NINTH AMENDMENT TO CONDOMINIUM OFFERING PLAN FOR ONE RIVERSIDE PARK CONDOMINIUM

Transcription

1 NINTH AMENDMENT TO CONDOMINIUM OFFERING PLAN FOR ONE RIVERSIDE PARK CONDOMINIUM This Ninth Amendment (this Amendment ) modifies and supplements the terms of the Condominium Offering Plan for the premises known as One Riverside Park Condominium, 50 Riverside Boulevard, New York, New York 10069, first accepted for filing (AG File No. CD ) on November 8, 2013 (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 disclose certain information regarding the first title closing of a Unit by 50 Riverside Blvd LLC ( Sponsor ), and to extend the term of the offering under the Plan. 2. Declaration of Condominium and First Amendment to Declaration Recorded The Declaration, dated March 31, 2015 establishing One Riverside Park Condominium, with the Condominium By-Laws and Tower By-Laws attached as Exhibit A and Exhibit B, respectively, thereto, was recorded in the Office of the City Register, New York County on May 7, 2015, as CRFN Revisions made to the Declaration prior to recordation were of a minor and non-substantive nature, including, without limitation: adjustment of the number of Units (as a result of Unit combinations) to conform to the tax lot maps for the Building; and otherwise reflecting the changes disclosed in previous amendments to the Plan. In addition, the First Amendment to Declaration, dated as of July 15, 2015 was recorded in the Office of the City Register, New York County on July 23, 2015, as CRFN First Closing Held (a) The first title closing of a Tower Unit (Unit 3L; the First Unit ) occurred on July 27, 2015 (the First Closing Date ) in New York, New York. (b) A temporary Certificate of Occupancy covering the First Unit was issued on April 27, 2015, which temporary Certificate of Occupancy has since been renewed as recently as June 18, 2015, a copy of which is attached hereto as Exhibit A. As of such date, a permanent Certificate of Occupancy had not yet been issued. Purchasers are advised of the following in connection therewith: (i) Subject to subparagraphs 2(b)(v) and (vi) below, all of Purchasers Deposits will continue to be held in the Escrow Account (defined below) at the Escrow Bank KL

2 (defined below) in conformity with the provisions of GBL 352-e(2-b) until Sponsor procures a permanent Certificate of Occupancy for the Building. (ii) The law firm of Polsinelli PC, with an address at 900 Third Avenue, Suite 2100, New York, New York 10022, telephone number (212) , is the Escrow Agent under the Plan for the Escrow Accounts. Escrow Agent has designated the following attorneys to serve as signatories: Daniel J. Flanigan, Kraig M. Kohring, Ingrid F. VanBiber, Brett D. Anders, Robert J. Edwards, and David D. Ferguson. (iii) As set forth in the Plan, Escrow Agent has established an escrow account at Capital One, N.A., 424 Madison Avenue, New York, New York (the Escrow Bank ), a bank authorized to do business in the State of New York. The escrow account at the Escrow Bank is entitled Polsinelli PC One Riverside Park Condominium Escrow Account (the Escrow Account ). $139,440,563. (iv) As of August 25, 2015, the balance of the Escrow Account was (v) Goldstein Hill & West Architects, LLP, located at 31 West 27 th Street, 7th Floor, New York, New York 10001, Sponsor s architect of record, has estimated that the amount reasonably necessary to cover all work and costs associated with Sponsor obtaining a permanent Certificate of Occupancy for the entire Building is $30,000,000. A certification with respect to such estimate is annexed hereto as Exhibit B. Such estimate is subject to revision from time to time as work progresses at the Building. (vi) A Purchaser s Deposit may be released from the Escrow Accounts to Sponsor at the Closing for such Apartment, provided that the amount then remaining in the Escrow Accounts exceeds the amount then certified by Sponsor s architect of record (as set forth in subparagraph 2(b)(v) above). (c) No reserve fund has been established by Sponsor for the Condominium. The Condominium budget, however, does provide for a reserve fund (to be funded from Common Charges and not by Sponsor) for capital replacements and repairs to the Condominium. A Working Capital Fund has been established and has been funded, in accordance with the terms of the Plan, by contributions at the closing of title to each Unit in an amount equal to two (2) months Common Charges in effect for such Unit(s) pursuant to the current budget for the Condominium. As described in the Plan, Sponsor is not separately contributing to the Working Capital Fund. The Working Capital Fund is on deposit at Bank of America Merrill Lynch, located at One Bryant Park, 35 th Floor, New York, NY 10036, in an account titled One Riverside Park Condominium Working Capital Fund Account. The balance in said account as of August 25, 2015 was $62, First Annual Meeting of Unit Owners; Board Members In accordance with the Tower By-Laws, the First Annual Meeting of Tower Unit Owners ( First Annual Tower Meeting ) shall be held not later than thirty (30) days following the later to occur of: (a) the second anniversary of the First Closing; or (b) the closing of title by Sponsor (or its designee), as seller, to Tower Units representing more than fifty percent (50%)

