TWELFTH AMENDMENT
TO
CONDOMINIUM OFFERING PLAN
HALCYON CONDOMINIUM
305 EAST 51 ST STREET
NEW YORK, NEW YORK 10022
Dated: March 10, 2014
TWELFTH AMENDMENT
TO
CONDOMINIUM OFFERING PLAN
HALCYON CONDOMINIUM
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This' Twelfth Amendment modifies and supplements the terms of the Condominium
Offering Plan for the premises known as the Halcyon Condominium ("Condominium") and located
at 305 East 51 81 Street, New York, New York 10022 ("Building"), dated March 22, 2013, the First
Amendment dated April 25, 2013, the Se_cond Amendment dated May 9, 2013, the Third
Amendment dated June 17, 2013, the Fourth Amendment dated June 27, 2013, the Fifth
Amendment dated August 1, 2013, the Sixth Amendment dated August 7, 2013, the Seventh
Amendment dated August 26, 2013, the Eighth Amendment dated October 4, 2013, the Ninth
Amendment dated November 5, 2013, the Tenth Amendment dated November 14, 2013, and the
Eleventh Amendment dated January 29, 2014 ("Plan11 ), and should be read in conjllllction with the
Plan.
The terms of this Twelfth Amendment are as follows:
1.
LAWSUITS OR OTHER PROCEEDINGS
There are currently no outstanding lawsuits, administrative proceedings or other
proceedings the outcome of which may materially affect the offering, the Property, ·or 51 sr
STREET MAIN LOT OWNER, LLC ("Sponsor")'s capacity to perform all of its obligations
under the Plan, the Condominium or the operation of the Condominium.
l.
UNSOLD UNITS
As of February 18, 2014, there are one hundred twenty three (123) Residential
Units in the Building. As of February 18, 2014, there are one hundred twenty three (123) Unsold
Units owned by the Sponsor. Attached hereto as Exhibit "A" is a list of the Unsold Units.
3.
CONDOMINIUM .BOARD
The first Annual Meeting of Unit Owners has not yet been held, as the Plan has
not yet been declared effective. Pursuant to the Plan, Sponsor shall control the Board until the
earlier to occur of: (i) the Sponsor and its designee(s) as Holders of Unsold Units own less than
ten percent (10%) of the aggregate Common Interests pertaining to all Residential Units or (ii)
five (5) years after the First Closing.
4.
UPDATED FINANCIALS
As the Condominium is not yet operational, there are no updated financials to report.
The Sponsor is current on all of its financial obligations relating to the Condominium. An
updated budget certification is attached hereto as Exhibit "B".
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5.
ltfCORPORATION OF THEPLAN.
The Plan, as modified and supplemented herein, is incorporated herein by reference with
the same effect as if set forth at length. Except as expressly modified herein, all provisions of the
Plan shall remain in effect.
6.
DEFINITIONS
All terms used in this Amendment not otherwise defined herein shall have the
same meanings ascribed to them in the Plan.
7.
-EFFECTlVE PERIOD-.EOR-USING THE PLAN 1S EXTENDED
The Plan, as modified and supplemented herein, is incorporated herein by reference with
the same effect as if set forth at length. Except as expressly modified herein, all provisions of the
Plan shall remaii1 in effect.
SPONSOR:
51 st STREET MAIN LOT OWNER, LLC
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EXHIBIT "A"
LIST OF UNSOLD UNITS
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UNSOLD UNITS
As ofFebruary 18, 2014
3A
3B
3C
3D
3E
3F
30
3H
4A
4B
4C
I
4D
4E
4F
~
4G
4H
SA
5B
,..
--
.
SC
SD
SE
SF
SG
-·
SR
6A
6C
_ ,6 0
6E
6F
60
'
~
·-
6H
7N8A
7C
70
7E
7F
70
7H
8B/9B
#27474016-vl
-
8C
8D/9D
I
8F
9A
9F
lOA
lOB
IOC
lOD
IOF
1 lA
1 lB
1 IC
llD
1lF
12A
12B
12C
-
120
12F
-
14A
14B
14C
14D
14F
15A
lSB
lSC
150
ISF
16A
16B
16C
16D
16F
17A
17B
17C
-
17D
17F
18A
l.BB
2
-
18C
180
I
18F
19A
19B
19C
19D
·-
19F
20A
20B
20C
20D
20F
23A
23B
23C
..
24A
24B
24C
25A
25B
2SC
26A
26B
26C
27A
27B
27C
28A
28B
28G
29A
29B
29C
30A
30B
30C
31A
31B
31C
PHA
PHB
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EXHIBIT "B"
EXPERT'S BUDGET CERTIFICATION
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Kl'I PROPERTY MANAGEMHH & CONSULTitlG
CERTIFICATION OF SPONSOR'S EXPERT ON ADEQUACY OF BUDGET PURSUANT TO PART 20 OF
REGULATIONS ISSUED PURSUANT TO GENERAL BUSINESS LAW ARTICLE 23-A
New York State Department of Law
120 Broadway
23'd Floor
New York, New York 10271-0332
Attn: Real Estate Financing Bureau
Re: 303 East Sl'L Street New York, NY 10022
Dear Sirs:
The Sponsor of the Condominium Offering Plan for the captioned property has retained this firm to
review the Schedule B, containing projections of income and expenses of the first year of condominium
operation. Our experience in this field includes management of operation of comparable condominium
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and cooperative properties. KW Property Management & Consulting is a licensed real estate brokerage
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and management firm actively involved in the management of over 125 cooperatives, condominium,
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home owner associations and rental properties since 2004.
I 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
Schedule,
I have reviewed the Schedule and investigated the facts set forth in the Schedule and the facts
underlying them with due diligence in order to form a basis for this certification. We have also relied on
our experience in managing residential buildings.
I certify that the projections in Schedule B appear 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.
I certify that Schedule(s):
(i)
Set forth in detail the projected income and expenses for the first year of condominium
operation;
75 Maiden Lane, Suite 500
New York, NY 10038
(212) 596-7210 I www.kwpmc.com
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KW PROPERTY MMlAGEMENT & CONSULf!t;G
(ii) ·
Affords potential investors, purchasers and participants and adequate basis upon which to
found their judgment concerning the first year of condominium operations;
(iii)
Does not omit any material fact;
(iv)
Does not contain any untrue statement of a material fact;
(v)
Does not contain any fraud, deception, concealment, or suppression;
(vi)
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 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.
I further certify that out firm is not owned or controlled by the Sponsor. I 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 and 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
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made. I understand that violations are subject to the civil and criminal penalties of the General Business
Law and
~enal Law.
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75 Maiden Lane, Suite SQQ
New York, NY 10038
(212) 596-7210 I www.kwpmc.com
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