530 PARK AVENUE CONDOMINIUM

Transcription

1 FIRST AMENDlVlENT To CONDOMINIUM OFFERING PLAN 530 PARK AVENUE CONDOMINIUM 530 PARK A VENUE NE\\' YORK, NEW YORK DATED: June 18, 2013 ᄋセᄋ yt ュエ ft ュ@ C

2 TABLE OF CONTENTS Section INTRODUCTION...,..." FIRST YEAR OF CONDOMINIUM OPERATION.,..., SCHEDULE A - OFFER1NG PRICES OF UNITS AND RELltTED INFOKMATION.2 3, F'[,OOR.I>LANS...,..." REVISED ESCRO\V AND TRUST FUND REGULATIONS..." ACCOUNTANT'S CERTIFIED STATEMENTS..." EFFECTIVE PERIOD FOR USING THE PLAN IS EXTENDED.." INCOR.P'()RATION OF PLAN..."..." DEFINITIONS..,..., NO Mi\T ERIAL CHANGES...,... 4 Exhibits A - B - C - D - E - F - G - H - SCHEDULE B - BUDGET FOR THE FIRST YEAR OF OPERATION CERTIFICATION OF BUDGET EXPERT CERTIFICATION OF BUDGET EXPERT CONCERNING THE ADEQUACY OF COMMON CHARGES PI\ Y ABLE BY RESIDENTIAL UNIT OWNERS SCHEDULE A - PURCHASE PRICES AND RELATED INFORt\1ATION OPINION OF REAL EST ATE COIJNSEL FLOOR PLANS REAL PROPERTY LAW 339-i COMPLIANCE LETTER REVISED ESCRO\V AND TRUST FUND REQUIREMENTS I - ESCROW RIDER TO PURCHASE AGREEl\.1ENT J - REVISED ESCRO\V AGREEMENT K - ACCOUNTANT'S CERTIFIED STATEI\1ENTS FINAL 1st Amendment (000 I )

3 FIRST AMENDMENT To CONDOMINIUM OFFERING PLAN INTRODUCTION This First Amendment modifies and supplements the tem1s of the Condominium Offering Plan for the Premises known as the 530 Park Avenue Condominium C'Condominium") located at 530 Park Avenue, New York, New York HBb オゥ ゥョァセ dated June 18,2012 ("Plan"). The terms of this Amendment are as fohows: 1. FIRST YEAR OF CONDOMINIUl\1 OPERATION Sponsor presently contempiates that the First Year of Operation wii! commence on or about January 1,2014. All references in the Plan are hereby amended accordingly. Annexed hereto as Exhibit '"A" is an updated Schedule B - Budget for the First Year of Condominium Operation. Annexed hereto as Exhibit "B" is a new Certification of Budget Expert. Annexed hereto as Exhibit GBcG is a new Certification of Budget Expert Concerning the Adequacy of Common Charges Payable by the Non-Residential Unit Owners. 2. SCHEDULE A - OFFERING PRICES OF UNITS AND RELATED INFORMATION Annexed hereto as Exhibit "D" is an updated Schedule A - Offering Prices of Units and Related Information which reflects the current Purchase Prices and Real Estate Taxes for the Units offered for sale. Annexed hereto as Exhibit HE is an updated Opinion of Counsel with respect to the real estate tax projection for the First Year of Ope rat lon. FINAL 1st Amendment ( )

4 3. FLOOR PLANS Annexed hereto as Exhibit ;"F" are current Floor Plans for au Residential Units. \VhHe only certain Floor Plans have been revised (to reflect the combination or non-combination of Residential Units or minor modifications to layout) for ease of viewing, au of the Floor Plans tor the Residential Units have been included in Exhibit G セ fbl@ The following Residential Units have been combined: Previous Residential Unit DeSIgnation 3F and 30 7A and 7J 9A and 9J New Residentiai Unit Designation 3F 7A 9A 11 F, 11 0 and 11 H l1f セ frq@ 12G and 12H 12F 17F and 17G 18A and 18B 17F 18A The following Residentia! Units were previously listed as combined Residential Units in the Schedule A - Offering Prices of Units and Related Ini-ormation, but are now being offered as separate Residential Units: Previous Residential Unit Designation 3A 18A New Residential Unit Designation 3A and 3J 18A and 18J FINAL 1st Amendment Ho ャ VXYX セ UI@

5 As a result oftne above, the total number of Residential Units in the Plan has changed from 1 ] 6 Residential Units to 109 Residential Units. An updated Real Property Law Section 339-i Compliance Letter is annexed hereto as Exhibit セᄋ gbn@ 4. REVISED ESCROW AND TRUST FUND REGULATIONS The Department of Law has revised its regulations to eliminate the Attorney General's authority to adjudicate disputes regarding the disposition of deposits, dovvn payinents, or advances ("Deposits") received by Sponsor pursuant to New York General Business Law C'(IBL") 352- e(2-b) and h. This change does not impact Purchasers who have received a fully executed Purchase Agreement prior to the Presentation Date oftffis Amendment The "Escrow and Trust Fund Requirements" Section of the Plan is hereby replaced in its entirety by the updated "Escrow and Trust Fund Requirements" Section, annexed hereto as Exhibit "H". The form Purchase セ a ァイ ュ set forth in Part II of the Plan is hereby updated to include an Escrow Rider, annexed hereto as Exhibit "I". The Escrow AgreeInent set forth in Part II of the Plan is hereby replaced by the updated Escrow Agreement, annexed hereto as Exhibit "J". 5. ACCOUNTANT'S CERTIFIED STATEMENTS Annexed hereto as Exhibit "K" are the accountancs certified statements for fiscal year 6. EFFECTIVE PERIOD FOR USING THE PLAN IS EXTENDED The Plan, as modified and supplemented by this Amendment, may not be used after six (6) months following the Filing Date of this Amendment unless the Plan is extended or amended. 7. INCORPORATION OF PLAN The Plan, as modified and supplemented by this Amendment, is incorporated herein by reference with the same eflect as if set forth at length. 8. DEFINITIONS Any term used in this Amendment not othen.vise defined herein shall have the same meaning ascribed to it in the Plan. 9. NO MATERIAL CHANGES Except as set forth in this Amendment, there have been no materia! changes of facts or circumstances affecting the Property or the offering. SPONSOR: DIAMOND 530 PARK AVENUE OWNER LLC FrNAL 1 s1 Amendment ( )

6 EXHIBIT "A" SCHEDULE B - BUDGET FOR THE FIRST YEAR OF OPERATION FINAL I st Amendment (000 l6898-5)

7 SCHEDULE B 530 PARK AVENUE CONDOMINIUM PROJECTED BUDGET FOR THE FIRST YEAR OF CONDOMINIUM OPERATION JANUARY 1, 2014 TO DECEMBER 31,2014 PROJECTED INCOME COMMON CHARGES (Note 1) ELECTRIC SUBMETERING INCOME (Note 2) LAUNDRY INCOME (Note 3) INTEREST INCOME FROM RESERVE AND WORKING CAPITAL FUNDS (NOTE 4) TOTAL PROJECTED INCOME $208,000 $15,600 $0 $2,510,902 PROJECTED EXPENSES SALARIES! PAYROLL TAXES AND BENEFITS (Note 5) FUEL OIL (HEAT & HOT WATER) (Note 6) ELECTRIC and GAS (Note 7) WATER CHARGES and SEWER RENTS (Note 8) REPAIRS, MAINTENANCE and SUPPUES (Note 9) SERVICE CONTRACTS (Note 10) INSURANCE (Note 11) MANAGEMENT FEES (Note 12) LEGAL and AUDIT FEES (Note 13) RESIDENT MANAGER UNIT COSTS (Note 14) ADMINISTRATION (Note 15) CONTINGENCY RESERVE (Note 16) TOTAL PROJECTED EXPENSES $1,524,202 $264,000 $283,800 $79,000 $101,000 $37,200 $100,000 $60,000 $19,500 $72,200 $15,000 $15,000 $2,510,902 The accompanying notes are an integral part of this Schedule B and should be read In conjunction herewith.

8 530 Park Avenue Condominium Notes to Schedule B 1. Common Charges ( Budget - $ 2, ; Residential Units: $ 2, ; %: Professional Units: $ : % ) The Common Charges to be collected from Unit Owners during the first year of condominium operation are projected based on the assumption that the first year of condominium operation will be the year January 1, 2014 to December 31s The actual first year of condominium operation may be earlier or later. In the event the actual first year of condominium operation is to be delayed by six months or more, Sponsor will amend the Plan to include a revised budget with then current budget projections ("Revised Budget"). If the Common Charges in the Revised Budget exceed the Common Charges in this Schedule B by 250/0 or more, Sponsor will offer all purchasers who otherwise are not in default the right to rescind their Purchase Agreements within 15 days after the presentation of the amendment containing the Revised Budget, and to have the deposit and interest earned, if any, paid under the Purchase Agreement returned. 2. Electric Sub metering Income (Budget - $ 208,000) Electrical consumption in each residential unit is sub metered and the cost of the electricity consumed in the residential units will be charged to the Residential Unit Owner. The property is served by one master electric meter which meters the electric usage for the common areas and the residential units. For the past three years, electric sub metering to the residential units has represented approximately 80 0 /0 of the total electrical costs incurred for the property, For purposes of this budget, electric sub metering income is based on 80% of the budgeted electrical costs of $208,000 (See Note 7). 3, Laundry Income (Budget - $ ) The laundry room in the cellar is currently not in operation due to the renovation of the cellar space. The laundry lease with a third party vendor, which has been terminated by Sponsor, provided for a monthly rent of $1,300. Sponsor anticipates that the new laundry room in the cellar will contain six (6) washers and seven (7) dryers. The rates for the new machines have not been established at this time. The Condominium will provide the necessary gas, electricity, water and waste disposal for the laundry room, the costs of which are included elsewhere in this budget. For budget purposes, it is assumed that the laundry income will equal the monthly rents received by Sponsor under the prior lease of $1,300 per month.

