14, 2016 for Unit 401
• Reserve Fund of $2,314,304 established at Signature Bank as of October 7, 2016
• Working Capital Fund of $35,553.33 established at Signature Bank as of October 7, 2016
• Sponsor elected to delay collection of Common Charges (Waiver Period); unit owners remain responsible for real estate taxes during this period
• 66 unsold units as of October 6, 2016
• Sponsor's loan balance approximately $145,887,141.37 as of October 24, 2016, maturity May 9, 2019
• Resident Manager's Unit corrected from typo in previous amendment; designated as Unit 302
• Board members designated: Ziel Feldman (President), Nir Meir (Vice President), John Shannon (Treasurer/Secretary)

Amendment 7 Jun 2, 2016

Updates the First Year of Condominium Operation to January 1, 2016 through December 31, 2016 and revises the projected real estate taxes and carrying charges.

• First Year of Condominium Operation: January 1, 2016 through December 31, 2016
• Projected real estate taxes for First Year: $2,014,744
• Revised Schedule A with updated monthly and annual real estate taxes (note 7) and total monthly carrying charges (note 8)
• Real estate tax projection based on actual or projected assessments for six months of tax year 2015/2016 and six months of tax year 2016/2017
• Projected budget remains unchanged at $1,591,339
• Plan term expires six months from filing of this Amendment

Amendment 6 Mar 3, 2016

This amendment updates the offering plan, establishes a 60% tenant discount on unit purchases, provides reserve fund credits for capital improvements, creates special residential amenities access, and introduces storage bin licenses for unit owners.

• Tenants in occupancy get 60% discount on purchase price of their units for 30 days
• Total offering price to tenants adjusted to $115,715,200
• Reserve Fund Credit of up to $1,620,760 for windows, hot water heater, intercom, masonry, and sprinkler system improvements
• 47 storage bin licenses offered on Cellar Floor at $1.055 per month per square foot
• Storage bin licenses restricted to residential unit owners; storage bin usage limited to unit occupants only
• Special Limited Common Elements (lounge, screening room, children's playroom) reserved for residential unit owners of this plan and 90 Lexington Property

Amendment 5 Jan 8, 2016

Amendment combines 53 units into 21 new renovated units, reducing total residential units from 122 to 90, and updates prices, taxes, and building information.

• Total residential units reduced from 122 to 90 by combining and reconfiguring 53 units into 21 new renovated units
• Resident Manager's Unit moved from Unit 401 to Unit 302 with purchase price of $1,975,110.46
• First Year real estate taxes projected at $1,711,288 based on October 2, 2015 letter from Marcus & Pollack LLP
• Updated Schedule A with new purchase prices for residential units
• Consulting architect Structure-ALL Group retained; Sponsor's architect name changed to Workshop/APD Architecture, DPC
• Reserve Fund may be used for capital repairs while Sponsor controls Board
• Updated Schedule B-1 electricity cost projections and floor plans for renovated units
• No extension or renewal of Exclusive Purchase Period
• Schedule A prices increased for 1 home (median +19.5%): 1401 $1,560,000 → $1,864,000
• Schedule A prices decreased for 2 homes (median -7.1%): 302 $3,400,000 → $3,135,000; 1404 $1,060,000 → $985,000

Amendment 4 Jul 14, 2015

Purchase prices for residential units are increased or decreased according to the revised Schedule A.

• Purchase prices of multiple residential units revised per attached Schedule A
• Sponsor reserves right to revise further purchase prices and terms, except for units with executed Purchase Agreements without purchaser consent
• Eligible Tenant exclusive purchase period prices will not be increased
• Amendment does not extend or renew any exclusive purchase period
• Schedule A prices increased for 31 homes (median +4.6%): 301 $3,545,000 → $3,950,000; 302 $3,305,000 → $3,400,000; 405 $4,050,000 → $4,274,000; 406 $2,985,000 → $3,150,000; ...
• Schedule A prices decreased for 14 homes (median -2.2%): 209 $2,690,000 → $2,650,000; 305 $3,765,000 → $3,700,000; 306 $4,240,000 → $4,100,000; 404 $1,855,000 → $1,750,000; ...

Amendment 3 Jun 22, 2015

This amendment confirms Department of Buildings approvals for cellar and first floor amenities, removing 'proposed' designations from various building systems and amenity areas.

• Cellar amenities now confirmed: lounge with pantry and game area, children's playroom, viewing/screening room, storage units, and bicycle storage
• Shared amenities at 90 Lexington Property now confirmed: residential gym and studio, sauna, steam room, lockers, and swimming pool
• Shared lobby between 88 Lexington Avenue and 90 Lexington Property now confirmed
• 'Proposed' removed from mailboxes, elevators, laundry room, sprinkler system, lobby, water source heat pump, ventilation, lounge panel, and cellar switchboard descriptions
• Common Area Lighting section title changed from 'Common Area Lighting (Proposed)' to remove '(Proposed)'
• Swimming Pool and Recreational Facilities & Amenity Areas sections titles changed to remove '(Proposed)' designation
• Updated architect certification dated June 4, 2015
• Permit issued April 29, 2015 for cellar amenities and first floor lobby architectural build-out

Amendment 2 Jun 3, 2015

Purchase prices of certain residential units are increased or decreased per the revised Schedule A.

• Purchase prices of residential units revised per Exhibit A Schedule A
• Sponsor reserves right to revise further purchase prices and terms
• Changes do not affect units with Purchase Agreements in effect without purchaser consent
• Eligible tenant purchase prices will not be increased during Exclusive Purchase Period

Amendment 1 May 20, 2015

Purchase prices for residential units are increased or decreased per the revised Schedule A.

• Purchase prices changed for all listed units per revised Schedule A
• Sponsor reserves right to revise further purchase prices and terms
• No price changes affect units with executed Purchase Agreements without purchaser consent
• Eligible tenant purchase prices will not be increased during exclusive purchase periods
• Amendment does not extend or renew any exclusive purchase period