3 both in number and aggregate Common Interests of all Tower Units to Purchasers. The First Closing occurred on July 27, Therefore, the First Annual Tower Meeting has not yet occurred. The persons designated to serve as the initial Tower Board members until the First Annual Tower Meeting are: Donna Gargano (President), Ahuva Genack (Vice President) and Brian Papini (Secretary/Treasurer). Such members are employed by Sponsor. Each of the named members of the initial Board maintains a business address at: c/o Extell Development Company, 805 Third Avenue, Seventh Floor, New York, New York Unsold Units Exhibit C annexed hereto is a list of all Unsold Tower Units owned by Sponsor as of August 25, For purposes of this Amendment and in accordance with New York State Department of Law regulations, the Unsold Tower Units listed on Exhibit C are those Tower Units for which a closing has not yet occurred. Accordingly, Exhibit C includes 173 Tower Units that are subject to fully executed Agreements, but not yet closed as of such date (including the Resident Manager s Unit) as well as 23 Tower Units that as of such date were not subject to fully executed Agreements. 6. Change in Certain Purchase Prices The Purchase Price of each of the following Storage Licenses is changed to the new prices shown as follows: STORAGE BIN PRICE #77 $32,000 #89 $20,000 Schedule A of the Plan is hereby amended to reflect the same. Sponsor reserves the right to revise further the Purchase Prices and other terms of sale of the Residential Units (and/or Storage Licenses, as applicable) in accordance with the Plan, except that no such change shall affect any Residential Unit (and/or Storage License, as applicable) for which an Agreement for purchase is then in effect without the consent of the Purchaser thereof. 7. 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. 8. 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. 9. Incorporation of the Plan

4 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. 10. 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: September 10, 2015 SPONSOR: 50 RIVERSIDE BLVD LLC

5 Exhibit A [Temporary Certificate of Occupancy annexed on following page]

6 Certificate of Occupancy CO Number: Page 1 of T004 This certifies that the premises described herein conforms substantially to the approved plans and specifications and to the requirements of all applicable laws, rules and regulations for the uses and occupancies specified. No change of use or occupancy shall be made unless a new Certificate of Occupancy is issued. This document or a copy shall be available for inspection at the building at all reasonable times. A. Borough: Manhattan Block Number: Certificate Type: Temporary Address: 40 RIVERSIDE BOULEVARD Lot Number(s): 150 Effective Date: 06/18/2015 Building Identification Number (BIN): Expiration Date: 09/16/2015 Building Type: New This building is subject to this Building Code: 2008 Code For zoning lot metes & bounds, please see BISWeb. B. Construction classification: 1-B (1968 Code designation) Building Occupancy Group classification: R-2 (2008 Code) Multiple Dwelling Law Classification: HAEA C. D. E. No. of stories: 33 Height in feet: 345 No. of dwelling units: Fire Protection Equipment: Standpipe system, Fire alarm system, Sprinkler system Type and number of open spaces: None associated with this filing. This Certificate is issued with the following legal limitations: City Planning Commission - Recording Info: C ZSM 195 Outstanding requirements for obtaining Final Certificate of Occupancy: There are 30 outstanding requirements. Please refer to BISWeb for further detail. Borough Comments: None Borough Commissioner DOCUMENT CONTINUES ON NEXT PAGE Commissioner