9 I n the event that the Condominium enters into a new lease or another arrangement for the laundry equipment or the metering charges that were last in effect under the previous lease are modified, the laundry income projection contained in this budget may be higher or lower. 4. Interest Income from Reserve and Working Capital Funds ( Budget - $ 0) No amounts are included for purposes of this budget for any interest income that may be earned by the Condominium from investment of the Reserve Fund and Working Capital Fund. Any interest income earned by the Condominium from the investment of the Reserve Fund and Working Capital Fund may be used to pay operating expenses as determined by the Condominium Board. 5. Salaries. Payroll Taxes and Benefits (Budget - $ ) The amount budgeted is based on the current staffing level which includes one resident superintendent, two handyman, two porters and thirteen elevator operators and doormen. The building provides 24 hour doorman service. Sponsor reserves the right to modify staffing levels and staff positions. All employees are members of Local 32B-32J Service Employees International Union, AFL-CIO (the "Union!!). For purposes of this budget, the salaries and benefits amounts for the union employees are based on the actual terms of the union contract agreement between the Realty Advisory Board on Labor Relations, Incorporated and the Union. The current union contract expires on April except for the resident superintendent, whose union contract expires on September 30, The budget assumes an increase of 20/0 for wages and benefits after the expiration of the current union contract. The budget for salaries, payroll taxes and benefits is based on the aforementioned staffing, wage rates and benefits over a 52 week annual period. In addition, the budget includes compensation for holiday pay, vacation pay, sick days and personal days, in accordance with the terms of the union contract and length of service for each employee. The key components for this budget item include: Salary and Wages Base wages Holiday and sick pay Vacation pay Overtime $ 853,090 $ 92,597 $ 47,098 $ 43,649 Total Salary and Wages $ 1,036,434 Payroll Taxes and Benefits FICA and Medicare taxes at 7.65% of wages New York State Unemployment Insurance at 4.1 % of first $8,500 per employee

10 Federal Unemployment Insurance at.80/0 of first $7,000 per employee NYS Disability Insurance at $20 per employee Worker's Compensation at 3.0% of wages Union Welfare Fund (Health) Union Pension Fund Union Legal Fund Union Profit Sharing Union Training Fund $ 1,008 $ 360 $ 31,093 $ 266,305 $ 88,686 $ 784 $ 10,920 $ 3,052 Total Payroll Taxes and Benefits TOTAL SALARY, PAYROLL TAXES and BENEFITS $ 487,768 $1,524, Fuel Oil (Heat and Hot Water) (Budget - $ 264,000) Heat for the building is provided by a two-pipe gravity steam system generated from two oil-fired boilers located in the cellar. The boilers utilize number #6 heating oil provided by an outside oil company. Domestic hot water is produced by heating coils located within the boilers. The budget is based on a projected consumption of 80,000 gallons of #6 heating oil at an estimated cost of $3.30 per galion, including sales tax of 4.5%. The price used for budget purposes represents an approximate 10 % increase over the actual average cost per gallon of #6 fuel oil in The approximate consumption and related costs of fuel oil used for heating and hot water for the prior three years were as follows: Fuel Oil Consumption (Gallons) 82,515 70,873 66,029 Total Cost $ 227,791 $ 212,179 $ 199,874 Due to the uncertainty of future fuel oil prices and future consumption due to, among other factors, the severity of weather conditions and conservation measures adopted by the Board or Unit Owners, it is not possible to predict whether the budgeted amounts will reflect the actual cost for fuel used for heat and hot water during the first year of Condominium operation. Although it is believed that adequate provision for increased costs have been reflected in this budget, the actual cost for fuel oil may vary from the budget depending on the aforementioned factors. 7. Electric and Gas (Budget - $ 260,000 for Electricity. $ 23,800 for Gas: Total: $ ) Electric usage for the property is metered by one master electrical meter and each residential unit contains a SUb-meter to record electrical consumption in the unit. The budget projection for electricity represents the estimated consumption for the common areas of the Condominium, including the lobby, residential hallways,

11 mechanical buiiding systems, elevators and the residential units. The professional units are separately metered directly with Con Edison. The electrical consumption costs for each residential unit, as recorded by each sub-meter, will be charged to the Unit Owner as an additional cost separate and apart from Common Charges. (See Note 2). The budget for common area and residential unit electricity costs is based on a projected annual consumption of 1,300,000 kilowatt hours of electricity at an estimated cost of $0.20 per kilowatt hour (based on the Con Edison EL8 rate), which includes sales tax of 8.375%. The price used for budget purposes represents a 7% increase over the 2012 average cost of electricity per kilowatt hour. The approximate consumption of electricity and the related costs over the prior three years were as follows: Kilowatt Hours Year of Electricity Total Cost ,066,400 $ 209, ,150,400 $ 215, ,160,000 $ 221,030 The budget for common area gas costs (for gas consumption for the cellar laundry room and the rooftop mechanical unit that provides cool and hot air to the hallways) is based on a projected annual consumption of 10,000 therms of gas at an estimated cost of $2.08 per therm (based on the Can Edison GS2 rate), which includes sales tax of /0. The price used for budget purposes represents an approximate 50/0 increase over the 2012 average cost of gas per thermo The approximate consumption of gas and the related costs over the prior three years was as follows: Therms of Gas Total Cost $ 1,252 $ 1,086 $ 378 Sponsor is completing a new gas riser project at the building which will be connected to the gas cooking appliances in the renovated units. One gas meter will measure gas consumption for the new gas risers. Sponsor has estimated the common cost for gas cooking in the renovated units will be $ 3,000 for the first year of condominium operations. Due to the uncertainty of future electricity and gas prices and future consumption demand due to, among other factors, the severity of weather conditions and conservation measures adopted by the Board or Unit Owners, it is not possible to predict whether the budgeted amounts will reflect the actual cost for electricity and gas during the first year of Condominium operation. Although it is believed that adequate provision for increased costs have been reflected in this budget, the actual cost for electricity and gas may vary from the budget depending on the aforementioned factors.

12 8. Water Charges and Sewer Rents (Budget - $79,000) Water consumption for the property is measured by a single master water meter. Water is supplied by New York City. Water usage and water and sewer charges for the past three years were as follows: Water usage (in HCF) Water and sewer charges ,823 6,677 7,718 $ 56,134 $ 53,504 $ Water and sewer rates are currently $8.82 per HCF. For budget purposes, the water and sewer rate is assumed to increase 12% over the current rate. The budget estimate is based on an annual water consumption projection of 8,000 HCF and a rate of $9.87 per HCF. 9. Repairs. Maintenance and Supplies (Budget - $ ) This budget item includes the projected costs of ordinary operating maintenance, repairs and supplies to the Common Elements. No amounts have been budgeted for the costs of maintenance, repairs, decorating, painting and fixtures attributable to the interior of individual Units, since the cost for such items are the responsibility of the Unit Owner. Included in the budget are the following items: Building supplies (including cleaning materials and supplies, lubricants, bulbs, rubbish bags, and similar items) Electrical and plumbing repairs Heating system repairs and maintenance General building repairs and services Common area maintenance Permits and fees Landscaping Uniform Purchases Water Tank cleaning Other TOTAL $20,000 20,000 5,000 15,000 16,000 2,500 12,000 4,000 1,000 5,500 $101,000

13 10. Service Contracts (Budget - $ ) The budget projection for the anticipated cost of service contracts includes the following: Elevator Maintenance Vendor - Centennial Elevator Industries, Inc BQE West, Long island City, N.Y Expiration Date -- December 21! 2013 Current Annual Cost (includes sales tax) - $ 16,956 Boiler Maintenance Vendor -- Controlled Combustion Co. Inc Washington Ave., Bronx, NY Expiration Date -- April, 2014 Current Annual Cost (includes sales tax) - $ 4,464 Exterminating Vendor -- Advance Tech Pest Control th Street, Woodhaven, NY Expiration Date -- Month-to-Month Current Annual Cost (includes sales tax) - $ 3,200 Electric Sub-Meter Reading & Billing Vendor -- Quadlogic Controls Corp Northern Blvd., long Island City, NY Expiration Date - May, 2014 Current Annual Cost (includes sales tax) - $ 5,460 Uniform Cleaning Vendor - George Torpe Inc. 720 Park Avenue, New York, NY Expiration Date -- Month-to-Month Current Annual Cost (includes sales tax) - $ 3,900 For purposes of this budget projection, the cost for service contracts reflects a 100/0 increase over the current annual costs for such services. Sales tax of 8.375% is included in the cost of the service contracts. Sponsor may, prior to the Closing Date, modify, renew, replace or expand the existing service contracts and enter into new contracts that will be binding on the Condominium. However, Sponsor may not enter into any service contract after this Plan is presented that will materially increase the estimated service contract costs for the first year of Condominium operation without disclosing such changes in an amendment to the Plan.

