TENTH AMENDMENT CONDOMINIUM OFFERING PLAN 270 RIVERSIDE DRIVE CONDOMINIUM 270 RIVERSIDE DRIVE NEW YORK, NEW YORK 10025

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1 TENTH AMENDMENT TO CONDOMINIUM OFFERING PLAN 270 RIVERSIDE DRIVE CONDOMINIUM 270 RIVERSIDE DRIVE NEW YORK, NEW YORK DATED:, 2016

2 TABLE OF CONTENTS Section Page INTRODUCTION FIRST CLOSING CONDOMINIUM DECLARATION REAL ESTATE TAXES CONDOMINIUM BOARD RESERVE FUND WORKING CAPITAL FUND FACADE REPAIRS... Error! Bookmark not defined. 8. INCORPORATION OF THE PLAN DEFINITIONS NO MATERIAL CHANGES EFFECTIVE PERIOD FOR USING THE PLAN IS EXTENDED... 4 Exhibits A Schedule of Unsold Units -i-

3 TENTH AMENDMENT TO CONDOMINIUM OFFERING PLAN FOR 270 RIVERSIDE DRIVE CONDOMINIUM INTRODUCTION This Tenth Amendment (the Amendment ) modifies and supplements the terms of the condominium offering plan for 270 Riverside Drive Condominium, 270 Riverside Drive, New York, New York 10025, dated July 10, 2015, as amended, (the Plan ) and should be incorporated into and read in conjunction with the Plan. The terms of this Amendment are as follows: 1. FIRST CLOSING The first closing of title with respect to a Unit pursuant to an Agreement (the First Closing ) occurred on July 27, 2016 at the office of Stroock & Stroock & Lavan LLP, 180 Maiden Lane, New York, New York 10038, with respect to Unit 11A. As of August 22, 2016 Sponsor has closed title to twelve (12) Units. As of the First Closing, among other things: (a) the Management Agreement was entered into between the Condominium and Charles H. Greenthal Management; (b) the Board of Managers and Sponsor entered into a Lease Agreement for Unit 9E, under the terms set forth in the Plan, which is used as the Resident Manager s Unit. 2. CONDOMINIUM DECLARATION The Condominium Declaration for the Property dated May 13, 2016 was recorded in the New York County office of the Register of The City of New York (the City Register s Office ) on July 15, 2016 in CRFN The Floor Plans of said building, certified by Bruce D. Kinlin, Registered Architect, on June 29, 2016, were filed in the Land Records Division of the City of New York on July 11, 2016 as Condominium No. 2713, also recorded in the City Register s Office on July 15, 2016 as CRFN REAL ESTATE TAXES The Units have not been separately assessed for real estate taxes by the City of New York for the 2016/2017 tax year. -1-

4 4. CONDOMINIUM BOARD The initial members of the Condominium Board are William Montgomery, Robert Okun, and Lawrence Bernstein, who serve as President, Vice President, Treasurer and Secretary, respectively. Said members are affiliated with Sponsor who has offices at 270 Riverside Drive, New York, New York. 5. FACADE REPAIRS On or about April 6, 2016, Sponsor entered into a contract for the performance Specified Façade Repairs in accordance with Local Law 11, with Schnellbacher-Sendon Group, LLC, as Contractor (the Façade Contract ). The Façade Contract provides that the Sponsor s rights and obligations under thereunder shall be assigned to and assumed by the Condominium Board as of the date of the First Closing. The Architect identified in the Façade Contract is Accardo Engineering PLLC. The base contract sum is $724,880.85, subject to additions or deductions, as per change orders of the existing contract. Pursuant to the Plan, including Special Risk 27, the contract sum will be paid by the Condominium through its Reserve Fund. 5. FINANCIAL DISCLOSURE OF SPONSOR (a) Ownership of Unsold Units Annexed hereto as Exhibit A is a schedule of all Unsold Units owned by the Sponsor as of August 22, (b) Financial Obligations to the Condominium The Sponsor has no financial obligations to the Condominium, other than the payment of common charges, which will become due within twelve (12) months from the Filing Date of this Amendment. (c) Financial Obligations to Lenders The Unsold Units are not subject to the lien of a mortgage. 6. RESERVE FUND Sponsor elected to establish a Reserve Fund in accordance with the terms of paragraphs b(i) of the Reserve Fund Law, which requires an initial contribution (the Initial Contribution ) of three percent (3%) of the sum of costs of all Residential Units offered for sale pursuant to the Plan based upon the last price offered to Tenant Purchasers prior to the Effective Date of the Plan (the Total Price ). The Total Price is $120,815,120, and the Initial Contribution is $3,624,453. Under the Reserve Fund Law, Sponsor is entitled to take a credit totaling the lesser of (i) the actual cost of the capital replacement, or (ii) 1% of the Total Price, against the Initial Contribution for capital replacements to the Building that commenced between the initial submission of the Plan and the date that the Plan is declared effective (collectively the 3

5 Qualifying Work ). Sponsor s Qualifying Work include the upgrade of the Building s electrical system and major capital improvements to the lobby at a total actual cost of $1,172,501 (i.e. less than 1% of the Total Price), which amount Sponsor has taken as a permitted credit (the Permitted Credit ). Accordingly, the sum of $2,451,952 was placed in the Reserve Fund after the First Closing for use by the Board after Sponsor s deduction of the Permitted Credit. As of the August 30, 2016, the Board deducted the sum of $172,226 from the Reserve Fund to pay a portion of the cost of the Specified Façade Repairs pursuant to the Façade Contract. The remaining balance in the Reserve Fund is $2,279, WORKING CAPITAL FUND As is more particularly set forth in the Plan, at closing each Purchaser of a Unit is required to contribute to the working capital fund in an amount equal to one (1) month s Common Charges then applicable to each Unit being purchased. As of September 9, 2016, the balance in the Working Capital Fund is approximately $26, INCORPORATION OF THE PLAN The Plan, as modified and supplemented hereby, is incorporated herein by reference with the same effect as if set forth at length. 9. DEFINITIONS All terms used in this Amendment not otherwise defined herein shall have the same meanings ascribed to them in the Plan. 10. NO MATERIAL CHANGES Except as set forth in this Amendment, there have been no material changes of facts or circumstances affecting the Property or the offering. 11. EFFECTIVE PERIOD FOR USING THE PLAN IS EXTENDED The Plan, as modified and supplemented hereby, may not be used after six (6) months following the Filing Date of this Amendment, unless the Plan is extended or amended. SPONSOR: 270 HOLDING LLC 4

6 EXHIBIT A SCHEDULE OF UNSOLD UNITS 5

7 Unsold Units B1 1A 1B 1C 1D 1F 2A 2B 2C 2E 3A 3B 3D 4B 4C 4D 4E 5B 5C 5D 5E 6A 6B 6C 6D 6E 7A 7B 7C 7D 7E 8A 8B 8C 8D 9B 9C 9D 9E 10B 10C 11B 11C 6

8 Unsold Units 12A 12B 12C 12D PH 7