7 Certificate of Occupancy CO Number: Page 2 of T004 Floor From To Permissible Use and Occupancy All Building Code occupancy group designations below are 2008 designations. Maximum persons permitted Live load lbs per sq. ft. Building Code occupancy group Dwelling or Rooming Units Zoning use group Description of use CEL 100 S-2 2 ACCESSORY PARKING FOR (140) MOTOR VEHICLES (FLOOD PROOFED) CEL 100 F-2 2 MECHANICAL ROOM, FIRE PUMP ROOM, TELEPHONE ROOM, WATER METER ROOM, GAS METER ROOM, ELECTRICAL SWITCHGEAR ROOM, ELEVATOR MACHINE ROOM, EXHAUST AIR ROOM, AIR INTAKE ROOMS (FLOOD PROOFED) CEL 100 B 2 SUPERS OFFICE, BREAK ROOM (FLOOD PROOFED) CEL 100 S-2 2 TENANT STORAGE AND BICYCLE STORAGE (FLOOD PROOFED) CEL 100 S-2 2 COMPACTOR ROOM CEL 100 F-2 2 TENANT LAUNDRY/DOGWASH ROOMS (FLOOD PROOFED) CEL 100 F-2 2 SUPERS WORKSHOP (FLOOD PROOFED) CEL 100 S-2 2 MENS AND WOMENS LOCKER ROOMS (FLOOD PROOFED) CEL 100 A-3 2 (24) HOUR ACCESSORY TENANT FITNESS ROOM (FLOOD PROOFED) CEL 100 F-2 2 MECHANICAL ROOMS (FLOOD PROOFED) SUB OG S-2 2 BUILDING AND TENANT STORAGE ROOMS (FLOOD PROOFED) SUB OG S-2 2 ACCESSORY PARKING FOR (233) MOTOR VEHICLES (FLOOD PROOFED) Borough Commissioner DOCUMENT CONTINUES ON NEXT PAGE Commissioner

8 Certificate of Occupancy CO Number: Page 3 of T004 Floor From To Permissible Use and Occupancy All Building Code occupancy group designations below are 2008 designations. Maximum persons permitted Live load lbs per sq. ft. Building Code occupancy group Dwelling or Rooming Units Zoning use group Description of use SUB OG S-2 2 COMPACTOR ROOM (FLOOD PROOFED) SUB OG S-2 2 WOMENS AND MENS LOCKER ROOMS (FLOOD PROOFED) SUB OG F-2 2 BOILER ROOM, ELEVATOR MACHINE ROOM, MECHANICAL ROOMS, EMERGENCY GENERATOR/FUEL TANK ROOM,(FLOOD PROOFED) ME Z 100 F-2 2 MECHANICAL ROOMS B 3 COMMUNITY FACILITY S-2 2 COLD STORAGE ROOM, MAIL ROOM, PACKAGE ROOM, CART ROOM, VALET ROOM, BICYCLE STORAGE ROOM, REFUSE STORAGE ROOM A-3 2 ACCESSORY CHILDRENS PLAY ROOM (KIDVILLE) R-2 2 RESIDENTIAL LOBBY (INCLUSIONARY) S-2 2 COMPACTOR ROOM A-3 2 SCREENING ROOM R-2 2 RESDENTIAL LOBBYM (RIVERSIDE BLVD) R ELEVEN (11) APARTMENTS (INCLUSIONARY) EACH FLOOR Borough Commissioner DOCUMENT CONTINUES ON NEXT PAGE Commissioner