14 11. Insurance (Budget - $100,000) The insurance premium is based on a letter from York International Agency, Inc., 500 Mamaroneck Ave., Harrison N.Y , dated April 25, 2013, which sets forth the following coverages that are recommended for the Condominium: Coverage and Perils Property Real Property I Building - "All Risks" $ 10,000 deductible, Special Form, Agreed Value & Replacement Cost, No co-insurance, Terrorism excluded Business income Flood (rising water), $10,000 deductible Earthquake, $10,000 deductible Personal Property, $10,000 deductible Building Ordinance or Law Boiler and machinery Elevator collision Amounts and Limits $ 55,000,000 $ Actual Loss Sustained - 12 months $ 5,000,000 $ 5,000,000 $ 100,000 Included Included Included General Liability Each occurrence (bodiiy injuryl property damage General Aggregate Personal injury Employee Benefits Liability (Claims-made) $1,000 Deductible Non-owned / Hired auto liability Water damage legal liability Lead/Mold Umbrella Liability Each occurrence and aggregate Excess Directors & Officers Liability Excess Employment Practices Liability Lead/Mold Directors and Officers Liability $ 5,000 deductible Employee Dishonesty (Fidelity Bond) $ 5,000 Deductible Managing agent's rider $ 1,000,000 $ 2,000,000 $ 1,000,000 $ 1,000,000 $ 1,000,000 Included Not Excluded $ 100,000,000 Included Included Follow form $ 1,000,000 $ 600,000 included The total premium for these various coverages is estimated at $100,000 per annum, based on current market rates. Because the conditions in the insurance

15 marketplace may change, the actual insurance premiums for the first year of Condominium operation may vary from the budget. The coverage included in this budget does not include claims for personal injury or property damage resulting from occurrences in individual Units, nor does it include coverage of the contents in individual Units and any replacements, additions, fixtures, furniture and improvements made therein. Each Unit Owner will be responsible for the cost of obtaining this coverage. The term "special form" indicates that the property insurance policy described in this section will cover all insurable claims except for those claims specifically excluded under the policy. The insurance carried by the Condominium will (a) provide that each Unit Owner is an additional insured party as respects to the common areas, (b) provide that there will be no cancellation without notice to the Board of Managers, and (c) permit the Condominium to waive subrogation in accordance with the Condominium Offering Plan. No representation is made that terrorism insurance will be available, or, if available, at what cost, at the time the insurance policy is placed for the Condominium. 12. Management Fees (Budget - $ 60,000) The Condominium will enter into a two-year l11anagement agreement with Classic Realty LLC (the IIManaging Agent"), located at 757 Third Avenue, New York, N.Y for an annual fee of $60,000 ($62,500 in year two). The management fee is comparable to the fees charged for such services at similar properties in Manhattan. The principals of the Sponsor are affiliated with the Managing Agent. See section of the Pian entitled "Management Agreement" for a complete discussion of the terms of the management agreement. 13. Legal and Audit Fees (Budget - $ ) It is anticipated that the Condominium will engage a law firm to provide general legal services to the Condominium. The estimated cost for legal services during the first year of Condominium operation is $10,000. It is also anticipated that the Condominium will enter into an agreement with Newman, Newman & Kaufman, LLP! Certified Public Accountants, 575 Underhill Blvd. - Suite 100, Syosset, N. y, 11791, to provide auditing, financial statement preparation and tax return services for the Condominium. The estimated cost for these services during the first year of Condominium operation is $9,500.

16 14. Resident Manager Unit Costs (Budget - $72.200) It is anticipated that the resident manager for the Condominium will occupy and reside in Unit 3J. At or subsequent to the Closing Date, Unit 3J will be purchased by the Condominium on behalf of the Unit Owners for a purchase price of $ 1,300,000. The Common Charges attributable to the Resident Manager's Unit will be allocated to the Unit Owners as set forth on Schedule A, under the heading "% Interest in the Common Expenses". Resident Manager Unit Costs will include the cost of utilities, real estate taxes, costs of financing for the purchase of the Unit, and the costs of repair, alteration and improvement undertaken by the Condominium. It is anticipated that at the closing of title to the Resident Manager's Unit, the Condominium will pay the purchase price by executing and delivering one or more note(s) in the aggregate amount of $1,300,000 (100% of the purchase price) secured by one or more mortgages on the Unit. The note(s) will bear interest at the then prevailing market rate of interest and will provide for the payment of equal installments of monthly interest and require a balloon payment (assuming no defaults there-under) on its maturity date which will be three years after the closing. At maturity, the Condominium will have to repay or refinance the unpaid principal balance (together with any accrued and unpaid interest). For purposes of this budget, an interest rate of four and one half percent (4.5%) is assumed on the note, which equates to an annual payment of $58,500, interest only. No assurances or representations are made that the prevailing interest rates in effect at the time the Resident Manager's Unit loan is obtained will be the rate projected in this budget. At Sponsor's option, Sponsor may, on behalf of the Condominium, obtain institutional financing for the purchase of the Resident Manager's Unit. Sponsor will amend the Plan to disclose the terms of any institutional financing. The Condominium will also be responsible for the real estate taxes on the Resident Manager Unit. It is projected that the real estate taxes for the first year of operation will be $ In addition, the Condominium will be responsible for the cost of electricity, gas and basic telephone service for the Resident Manager's Unit. It is estimated that the cost for such items will aggregate $ 3,537 for the first year of operation. The estimated costs for the Resident Manager's Unit for the first year of operation are $72, Administration (Budget - $ 15,000) This budget line item provides a fund for miscellaneous expenses to be incurred for general administrative costs for the Condominium, including postage, printing, messengers, copying! lobby telephone, cell phone, payroll processing costs

17 and other related administrative items. The estimated cost for administrative expenses for the first year of operation is $15, Contingency Reserve (Budget - $ 15,000 ) The contingency reserve budget line item is to provide for possible expenses not included in the budget or possible increases in one or more items of expense. The budget may be modified from time to time prior to the commencement of, or during Condominium operation, to add new items of operating expenses or to increase or decrease one or more items of expense. The funds for any such budget modifications may be provided for by decreasing the contingency reserve or by decreasing one or more items of operating expenses, or both. The contingency reserve does not include costs or expenses associated with capital expenditures, for which no provision is made under this operating budget. There will be a Reserve Fund for capital repairs, replacements and improvements in an amount to be determined at the time the Plan is declared effective in accordance with the New York City Reserve Fund Law. In addition, the Condominium will establish a Working Capital Fund funded by Purchasers! contributions of two (2) months Common Charges at each initial and resale closing of Residential Units. See sections entitled "Reserve FundI! and "Working Capital Fund and Apportionments" in Part I of the Plan for a full discussion of these funds. 17. Total Projected Expenses (Budget - $ ) The projections set forth in this budget assume that the first year of Condominium operation will be January 1! 2014 through December 31! IN THE OPINION OF JORDAN COOPER & ASSOCIATES, INC. THE SPONSOR'S BUDGET EXPERT, THE PROJECTED INCOME IS ADEQUATE TO MEET THE ESTIMATED OPERATING EXPENSES FOR THE FIRST YEAR OF CONDOMINIUM OPERATION. THE BUDGET, HOWEVER, IS NOT INTENDED, AND SHOULD NOT BE TAKEN AS A GUARANTEE BY ANYONE THAT THE ANNUAL COMMON CHARGES OR COMMON EXPENSES FOR THE FIRST OR ANY SUBSEQUENT YEAR OF CONDOMINIUM OPERATION BY THE BOARD WILL BE AS SET FORTH IN THE BUDGET. IT IS UKEL Y THAT THE ACTUAL RESULTS OF INCOME AND EXPENSES FOR THE FIRST YEAR OF CONDOMINIUM OPERATION WILL VARY FROM THE AMOUNTS SHOWN IN THE BUDGET.

18 セ セ セ EXHIBIT ":on セ =... _...,...,....,..w...w.w...,.w..,... w.w.. CERTIFICATION O.F BUDGET EXPERT FiNAL 1st Amendment ( )

19 JORDAN COOPER & ASSOCIATES INC PART 23: CERTIFICATION OF budg セ t ュキ Z rt@ AS TQAP:gQVACY QF BUDGET New York State Department of Law Real Estate Finance Bureau 120 Broadway, 23 m Floor New Y {)rk, New York Dated: May 3, 2013 Re; Condominium Offering Plan 530 Park Avenue Condominium 530 Park Avenue New York, NeWuYorkul006S.("Properti') Dear SirlMadam: The Sponsor of the condominium offering plan for the captioned Property retained our firm to review Schedule B containing projections of income and expenses for the first year of condominium operation. OUf experience in this field includes: more than ten (10) years actively_ involved in the management of more than fifty (50) residential and mixed-use cooperatives, condominiums and mwtiple--dwelling rental buildings in the New York metropolitan area. Our firm has prepared similar certifications in the past. We understand that we are responsible for complying with Article 23-A of the General Business Law and the regulations promulgated by the Department of Law in Part 23 insofar as they are applicable to Schedule B. We have reviewed Schedule B and investigated the facts set forth in Schedule B and the facts underlying it with due diligence in order to form a basis for this certification. We also have relied on our experience in managing residential buildings. We certify that the projectiorui in Schedule B appear reasonable and adequate under existing circumstances, and the projected. income appears to be sufficient to meet the anticipated opemting expenses for the projected first year of condominium operation. We certify that Schedule B: (i) (ii) (iii) (Iv) sets forth in detail the projected income and expenses for the first year of condominium operation; > affords potential investors, purchasers and participants an adequate basis upon which to found their judgment concerning the first year of condominium operation; does not omit any material fact; does not contain any untrue statement of a material mct; 7 PENN PLAZA. 14TH FLOOR NEW YORK, NY FACSIMILE WEB: com ーイッー イセケュ ョ ァ ュ ョエoェッイ ョ ッー イN ッュ@

