EIGHTH AMENDMENT TO CONDOMINIUM OFFERING PLAN FOR ONE WEST END AVENUE CONDOMINIUM

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Patricia Kathryn Norman
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1 INITIAL SUBMISSION: 4/19/2016 EIGHTH AMENDMENT TO CONDOMINIUM OFFERING PLAN FOR ONE WEST END AVENUE CONDOMINIUM This Eighth Amendment (this Amendment ) modifies and supplements the terms of the Condominium Offering Plan for the premises known as One West End Avenue Condominium, 1 West End Avenue, New York, New York 10023, first accepted for filing (AG File No. CD ) on May 20, 2015 (the Plan ) and is incorporated into and should be read in conjunction with the Plan. The terms of this Amendment are as follows: 1. Purpose of Amendment The purpose of this amendment is to: (i) update Schedule A to the Plan; (ii) update certain other information set forth in the Plan; and (iii) extend the term of the offering under the Plan. 2. Budget There has been no material change in the projected budget for the Condominium. Annexed hereto as Exhibit A is a re-certification dated April 15, 2016 from Sponsor s budget expert concerning the adequacy of Schedule B. 3. Title Company Reporting following: Purchasers are advised that Special Risks of the Plan are amended to include the On January 13, 2016, the U.S. Financial Crimes Enforcement Network ( FinCEN ) issued an order (the Order ) requiring title companies to collect and report certain information about persons involved in residential real estate transactions in Manhattan for closings occurring on or after March 1, 2016 until the expiration of the effective period of such Order, currently anticipated to be August 27, Pursuant to the Order, title companies are required to disclose the identities of the beneficial owner(s) or holder(s) of 25% or more of the direct or indirect equity or beneficial interest in a purchasing entity in residential real estate transactions where: (a) Purchaser is a legal entity [1] as defined in the Order; (b) the total Purchase Price is in excess of $3,000,000; (c) Purchaser does not obtain external financing; and (d) the Deposit or Balance is made, at least in part, using currency, a cashier s check, a certified check, a [1] As of the date of filing of this Amendment, legal entity is defined in the Order as including U.S. or foreign corporations, limited liability companies, partnerships or other similar business entities. KL

2 traveler s check, or a money order in any form. Purchasers should confer with their attorneys and with their title company for further information 4. Revised Schedule A Schedule A of the Plan is hereby amended to correct a typographical error included in the prior version of Schedule A which reflected zero real estate taxes due with respect to Tower Unit 8J. The amended Schedule A is annexed hereto as Exhibit B. Sponsor reserves the right to revise the Purchase Prices and other terms of sale of the Tower Units and Storage Licenses in accordance with the Plan. 5. Extension of Filing Period The effective period for the term of the Plan is extended for a period of six (6) months from the filing of this Amendment. 6. Definitions Except as herein defined, all capitalized terms used in this Amendment which are defined in the Plan shall have the respective meanings ascribed to such terms in the Plan. 7. Incorporation of the Plan The Plan, as modified and supplemented by this Amendment, is incorporated herein by reference with the same force and effect as if set forth at length. 8. No Material Changes in the Plan There have been no material changes in the Plan except as set forth in this Amendment. The Plan, as hereby amended, does not knowingly omit any material fact. Dated:, 2016 SPONSOR: RIVERSIDE CENTER SITE 5 OWNER LLC

3 Exhibit A [Budget Certification annexed on following page]

4 PEN MARK P R O P E R T Y A D V i S O R 5, L L C April 15,2016 PART 20: CERTIFICATION BY EXPERT CONCERNING ADEQUACY OF COMMON CHARGES PAYABLE BY THE COMMERCIAL UNIT OWNERCS) New York State Department of Law Real Estate Finance Bureau 120 Broadway, 23rd Floor New York, New York Re: ONE WEST END AVENUE CONDOMINIUM 1 West End Avenue. New York. New York The sponsor of the condominium offering plan for the captioned property retained our firm to prepare Schedule B which was included in the original Offering Plan includes projections of common charges payable by the owner of the commercial unit. Penmark Property Advisors, LLC is licensed as a real estate broker in the State of New York. The undersigned Manager of the company has been engaged in the management of Residential real estate for over 40 years and has managed over 200 cooperative and condominium buildings during that period and is still active in management. 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 20 insofar as they are applicable to the commercial unit listed in Schedule B. We have reviewed Schedule B as it impacts upon the commercial unit and investigated 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 projections in Schedule B for the common charges payable by the owner of the commercial unit remain reasonable and adequate under existing circumstances to meet the anticipated operating expenses fairly attributable to such commercial unit for the projected first year of condominium operation, and that the allocation of common charges attributable to the commercial unit also reflects special or exclusive use or availability or exclusive control of particular common areas. We certify that the estimates in Schedule B for the common charges payable by the owner of the commercial unit: (i) sets forth in detail the projected common charges for the commercial unit for the first year of condominium operation; (ii) affords potential investors, purchasers and participants an adequate basis upon which to found their judgment concerning the common charges payable by the owner of the commercial unit; PENMARK PROPERTY ADVISOR, LLC 828 HEMPSTEAD TURNPIKE FRANKLIN SQUARE. NY T: » C : «PENMARKPROPERTYADVlSORS.COM