9 Certificate of Occupancy CO Number: Page 4 of T004 Floor From To Permissible Use and Occupancy All Building Code occupancy group designations below are 2008 designations. Maximum persons permitted Live load lbs per sq. ft. Building Code occupancy group Dwelling or Rooming Units Zoning use group Description of use R EIGHTEEN (18) APARTMENTS EACH FLOOR (LESS HOIST) R FIFTEEN (15) APARMTENTS (LESS HOIST) F-2 2 MECHANICAL ROOMS R ELEVEN (11) APARTMENTS (INCLUSIONARY) R NINE (9) APARTMENTS * LESS HOIST LINE 'H' * R ELEVEN (11) APARTMENTS (EACH FLOOR) * LESS HOIST LINE 'H' * RO F RO F 80 F-2 2 ELECTRICAL ROOM, WATER HEATER/DOMESTIC PUMP AND FIRE PUMP ROOM, ELEVATOR MACHINE ROOM (MAIN ROOF) 80 F-2 2 ELECTRICAL ROOM (LOW ROOF) RO F 80 S-2 2 STORAGE ROOM (MAIN ROOF) NOTE#1: SUBCELALR AND CELLAR ARE FLOOD PROOFED AND BUILT TO WITHSTAND THE HYDROSTATIC PRESSURES END OF SECTION Borough Commissioner END OF DOCUMENT Commissioner /004 6/18/ :19:57 AM

10 Exhibit B [Architect Certification annexed on following page]

11 26 August Riverside Blvd LLC c/o Extell Development Company 805 Third Avenue, Seventh Floor New York, NY Re: Sponsor s Costs to Obtain a Permanent Certificate of Occupancy One Riverside Park Condominium ( Condominium ) Offering Plan Filing No.: CD Ladies/Gentlemen: Goldstein, Hill & West Architects, LLP is the architect for the above referenced Condominium. In order to obtain a permanent Certificate of Occupancy from the New York City Department of Buildings, certain work must be completed. To the best of our knowledge, information and belief, as of the date hereof, the cost reasonably necessary to complete the work in order to obtain a permanent Certificate of Occupancy for the building is approximately $30,000,000. Sincerely, L. Stephen Hill, AIA Partner

12 Exhibit C [Unsold Tower Units annexed on following page]

13 Exhibit C As of: 8/25/2015 Subject to fully executed agreements Not subject to fully executed agreements Total: 173 Total: 23 Unit 3D 3F 3G 3H 3J 3S 4D 4E 4F 4H 4J 4K 4L 4N 4P 5A 5B 5D 5E 5F 5G 5H 5J 5K 5L 5M 5N 5P 5R 5S 5U 6A 6B 6C 6D 6E 6F 6G 6H 6J 6K 6L 6M 6N 6P 6R 6S 6T 6U 7A 7B 7C 7D 7E 7G 7H 7J 7K 7L 7M 7N 7P 7R 7S 8A 8B 8G 8H 8J 8L 8M 9A 9B Unit 5C 8C 8N 14L 17E 18E 19B 19E 20E 21A/22A 21B/22B 23B 24A 24B 25A 25B 26B 27B 28A 29A 30B PH2A PH5A

14 9C 9D 9G 9H 9J 9L 9M 9N 9P 10A 10B 10C 10D 10G 10H 10J 10L 10M 10N 10P 11A 11BC 11D 11G 11H 11J 11L 11M 11N 11P 12A 12B 12C 12D 12G 12H 12J 12L 12M 12N 12P 14A 14B 14C 14D 14G 14H 14J 14M 14N 14P 15A 15B 15C 15D 15G 15H 15J 15L 15M 15N 15P 16A 16B 16C 16D 16G 16H 16J 16L 16M 16N 17A 17B 17C 17D 17F 18A 18B 18C

15 18D 18F 19A 19C 19D 19F 20A 20B 20C 20D 20F 23A 26A 27A 28B 29B 30A PH1A PH3A PH4A