20 (v) (vi) does not contain any fraud, deception, concealment or suppression; does not contain. any promise or representation as to the future which is beyond reasonable expectation or unwarranted by existing circumstances; (vii) does not contain any representation or statement which is ヲ ャウ where we: (a) (b) (c) (d) knew the truth; with reasonable effort could have known the truth; made no reasonable effort to ascertain the truth; or did not have knowledge concerning the representation Of statement made. We further certify that we are not owned or controlled by the Sponsor. We understand that a copy of this certification is intended to be incorporated into the offering plan. This statement is not intended as a guarantee or warranty of the income or expenses for the first year of condominium operation. This certification is made under penalty of perjury for the benefit of all persons to whom this offer is made. We understand that violations are subject to the civil and criminal penalties of the General Business Law and Penal Law. Sworn to before me this k>. day of May, 2013 Jordan Cooper & Associates, セ セᄋセ \セ Zyb@ Name: Title: セ ヲ sq セ M CAROt..1. RICHARDS Notary Public, Stafe of i>lew York n. セッ N@ 01 A uuahflsd in N Commisso 1=... ew lork COUnty n,jtj Ion...,tres January 20, '2.UoFf PART 23 CERT OF BUDGET EXPERT DOC

21 セ セ N キ N ᄋ NG ᄋ N ᄋ NG ᄋ NwN ᄋ N セ N@, EXHIBIT "C" Nセ セ _... ᄋ CERTIFICATION OF BUDGET EXPERT CONCERNING THE ADEQUACY OF COMMON CHARGES PAYABLE BY THE NON-RESIDENTIAL UNIT O\VNERS FfNAL 1st Amendment ( )

22 \ JORDAN COOPER & ASSOCIATES INC PART 23: CERTIFICATION BY EXPERT CONCERNING ADEQUACY OF COhfi.fON CHARGES PAYABLE BY TIlE PROFESSIONAL UNIT OWNERS New York State Depar1ment of Law Real Estate Finance Bureau 120 Broadway, 23m Floor NewYol'k,NewYork Re: Condominium Offering Plan 530 Park. Avenue Condominium 530 Park Avenue New York. New York Dear SirlMadam: The Sponsor of the condominium offering plan for the captioned property retained our firm to review Schedule B which includes projections of common charges payable by the owner of the professional units_ Our experience in this field includes: more than ten (10) years actively involved in the management of more than filly (50) :residential and mixed-use cooperatives, condominiums and multiple-dwelling rental buildings in the New York metropolitan area. -Our firm has prepared similar certifications in the past We understand that we are responsible for complying with Article 23-A of the General Business Law and the セオャ promulgated by the Department of Law in Part 23 insofar as they are applicable to the professional units listed in Schedule B. We have reviewed Schedule B as it impacts upon the professional units and investigated the filets underlying it with due diligence in order to form a basis for this certification We also have relied on our experience in managing residential buildings.. We certify that the projections in Schedule B for the common charges payable by the owner of professional units appear reasonable and adequate under existing circumstances to meet the anticipated operating expenses fairly attributable to such professional units for the projected first year of condominium operation, and that the allocation of common charges attributable to 'the professional units also reflects special or exclusive use or availability or exclusive control _ of particular common areas. We certify that fue estimates in Schedule B for the common charges payable by the owner of the professional units: 0) set forth in detail the projected common charges for the professional units for the first year of condominium operation; ュQゥャセTtᆬエnf@ 7 P E toit4rifaa L 0 0 R NEW YO R KIN Y FA C S I MIL E W.EB: propertymanagement@jordancooper.com

23 (ii) (iii) (iv) affords potential investorn t purchasers and participants an adequate basis upon which to found their judgment concerning the common charges payable by the owners of the professional units; do not omit any material fact; do not contain any untrue statement of a material fact; (v) do not contain any ヲイ オ deception, concealment or suppression; (vi) (vii) do not contain any promise or representation as to the future which is beyond reasonable expectation or unwmnmtoo by existing circumstances; do not contain any representation or statement which is false, where we: (a) knew the truth; (b )with reasonable effort could have known the truth; (c) made no reasonable effort to ascertain the truth; or (d) did not have knowledge concerning the representation or statement made. We further certify that we are not owned or controlled by the Sponsor. We understand that a copy of this certification is intended to be incorporated into the offering plan. This statement is not intended as a guarantee or wa.rranty of the common charges attributable to the professional units for the first year of condominium operation. This certification is made under penalty of petjury for the benefit of all persons to whom this of:ler is made. We understand that violations are subject to the civil and criminal penalties of the Genem1 BusmessLaw and Penal Law. Jordan Cooper & Associates, Inc. Swom to before me this h-day of May, 2013 mセ N@ N..... Ublic n ッエャ NL セ r J. ric セ jaros@ Mil Ie, State of New York.,,,0,01 RJ60016P.2 Com qセ in New York'Coun.. ;; mission セェイ January RPNセ PART 23 CERTIPICATION BY EXPERT RE COMMON セャ ges@ C

24 EXHIBIT "D" SCHEDULE A - OFFERING PRICES AND RELATED INFORMATION FiNAL lst Amendment ( )

25 SCHEDULE A 530 PARK AVENUE CONDOMINIUM 530 PARK AVENUE NEW YORK, NY OFFERING PRICES AND RELATED INFORMATION PROJECTED COMMON CHARGES AND REAL ESTATE TAXES ARE FOR THE FIRST YEAR Of CONDOMINIUM OPERATION - JANUARY 1, 2014 DECEMBER 31,2014 (3) (3) PERCENTAGE % INTEREST (5) (a) (1) (1) (2) OF (4) IN THE PROJECTED PROJECTED PROJECTED NUMBER OF APPROXSgFT COMMON OFFERiNG COMMON COMMON CHARGES REAL ESTATE TAXES CARRYING CHARGES UNIT STATUS BEDROOMS BATHS UNIT TERRACE INTEREST PRICE EXPENSES MONTHLY ANNUAL MONTHLY ANNUAL MONTHLY ANNUAL RESIDENTIAL UNITS: 2A V 3.0 I 3.5 2, % $7,600, % $2, $32, $2,249,22 $26,990,69 $4,924,95 $59, A V 2.0 I 2.5 1, % $6,050, % $2,036,09 $24, $1,711,53 $20, $3, $44, A V 2.0 I 2.5 1, % $6,100, % $2, $24, $1, $20, $3,747J32 $44, A V 2.0 I 2.5 1, % $6,150, % $2, $24, $1, $20, $3, $44, A V 2.0 I 2.5 1, % $6,200, % $2, $24, $1, $20, $3, $45, A V 4.0 I 4.5 2, % $9,350, % $3,043,67 $36, $2,558,47 $30,701,64 $5, $67,225,65 8A RS , % $6,300, % $2, $24, $1, $20, $3, $44, A V , % $9,550, % $3, $36, $2, $30, $5, $67, A V 4.0 I 4.5 2, % $9,650, % $3, $36, $2, $30, $5, $67, A V 4.0 I 4.5 2, % $9,750, % $3, $36, $2, $30, $5, $67, A V 4.0 I 4.5 2, % $9,850, % $3, $36, $2, $30, $5, $67,225,65 14 A V 4.0 I 4.5 2, % $9,950, % $3, $36, $2, $30, $5, $67, A RS 3.0 I 3.0 1, % $6.650, % $2, $24, $1, $20, $ $44, A RS 3.0 J 3.0 1, % $6,750, % $2, $24, $1, $20, $3, $44, A V 2.0 I 2.5 1, % $6,850,000 1,0409% $2, $24, $1, $20, $3, $44, A V 2.0 I 2.5 D,2T 2, % $11,475, % $3, $39, $2, $33, $6, $72, A RS 2.0 I 3.0 1, % $6,150, % $1, $22, $1, $18, $3, $41,433,08 PHA RS 2.0 I 3.5 FP,T 1,925 1, % $7,300, % $2, $29, $2, $24, $4, $53, B V 1.0 I % $1,625, % $ $8, $ $7, $1, $15, B V 0.0 I % $1,645, % $ $8, $ $7, $1, $15, B V 1.0 I 1.5 D 1, % $3,400, % $1, $15, $1, $13,305,90 $2, $29, V 1.0 I 1.5 D 1, % $3.500, % $1, $15, $1, $12, $2, $28, B FM 3.0 I 4.0 D 2, % $9,750, % $2, $35,76fS.18 $2, $30, $5, $65, B V 3.0 I 4.0 D 2, % $9,850, % $2, $35, $2, $30, $5, $65, B V 3.0 I 4.0 D 2, % $9,950, % $2, $35, $2, $30, $5, $65, PH B RS 2.0 I 3.0 T 1, % $6,400, % $2, $24, $1, $20, $3, $44,594.45