5 PEN MARK P R Q P E RT Y ADV1S O R S, LLC (iii) (iv) (v) (vi) (vii) do not omit any material fact; do not contain any untrue statement of a material fact; do not contain any fraud, deception, concealment or suppression; do not contain any promise or representation as to the future which is beyond reasonable expectation or unwarranted by existing circumstances; do not contain any representation or statement which is false, where I/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 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 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. PENMARK PROPERTY ADVISORS, LLC // By,/ Name: Title: LtsHe^Bogen Winkler Manager Swprn to beforeone this day of c > 7 y Notary Public /i /2/P( L '^-"3,2016 STUART 6. SHAPIRO NOTARY PUBLIC, State of New Yoi k ' ' NO.02SH Qualified in Suffolk" County j Commission Expires Feb 02,20J. ft PENMARK PROPERTY ADVISOR, LLC 828 HEMPSTEAD TURNPIKE FRANKLIN T: 646, C: SQUARE, NY 11010» PENMARKPROPERTYADVISORS.COM

6 PEN MARK P R O P E R T Y A D VIS G R S, L I. C PART 20: CERTIFICATION BY EXPERT AS TO ADEQUACY OF CONDOMINIUM BUDGET April 15,2016 New York State Department of Law Real Estate Finance Bureau 120 Broadway 23rd Floor New York, New York Re: ONE WEST END AVENUE CONDOMINIUM 1 West End Avenue, New York, New York The sponsor of the condominium offering plan for the captioned property retained our firm to review Schedule B which was included in the original Offering Plan (together with the notes thereto, the "Schedule") containing projections of income and expenses for the first year of condominium operation. Penmark Property Advisors, LLC is licensed as a real estate broker in the State of New York. The undersigned Manager of the company has been engaged in the management of Residential real estate for over 40 years and has managed over 200 cooperative and condominium buildings during that period and is still active in management. 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 20 insofar as they are applicable to the Schedules. We have reviewed the Schedules and investigated the facts set forth in the Schedules 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 projections in the Schedules remain reasonable and adequate under existing circumstances, and the projected income appears to be sufficient to meet the anticipated operating expenses for the projected first year of condominium operation. We certify that the Schedules: (i) (ii) set forth in detail the projected income and expenses for the first year of condominium operation; afford potential investors, purchasers and participants an adequate basis upon which to found their judgment concerning the first year of condominium operation; PENMARK PROPERTY ADVISOR, LLC 828 HEMPSTEAD TURNPIKE FRANKLIN T: » C: SQUARE, NY 11010» PENMARKPROPERTYADVISORS.COM

7 PEN MARK PROPERTY ADVISORS, LLC (iii) (iv) (v) (vi) (vii) do not omit any material fact; do not contain any untrue statement of a material fact; do not contain any fraud, deception, concealment or suppression; do not contain any promise or representation as to the future which is beyond reasonable expectation or unwarranted 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 warranty of the common charges fairly attributable to the commercial unit 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. PENMARK PROPERTY ADVISORS, LLC /? feme: Title: Leslie I^tigen Winkler Manager Sworn to bef< le this (fv day of ( / ; i y&vt, otary Public ui: // //,2016 STUAW S.SHAPIRO PENMARK PROPERTY ADVISOR, LLC 828 HEMPSTEAD TURNPIKE FRANKLIN T: » C: SQUARE. NY 11010» PENMARKPROPERTYADVISORS.COM

8 Exhibit B [Updated Schedule A annexed on following page]

TWENTY-THIRD AMENDMENT CONDOMINIUM OFFERING PLAN HALCYON CONDOMINIUM 305 EAST 51 ST STREET NEW YORK, NEW YORK Dated: March 16, 2016

TWENTY-THIRD AMENDMENT CONDOMINIUM OFFERING PLAN HALCYON CONDOMINIUM 305 EAST 51 ST STREET NEW YORK, NEW YORK Dated: March 16, 2016 TWENTY-THIRD AMENDMENT TO CONDOMINIUM OFFERING PLAN HALCYON CONDOMINIUM 305 EAST 51 ST STREET NEW YORK, NEW YORK 10022 Dated: March 16, 2016 #39016947_v2 TWENTY-THIRD AMENDMENT TO CONDOMINIUM OFFERING