26 SCHEDULE A 530 PARK AVENUE CONDOMINIUM 530 PARK AVENUE NEW YORK, NY OFFERING PRICES AND RELATED INFORMATION PROJECTED COMMON CHARGES AND REAL ESTATE TAXES ARE FOR THE FIRST YEAR OF CONDOMINIUM OPERATION.. JANUARY 1, DECEMBER 31,2014 (3) (3 ) PERCENTAGE % INTEREST ( 5) (6) (7) (1 ) (2) OF (4)!NTHE PROJECTED PROJECTED PROJECTED NUM8EROF APPROX S9 FT COMMON OfFERING COMMON COMMON CHARGES REAL ESTATE TAXES CARRYING CHARGES UNH STATUS 8EDRooMS BATHS UNIT TERRACE INTEREST PRICE EXPENSES MONTHLY ANNUAL MONTHLY ANNUAL MONTHLY ANNUAL 3C RS % $1,625, % $ , $ $7, , $16, C FM % $1,645, % $ $9, $ $7, $1, $16, C V , % $4,550, % $1, $19, $1, $16, $3, $36, C FM ,2PR 2, % $9,600, % $2, $35, $2, $30, $5, $85, C RS , % $4,800, % $1, $20, $1, $17, $3, $37, C OCC , % $5,200, % $1, $19, $1, $16, $3, $38, PH C FM 2.0 I 3.5 FP,T 2, % $8,000, % $2, $31, $ $ $4, $ V 3.0! 2.5 2, % $7,100, % $2, $29, $2, $25, $4, $55, FM 2.0! 3.0 1, % $4,800, % $1, $22, $1, $18, $3, $40, V 3.0! 3.5 2, % $8,500, % $2, $33, $2,324,45 $27, $5, $61, V 3.0! 3.5 2, % $8,600, % $2, $33, $2, $27, $5, $61, V 2.0! 2.0 1, % $4,950, % $1, $21, $1, $18, $3, $40, D RS 2.0 I 3.0 1, % $5,000, % $1, $21, $1, $18, $3, $40, V 3.0 I 3.5 2, % $8,900, % $2, $33, $2, $27, $5, $61, RS 2.0 I 3.0 1, % $5,100, % $1, $22, $1, $18, $3, $40, V 2.0 I 2.0 1, % $5,150, % $1, $21, $1, $18, $3, $40, V 3.0 I 3.5 2, % $9,400, % $2, $33, $2, $27, $5, $61, V 3.0 I 3.5 2, % $9,500, % $2, $33, $2, $27, $5, $61, V 3.0 I 3.5 2, % $9,600, % $2, $33, $2, $27, $5, $61, V 2.0 I 2.0 1, % $5,500, % $1, $21, $1, $18, $3, $40, V 3.0 I 3.5 2, % $9,800, % $2, $33, $2, $27, $5, $61, RS 2.0 I 3.0 1, % $5,700, % $1, $21, $1, $16, $3, $40, V 2.0 I 2.0 T 1, % $5,850, % $1, $20, $1, $17, $3, $38, V 2.0 I 2.0 1, % $5,975, % $1, $20, $1, $17, $3, $37,773.32

27 SCHEDULE A 530 PARK AVENUE CONDOMINIUM 530 PARK AVENUE NEW YORK, NY OFFERING PRICES AND RELATED INFORMATION PROJECTED COMMON CHARGES AND REAL ESTATE TAXES ARE FOR THE FIRST YEAR OF CONDOMINIUM OPERATION - JANUARY 1, DECEMBER 31,2014 (3) (3) PERCENTAGE % INTEREST (5) (6) (1) (1 ) (2) OF (4) IN THE PROJECTED PROJECTED PROJECTED NUMBER OF APPROXSg FT COMMON OFFERiNG COMMON COMMON CHARGES REAL ESTATE TAXES CARRYING CHARGES UNIT STATUS BEDROOMS BATHS UNIT TERRACE INTEREST PRICE EXPENSES MONTHLY ANNUAL MONTHLY ANNUAL MONTHLY ANNUAL 2E V 1.0 I % $2,175, % $ $11, $ $9, $1, $20, E V 1.0 I % $2,195, % $ $11, $ $9, $ $20, E RC 1.0! % $2,255, % $ $11, $ $9, $1, $20, E RS 1.0! % $2,275, % $ $11, $ $9, $1, $20, E V 1.0 I % $2,315, % $ $11, $ $9, $1, $20, E RS 1.0 I % $2,335, % $ $11, $ $9, $ $20, E RS % $2,455, % $ $11, $ $9, $1, $20, HE V % $2,525, % $ $11, $ $9, $1, $20, E RC 1.0 I % $2,575, % $ $11, $ $9, $1, $20, E RS 1.0! 1.0 T % $2,625, % $ $11, $ $9, $1, $20, F V 1.0 I % $2,230, % $ $11, $ $9, $1, $20, F V 4.0 I 4.5 3, % $10,750, % $3, $45, $3, $37, $6, $83, F RS 1.0 I % $2,270, % $ $11, $ $9, $1, $20, F V 1.0 I % $2,290, % $ $11, $ $9, $1, $20, F FM 1.0 I % $2,310, % $ $11, $ $9, $1, $20, F V 1.0 I % $2,330, % $ $11, $ $9, $1, $20, F RS 1.0 I % $2,350, % $ $11, $ $9, $1, $20, F V 1.0 I % $2,370, % $ $11, $ $9, $1, $20, F V 1.0 I % $2,390, % $ $11, $ $ $1, $20, F V 4.0 I 4.5 3, % $10,950, % $3, $44, $3, $37, $6, $82, F V 4.0 I 4.5 3, % $11,000, % $3, $44, $3, $37, $6, $82, F RS 1.0 I % $2,480, % $ $11, $ $9, $1, $20, F V 1.0 I % $2,510, % $ $11, $ $9, $ $20, F V 1.0! % $2,545, % $ $11, $ $9, $1, $20, HF V 4.0 I 4.5 3, % $11,275, % $3, $41, $2, $35, $6, $77,157.69

28 SCHEDULE A 530 PARK AVENUE CONDOMINIUM 530 PARK AVENUE NEW YORK, NY OFFERING PRICES AND RELATED INFORMATION PROJECTED COMMON CHARGES AND REAL ESTATE TAXES ARE FOR THE FIRST YEAR OF CONDOMINIUM OPERATION.. JANUARY 1, DECEMBER 31,2014 (3) (3) PERCENTAGE % INTEREST (5) (6 ) (7) (1) (2) OF (4) IN THE PROJECTED PROJECTED PROJECTED NUMBER OF APPROXSgFT COMMON OFFERING COMMON COMMON CHARGES REAL. ESTATE TAXES CARRYING CHARGES UNIT STATUS BEDROOMS BATHS UNIT TERRACE INTEREST PRICE EXPENSES MONTHL.Y ANNUAL MONTHLY ANNUAL MONTHLY ANNUAL. 2G V 2.0 I 2.0 1, % $4,250, % $1, $19, $1, $16, $3, $36, G V 3.0 I 3.5 2, % $8,050, % $2, $33, $2, $28, $5, $61, G FM , % $4,400, % $1, $19, $1, $16, $3, $36, G RC , % $4,450, % $1, , $1, $16, $3, $36, G RS , % $4,500, % $1, , $1, , $2, $35, G RS , % $4,550, % $1, $19, $1, $16, $3, $36, G FM 2.0 I 2.0 1, % $4,600, % $1,582,08 $18, $1, $15, $2, $34, G RS 2.0 I 2.0 1, % $4,650, % $1, $19, $1, $16, $2, $35, G RS 2.0 I 2.5 1, % $4,800, % $1,592,06 $19, $1, $16, $2, $35, G RS 2.0 I 2.0 1, % $4,850, % $1,592,06 $19, $1, $16, $2, $35, G FM 3.0 I 3.0 T 2, % $7,975, % $2, $30, $2, $25, $4, $55, G V 3.0 I 3.5 2T 2, % $9,975, % $2, $34, $2, $28, $5, $62, G V 2.0 I 2.0 T 1, % $4,425, % $1, $15, $1, $13, $2, $28, H V 1.0 I 2.0 1, % $2,950, % $1, $16, $1, $13, $2, $30, H V 1.0 I 1.0 1, % $2,550, % $1, $13, $ $11, $2, $24, H V 1.0 I 1.0 1, % $2,570, % $1, $13, $ $11, $2, $24, H RS 1.0 I 1.0 1, % $2,590, % $1, $13, $ $11, $2, $24, H V 1.0 I 1.0 1, % $2,610, % $1, $13, $ $11, $2, $24, H RS 1.0 / 1.0 1, % $2,630, % $1, $13, $ $11, $2, $24, H V 1.0 I 1.0 1, % $2,650, % $1, $13, $ $11, $2, $24, H V 1.0 I 1.0 1, % $2,770, % $1, $13, $ $11, $2, $24, H V 1.0 I 1.0 T % $2,820, % $1, $12, $ $10, $1, $23, H RS 1.0 I 1.0 1, % $3,200, % $1, $13, $ $11, $2, $25,620.67

29 SCHEDULE A 530 PARK AVENUE CONDOMINIUM 530 PARK AVENUE NEW YORK, NY OFFERING PRICES AND RELATED INFORMATION PROJECTED COMMON CHARGES AND REAL ESTATE TAXES ARE FOR THE FIRST YEAR OF CONDOMINIUM OPERATION.. JANUARY 1, DECEMBER 31, 2014 (3) (3) PERCENTAGE % INTEREST ( 5) (6 ) { 1 ) (:2 ) Of (4) IN THE PROJECTED PROJECTED NUMBER OF APPROXSgFT COMMON OFfERING COMMON COMMON CHARGES REAL ESTATE TAXES UNIT STATUS BEDROOMS SA THS UNIT TERRACE INTEREST PRICE EXPENSES MONTHLY ANNUAL MONTHLY ANNUAL (7) PROJECTED CARRYING CHARGES MONTHLY ANNUAL 2J RS 0.0 f % $1,450, % $ $7, $ $6, J S 1.0 I % $1,300,000 $ $10, J V 1.0 f % $2,310, % $1, $12, $ $10, J FM 1.0 f % $2,330, % $1, $12, $ $10, oj RS % $2,350, % $ $11, $ $9, J V % $2,390, % $1, $12, $ $10, J RS % $2,600, % $1, $12, $ $10, J RS % $2,635, % $1, $12, $ $10, J RC % $2,670, % $1, $12, $ $10, J V 1.0 I 1.0 T % $2,445, % $ $10, $ $9, J V 1.0 I % $2,325, % $ $10, $ $8, RESIDENTIAL UNITS: ,193 4, % $560,040, % $189, $2,271, $159, $1,919, $1, $14, $ $10, $1, $22, $1, $22, $1, $21, $1, $22, $1, $22, $1, $22, $1, $22, $1, $19, $1, $18, $349, $4,191,428.00

30 SCHEDULE A 530 PARK AVENUE CONDOMINIUM 530 PARK AVENUE NEW YORK, NY OFFERING PRICES AND RELATED INFORMATION PROJECTED COMMON CHARGES AND REAL ESTATE TAXES ARE FOR THE FIRST YEAR OF CONDOMINIUM OPERATION - JANUARY 1, DECEMBER 31, 2014 (:3 ) PERCENTAGE (1) (2) OF NUMBER OF APPROXSgFT COMMON UNIT STATUS BEDROOMS BATHS UNIT TERRACE INTEREST (3) % INTEREST (4) IN THE OFFERING PRICE COMMON EXPENSES (5) (6 ) PROJECTED COMMON CHARGES PROJECTED REAL ESTATE TAXES MONTHLY ANNUAL MONTHLY ANNUAL (7) PROJECTED CARRYING CHARGES MONTHLY ANNUAL PROFESSIONAL UNITS: 1 A PROF 2, % 1 F PROF % 1 G PROF 2, % PROFESSIONAL UNITS: 3 5, % % % % $ % $2, $34, $2, $25, $ $11, $ $8, $2, $30, $1, $22, $6, $75, $4, $56, $4, $59, $1, $19, $4, $52, $10, $131, STORAGE LOCKER LICENSES: Numbered 1 through 55 - $15,000 per license $825,000 PROPERTY TOTALS: ,887 4, % $560,865, % $195, $2,347, $164, $1,975, $360, $4,323, The abbreviations used in the Schedule A have the following meaning:!irs" denotes a Rent Stabilized Unit "RC" denotes a Rent Controlled Unit "FM" denotes a Free Market Unit; not subject to the Rent Laws ''V' denotes a Vacant Unit "PROF" denotes a Professional Unit "oec" denotes an Occupied Unit, subject to Order of Deregulation '''0'' denotes a Duplex "FP" denotes a Wood Burning Fireplace "PR" denotes a Powder Room "5" denotes the Resident Manager's Unit "Til denotes a Terrace NOTE: Since the Resident Manager's Unit 3J, is a General Common Element for budget purposes, General Common Expenses have been apportioned to the Units based on the % Interest in the Common Expenses as set forth in this Schedule. NOTE: Storage Lockers are located in Storage Locker Area in Cellar. The approximate dimension of each Storage Locker is generally 3'-0" 0N) X 5'0" (D) X 6'7" (H).

31 Notes to Sched tile A (1) All Residential Units being offered for sale are offered for residential use only. Purchasers should note that any floor plan or sketch shown to a prospective Purchaser including those set forth in the Plan, is only an approximation of the dimensions and layout of each Unit Except as set forth below with respect to Combined Units, the floor plans are meant to reflect typical existing conditions, and the actual layout of a Unit may have been altered; accordingly, each Unit should be inspected by a prospective Purchaser prior to entering into a Purchase Agreement to determine its actual dimensions, layout and physical condition. The number of bedrooms and bathrooms has been disclosed in accordance with the floor plans set forth in Part II of the Plan, Sponsor has reserved the right to negotiate with individual Purchasers, other than Tenant-Purchasers of Residential Units for whom such negotiation would constitute a discriminatory inducement, to perform special work in a Unit which may require a modification in floor plans for certain Units. Sponsor has filed or \-vill file applications with the BuHdings Department to combine certain Residential Units ('"Combined Units"). Each of the Combined Units is listed on Schedule A as a single Unit, and the floor plans for the Combined Units set forth in Part H of the Plan reflect the layout which Sponsor intends to construct. Sponsor will obtain a letter of completion from the Buildings Department prior to the Closing of a Combined Unit, if required. Units 7B and 150 were each physicauy combined prior to Sponsor's acquisition of the Property and are each occupied as a single Unit A Purchaser of any of these Units shah be required to comply with all applicable Law in connection with the combination of such Unit, at Purchaser's sole cost and expense. Certain ofihe Residential Units are subject to the Rent Laws as of the Filing Date of the Plan. Next to each Residential Unit number is the rent status and vacancy status of each Residential Unit. Professional Units are 110t subject to the Rent Laws. Certain tenants of Residential Units are currently utilizing portions of the residential hallway service closets adjacent to their Units. Such service closets are Residential Common Elements and are not part of such Residential Units, except for certain Residential Units as set forth on the Floor Plans in which a service closet has been incorporated into the Unit by Sponsor and is included in the square footage of such Unit as listed in Schedule A. Sponsor has filed plans with the New York City Department of Buildings to change the marketing floor designations for construetion floors 13 through 18, as fohows: Construction Floor i Former Floor Designation 12-X New Floor Designation The Schedule A reflects the new floor designations for construction floors 13 through 18 as set forth above. (2) The square footage of the Units has been measured from the exterior side of the exterior walls (perimeter columns and perimeter mechanical pipes are not deducted) to the centerline of the partitions separating one Unit from another Unit, corridors, stairs, elevators and other mechanical equipment spaces or any Common Elements H hereinafter defined); or to the exterior side of the opposite exterior FINAL ist Amendment (OOOi6898-5)

32 walls. As is customary in New York City, these square footages exceed the useable floor area of the Units. (3) The percentage of Common Interest for each Unit has been allocated in accordance with Section 339- i(l) of the Real Property Law, based upon floor ウー subject to the location of such space and the additional factors of relative value to other space in the Condominium, the uniqueness of the Unit, the availability of Common Elements for exclusive or shared use, and the overall dimensions of the particular Unit in accordance with subsection (iv). (See the Section of the Pian entitled "Compliance with Real Property Law Section 339-i"), In the event that Sponsor negotiates with individual Purchasers (other than Tenant-Purchasers until the effective date of the Plan) to change the layout or dimensions of their respective Units and such changes involves the inclusion, in the Unit, of areas formerly designated as Common Elements, Residential Common Elements or involves adding to the Common Elements or Residential Common Elements, space that was previously incorporated in the Units, the Common Interest of all of the Residential Units may change slightly. Any such change in the Common Interest ahocated to a Residential Unit prior to the recording of the Declaration shall not be deemed a material c.hange and shall not give rise to a right of rescission on the part of any Purchaser. The percentage interest of each Unit in the Common Expenses in nominally greater than the percentage of Common Interest as a result of the ahocation of all expenses associated with the Resident Manager's Unit to the other Units. (4) The Purchase Prices payable by Purchasers may be increased only by duly filed amendment but may be decreased on an individually negotiated basis with a Purchaser (other than a Tenant-Purchaser of a Residential Unit unth the effective date of the Plan). Sponsor may enter into an agreement to seh one or more Units at prices lower than those set forth in Schedule A without amendment to the Plan. Any across-the-board change in the Purchase Prices that affects a line or major grouping of Residential Units or is to be advertised wih be made by duly filed amendment to the Plan. In addition to the payment of the Purchase Price, each Purchaser will be required to make a contribution to the Working Capital Fund of the Building in an amount equal to two (2) month's Common Charges then in effect and wm be responsible for the payment of certain dosing costs and expenses at the time of dosing, as explained in the Section of the Plan entitled "Closing Costs and Adjustments," if p オイ ィ N セ obtains a mortgage loan, Purchaser will be responsible for the payment of additional closing costs and expenses relating to such loan. There wili be an apportionment of certain charges relating to the Unit at the time of closing, Purchasers should consult with their attorneys as to the exact closing costs they will incur. THESE PRICES HAVE BEEN SET BY SPONSOR AND ARE NOT SUBJECT TO REVIE\V OR APPROVAL BY THE DEPARTMENT OF LAW OR ANY OTHER GOVERNMENT AGENCY. (5) The estimates contained in this schedule were prepared on the assumption that the first year of Condominium operation will be the year from January 1, 2014 to December , and are based on an estimate of the receipts and expenses of the Condominium for the projected year. The actual first year of Condominium operation may be earlier or later than such year. (fthe actual or anticipated date of commencement of Condominium operation is delayed by more than 6 months from the commencement of tile projected first year of Condominium operation, Sponsor will amend the Plan to include a revised budget disclosing current projections. If such amended projections exceed original projections by RU セ Q or more, Sponsor wm offer all Purc.hasers the right to rescind for a period of 15 days after the date of the presentation of the amendment setting forth the right to resc ind, The estimated monthly Common Charges for each Unit is based on the Schedule B - Projected Budget for First Year of Condominium Operation as certified by Sponsor's Budget Expert, jordan Cooper & Associates Inc, Each Unit Owner will be responsible for real estate taxes for such Unit, mortgage payments under a loan or loans, if any, obtained to finance the purchase of the Unit, the cost of electricity supplied to the Unit, which is separately sub-metered and payable directly to the FINAL Is! Amendmen! ( )

33 セュオゥョゥュッ ョッ the cost of cable television services and the cost of telephone and internet provider services and the insurance which must be carried by each Unit Owner with respect to liability within the Unit (and its appurtenant Residential Limited Common Elements, if any) and casualty to the contents of the Unit and the cost of interior repairs, replacements and decorations to the Unit. Until the U nits are separately assessed, rea! estate ta'xes may be part of Common Expenses, as provided in the By-Laws. Capital repairs, replacements, additions, improvements, alterations and restorations to the Common Elements or Residential Common Elements are either Common Expenses or Residential Common Expenses which will be borne by all Unit Owners or soiely by the Residential Unit Owners, as the case may be. In addition, all costs associated with the acquisition, o\vnership and maintenance of the Resident Manager's Unit are Common Expenses to be borne by all Unit Owners in accordanc.e \,-... 1tl1 Schedule B. The aggregate monthly rents payable by the tenants of Units in the Building for the month of May, 2013 is $148,413. (6) As set forth in more detail in the May 2013 letter from Marcus & Pollack LLP, Sponsor's Rea! Estate Tax Counsel, the New York City real estate taxes for the Residential Units and Professional Units for the anticipated first year of condominium operation, are estimated to be in the aggregate amount of $ 1,919,733 and $ respectively. This estimate is comprised of the projected real estate taxes for the 2 nd half of the 2013/2014 tax year (January 1, 20) 4 through J une 20 i 4) and the 15\ half of the 2014/2015 tax year (Ju ly 1 through December 31, 2014) allocable to the Residential and Professional Units. For the tax year 2013/2014, the real estate taxes for the entire building are projected to be $ 1,797,882, based on an estimated Actual Assessed Value of $ 13,639,950 and the current Class 2 residential tax rate of $ per $100 of assessed valuation. For purposes of the projection utilized in Schedule A, it is estimated that $ 1,740,170 of the entire building's real estate taxes for tax year 2013/2014 are allocable to the Residential Units and $ 57,712 are allocable to the Professional Units. For the tax year 20! 4/20 the aggregate real estate taxes for the Residential Units are estimated to be LWYRLYPセRD@ based on an estimated Transitional Assessed Value of$ 15,926,688 and an estimated Class 2 residential tax rate of $ per $ 100 of assessed valuation. For the tax year 2014/2015, the aggregate real estate taxes for the Professional Units are estimated to be $ 54,341, based on an estimated Transitional Assessed Value of $528,202 and an estimated Class 4 commercial tax rate of $ per $ 100 of assessed valuation. No representation is made or assurance given as to what the actual tax rates or assessed valuations or tax classes or tax allocations will be for such periods. The Class 2 residential tax rates, the Transitional Assessed Valuations and the Actual Assessed Valuations for the current and two preceding tax years for the entire building in the aggregate are as fohows: Tax Year Tax Rate ReI' $100 of Assessed Valuation Transition Assessed Valuation Actual Assessed Valuation Annual Real Estate Tax 2012/2013 $ $13,905,900 セ YUPLRQD@ 100 $1 ケ UXY セ UQ@ () 201 tl20i2 $ $14,086,080 $17,735,400 $1 セ XYRL@ /2011 $ $] 2,32l,000 $18,315,000 $1, flnal QU Amendment ( )

34 Sponsor's Real Estate Tax Counsel has advised that once the Units are separately assessed, the Professional Units will be classified as '"Class 4" commercial property for real estate tax purposes. The 2012/2013 Class 4 tax rate is $ per $100 of assessed valuation. No representation is made or assurances given as to what the actual tax rates will be for such period. The estimated real estate taxes for each Unit for the projected First Year of Condominium Operation assumes that the amount of real estate taxes payable with respect to each Residential and Professional Unit will be levied in the proportion that such Unit's Cornmon Interest bears to the aggregate Common Interests of ail Residential Units or all Professional Units, as applicable. There is no assllrance that the New York City taxing authority will allocate taxes among Units as set forth above. New York City may allocate taxes among Units based on "Value" (although it has not defined the term "Value") or other factors, sllch as the price of the Unit or square footage. If real estate taxes are so allocated, Owners of Units having the same Common Interest may pay different amounts of estate taxes. Until the Units are separately assessed, the Condominium Board or Sponsor, as the case may be, wih pay ah rea! estate taxes with respect to the Property and will allocate and charge the cost thereof among ail Unit Owners based on the allocation method set forth herein. Once the Units are separately assessed, each Unit will be taxed as a separate tax lot and no Unit Owner will be responsible for the payment ot: nor will any Unit be subject to any lien arising from the non-payment of taxes on any other Unit. See the Sections of the Pian entitled '"Income Tax Deductions to Residential Unit Owners and Tax Status of the c ッョ ッュゥョゥオュセ G@ and "Opinions of Counsel" for a discussion concerning the deductibility of real estate taxes and mortgage interest payments paid with respect to a Residential Unit The projected income tax deduction may vary in future years due to a change in the interest rate on the Unit Owner's mortgage (if any) or from changes in the allocation of constant debt service payment to interest and principal, or with respect to real estate taxes, due to changes in real property taxes resulting from changes in the assessed vaiue, the tax rate or the method of assessing rea! property, St"'Ction 581 of the Real Property Tax Law provides that real property owned on a condominium basis shall be assessed for real estate tax purposes at a sum not exceeding the assessment which would be placed thereon if the Property were not owned on a condominium basis, Section 339-y of the Condominium Act provides that the aggregate of the assessments of the Units, plus their interests in the Common Elements, shall not exceed the total valuation of the Property as if it were assessed as one parcel. (7) The figures in these colunms represent the aggregate estimated monthly CaTIJing charges, which include Common Charges and estimated real estate taxes. Reference should be made to note (5) of these Notes for certain other "home ownership" costs that Inay be incurred by Residential Unit O\vners. FINAL lst Amendment ( )

35 EXHIBIT" E" OPINION OF REAL ESTATE COUNSEL FINAL!st Amendment ( )

36 MARCUS & POLLACK LLP ATTORNEYS AT LAW including PROFESSIONAL CORPORATlONS 708 THIRD AVENUE 11TH FLOOR NEW YORK, NY JOOi7N4112 JOEL R. MARCUS ROBERT M. POLLACK PHILIP H. AZARIAN BRUCE A. BRASKY (2 I 2) FAX: (212) May 22, 2013 V'>/WW,marcuspollack.com taxappeal@marcuspollac:k.com Diamond 530 Park Avenue Owner LLC c/o Classic Realty, LLC 757 Third Avenue, 5th Floor New York, New York Re: 530 Park Avenue Manhattan, Block 1375 Lot 37 (Tax Lot to be Subdivided and Condominium Tax Lots to be Created) Projection of Estimated Real Estate Taxes for the Condominium for the First Year of Operation Dear Sir/Madam: You have requested us to project the real estate tax liability for the Residential and Professional Condominium Units at the above referenced premises for the first year of condominium operation. Diamond 530 Park Avenue Owner LLC ("Diamond 530 p イォセ GI@ will renovate the property at 530 Park Avenue and convert it into condolniniunl ownership. This letter addresses the projected real estate taxes for the first year of condominiun1 operation for the residential condominium apartments and the professional office units. Upon conversion to condmninium ownership, the individual apartment units and the professional office units will thereafter be apportioned by the Department of Finance into individual condominiulll tax lots with separate assessed values. The Total Actual (target), and Transitional assessed valuations for the subject property for the last five tax years are set forth as follows: Tax Year 2009/ Actual Transitional Total $ 9,090,000 $10,836,000

37 MARCUS & POLLACK LLP Dirunond 530 Park Avenue O'WTIer LLC May 22, /11 Actual Transitional Actual Transitional Actual Transi tional 2013/14 Tentati ve Actual Tentative Trans. $18,315,000 $12,321,000 $17,735,400 $14,086,080 $12,059,100 $13,905,900 $13,639,950 $15,335,419 You have advised us of the following facts regarding this project: 1 x Diamond 530 Park will renovate 530 Park Avenue for conversion into a residential condominium apartment building. There \\li11 be one hundred and nine (109) residential units and three (3) professional office units for a total of one hundred and twelve (112) units. Upon conversion the property will be one building 'with separate condominium tax lots for each unit. 2, The subject property currently consists of a single tax lot identified on the New York City Department of Finance property records as Manhattan, Block 1375 Lot 37, and cunently in operation as a D6 class rental apartment building. According to the Departnlent of Finance' s property infoj.tilation system, the building presently contains 182,227 gross square feet of residential space and 8,000 gross square feet of professional office space. The conversion of the building to condominium should not substantially chrulge the gross square footage description of the building as indicated by the City's "RP AD" database. We have been advised that building \vide renovations \vill be comprised of lobby and corridor upgrades and kitchen and bathroom renovations. 3. The first year of the condominium operation is planned for January 1, 2014 through Decen1ber 31, Real estate taxes due for the first year of condon1iniuln operation \Nill therefore be based on six months of tax year 2013/2014, wherein the taxes reflect the building in its current configuration as rental apartment building, and six months of tax year , wherein the taxes are projected to reflect the building as fully converted and in operation as a condominimti. 4, According to the Schedule A in the Offering Plan, upon conversion to condominium ownership, the building will be comprised of approxiinately 171,193 square feet of net saleable residential space and approximately 5,694 of net saleable square feet of professional office space. The residential apartments will be colnprised of 4 studio apartments, 44 one 2

38 MARCUS & POLLACK LlP Diamond 530 Park Avenue Owner LLC May 22,2013 bedrooln apartments, 32 two bedroom apartments (including three penthouse units), 19 three bedrooln apartments, and 10 four bedroom apartments. The professional office space is currently divided into three separate units. 5. According to the Schedule A in the Offering Plan, the percentage of common interest allocated to the residential units is approxilnately 96. WY セッ N@ The percentage of common interest allocated to the professional office units is approximately 3.21 %. There are three recognized appraisallnethods which are elnployed by the Real Property Assessment Department to detem1ine the full market value of income producing real property. These methods are the original cost ITlethod, capitalization of income approach and the sales price comparison method. The original cost method is based on the theory that the value of a given property is ret1ected by its cost of construction plus the acquisition cost of the underlying land. This method of valuation is considered a significant indicator of value with respect to ne\v buildings. Relevant data used in the cost method includes material and labor ("hard") costs, and financing, engineering, architectural, testing and professional fees and construction period taxes ('"soft") costs. You have advised us that only cosmetic work "vill be performed in connection with the conversion of the subject rental apartn1ent building into condominiums. The capitalization of incolne Inethod is based upon the proposition that the alidual net incolne generated by a property, w"hen divided by the rate of return an investor at a given time would accept for his lnoney in a con1peting inveshnent, yields a close estin1ate of the market value of the property. In past years, the Department of Finance has used gross incon1e Inultipliers to decrease the variations in operating expenses for residential properties. However, the Department of Finance has recently indicated that they will no longer utilize this approach to value. The sales price comparison n1ethod is founded upon the behefthat value can be ascertained by surveying Inarket prices. Market value has been defined as that price which a property would bring in a con1petitive and open market, wherein both buyer and seller are acting prudently, knowledgeably, and assuming the price is not affected by undue stimulus. However, the addition of sale prices of individual units may not be the basis for arriving at the assessed valuation of a residential condominium or cooperative housing corporation. Real Property Tax La-vv Section 581 requires that the Department of Finance assess residential condominiums without regard to their fonn of ownership. This requirement has been interpreted to mean that cooperatives and condominiums are to be assessed as if they were rental properties, thus requiring a val uation based upon the capitalization of income utilizing rents imputed from colnparable rental properties, Since tax year 1982/83, Real Property Tax Law 1805(3) has mandated that increases in assessed valuation Inust be phased in over a five year period, resulting in a "'transitional assessment". However, the statute requires the Finance Department to include all physical (new construction, 3

39 MARCUS & POLLACK LLP Diamond 530 Park Avenue Owner LLC May 22, 2013 renovation, rehabilitations, or additions of square footage to existing structures) changes directly into the taxable assessed valuation without the five-year phase-in. The "actual assessment" is the target value which will be reached at the end of the five year period, assuming the assessment is not increased in the interilu. Taxes are payable based upon the lovver of the two val ues. In arriving at the assessed valuation for each unit in a condoluinium, the building is first assessed in its entirety, This overall assessment is then apportioned among the respective units, each of which will be assigned a tax lot designation once the condoluinimu Declaration has been recorded and the floors plans are filed with the office of the City Register. In the past, the apportionment was based in part upon the proportion or the projected selling price presented in the Offering Plans for each residential units bears to the gross sellout price for an residential units available for purchase in the project (hereinafter, "Proportionate Valuation"), and in part upon extrinsic indicia of value, including location, square footage, amenities, income producing potential and existing leases, if any) on particular units. Ho\vever, n10re recently, the Departtuent of Finance had enunciated a policy \vhich has allocated assessed values for the residential units within a condominiu111 by utilizing each unit's respective percent interest in the common elements. The assessment allocations for the commercial unit may also be initially based upon a percent COlumon interest basis, but thereafter, the comluercial unit \vill be evaluated separately based upon its income potential We make no representation that the Department of Finance \-vill use any particular n1ethod to apportion the assessed valuation among the units for the purpose of computing the portion of the condon1inimu tax assessrnent that will be allocated to the residential units or to apportion the residential assessluents among the individual residential condominium units, Discussion The first year of Condoluinium operation, as set forth above, is anticipated to run from January 1, 2014 through December 31, 2014 and will therefore be Inade up of six months of the tax year (running trom January 1,2014 through June 30, 2014) and six months of the 2014/15 tax year (running from July L 2014 through December 31, 2014) wherein it is presulned that the building will be assessed as fully converted into condominiun1 ownership. As a result, the taxes for the first year of condominium operation \vill not reflect a fully converted and renovated condominiulu in full operation. Estimated Real Estate Taxes Prior to Conversion (Tax Year 2(13114) The current tentative assessed values for the tax year, published on January 15,2013 presently reflect the building's use and condition as a residential D6 rental apartment building prior to the C01111Uencement of conversion and renovation. The current tentative 2013/14 assessed values are as fo11o\vs: 4

40 MARCUS & POLLACK LLP Diamond 530 Park Avenue O\\rner LLC May 22, 2013 Actual Transitional Land $4,815,000 $4,815,000 Total $13,639,950 $15,335,419 F or tax year 20 13/14 we have estimated a tax rate of E which is currently based upon the current 2012/13 overall Class 2 residential tax rate. Applying the estimated 2012/13 tax rate of % to the estimated total actual assessed value of$13,639,950, we estimate that the 2013/14 real estate taxes for the entire building will be approxilnately $1,797,882. Based on the allocation of percentage com_mon interests set forth in the Schedule A of the offering plan, we estimate the following pro-rata allocation of the estimated 2013/14 real estate taxes as fo11o\'ls: Residential Units Portion of the Estimated Taxes: $1,740,170 (approximately 96.79%) Professional Units Portion of the Estin1ated Taxes: $57,712 (approximately 3.21%) Estimated Real Estate Taxes After Completion of Renovation (Tax Year 2(14/15) As set forth above, we project that the Department of Finance \'lill not assess the building as a fully converted condominium until the following January 5,2014, taxable status date for tax year 2014/15. Accordingly, vie have therefore assumed that the tax year, running from July 1,2014 through June 30, 2015, will be the first tax year in which the Condominium will be assessed and taxed as fully converted and in operation. Residential Units Portion 2014/15 Esthnated Assessed Valuation and Taxes: After consideration of all relevant factors, we have estimated the following 2014/15 total aggregate assessed value for the residential units as follows: Actual Transitional Aggregate Total $19,866,148 $15,926,688 For tax year 2014/15 we have assulned a constant a residential class two tax rate %, based on the current residential class 2 tax rate for 2012/13. Applying the estiinated rate of % to the estimated transitional assessed value ッヲ DQU セ YRVLVX@ we estitnate that the real estate taxes for the residential portion of the Condominiuln will be approximately $2,099,297 exclusive of any exenlption or abaten1ent programs that may apply. Professional Office Unit Portion 2014/15 Estimated Assessed Valuation and Taxes 5

41 MARCUS & POLLACK LLP Dian10nd 530 Park Avenue Ovvner LLC May 22,2013 After consideration of all relevant factors, we have estimated the following total aggregate assessed value for the commercial portion as follo\vs: A.. ctual: Transitional: Total $658,853 $528,202 For 2014/15, we have also estimated a constant comnlercial class four tax rate of %,based on the cuncnt class four tax rate. Applying the estinlated % class 4 tax rate to the estimated transitional assessed value of$528,202, we estimate that the real estate taxes for the professional office units will be approxin1ately $56,027. Real Estate Taxes for the f Year of Operation Residential Units Portion: For the first year of operation, we project that the real estate taxes for the residential condominium will be approximately $1,919,733 which is comprised of six months ofprojected taxes based the current assessed value, which reflects the building prior to conversion, and six months of taxes based on the 2014/15 assessed value \-vhich is estimated to reflect the condon1inium after conversion, renovation, and in full operation. Professional Office Units Portion: With regard to the professional units portion of the building, \-ve estimate real estate taxes for the first year of operation in the amount of $56,027 which is comprised of six months of projected taxes based upon the current 2013/14 assessed value \vhich reflects the building prior to completion of renovation and conversion, and six months of taxes based on the assessed value \vhich is estimated to reflect the condominium after conversion, renovation, and in full operation, We again note that the estilnated real estate taxes for the first year of operation are based partially on an assessed value which reflects an un-renovated rental apartment building prior to conversion to condolniniu!n ownership. Accordingly, the real estate taxes after the first year of operation may be much higher, reflecting twelve full n10nths of taxes based on a fully renovated and converted condominiutn in full operation. This letter 'was prepared at the sponsor's request. Certain figures set forth herein are approximations derived from material submitted by the sponsor and are subject to variation. We have not passed upon the accuracy of any figures or estimates contained in the Plan, and offer no warranties of the amount of any tax liabilities for any period. Prospective Purchasers are advised that while there is a formula which has been utilized 6

42 @ セp ェlNセ MARCUS & POLLACK LLP Diamond 530 Park Avenue Owner LLC May 22, 2013 by the Real Property Assessment Department in assessing such properties in the past, it has not been enlployed consistently, and it is therefore not possible to estiinate or detenl1ine the postconversion assessed valuation of this property with any degree of certainty. HO'wever, the estimates presented above are based upon current policies and practices of that department All prospective purchasers are further advised that although the estinlate of assessed valuation upon coinpletion of the conversion is a good-faith estimate, such assessed valuation, "vhen actually made, may be less or more than as estimated herein. The opinions expressed above are based on our interpretation of the Real Property Tax Law, Administrative Code of the City ofne\v York, and the applicable rules and regulations, policies and practices oftlle Department of Finance in effect as of the date hereof. While we believe our opinions are well founded, they are not intended, and should not be construed as representations or warranties. You should be aware that the laws, regulations and practices of the Department of Finance upon \vhich this opinion is predicated may in the future be revised in a manner adverse to your interests, or that there may be an adverse interpretation of the law or regulations by one or more agencies of the City of New York, or Courts of conlpetent jurisdiction. The foregoing analysis is based upon our experience with the Real Property Assessment Department and the Tax Commission of the City of New York, and their assessment policies regarding newly constructed or renovated properties held in condominium o\vnership. Application of a particular approach to valuation by an individual assessor Inay yield a significantly different result. We hereby consent to the inclusion of this letter in the Offering Plans. Very truly yours, Marcus & Pollack LLP RMP:ae 7

43 EXHIBIT "F" FLOOR PLANS _= -._.w _-._. -. FlNAL 1st Amendment HPQV ァ Y ァセ UI@

44 EAST 61 STREET BOILER flue PANTRY REFUSE ROOM CELLAR COMMON ElEMENTS COMMON ELEMENTS PORTION OF CElLAR CURRENTLY USED BY PROfESSIONAL UNITS PORTION OF CElLAR CURRENTLY USED BY TENANT OF UN IT PHC A-Ol 530 PARK AVENUE, NEW YORK, NY All DIMENSIONS ARE APPROXIMA'TE AND SUBJECT TO CONSTRUCTION VARIANCES. PLANS, layouts, AND DIMENSIONS MAY CONTAIN MINOR VARIATlONS mom FlOOR TO FLOOR. SPONSOR RESERVES RlGHTTO MAKE CHANGES TO 'THE LAYOUT AND CONFIGURATION IN ACCORDANCE WITH THE OFFERING PLAN. MAY 14,2013