Preview
FILED: KINGS COUNTY CLERK 01/26/2020 10:27 PM INDEX NO. 527036/2019
NYSCEF DOC. NO. 33 RECEIVED NYSCEF: 01/26/2020
Riverside Abstract, LLC
3839 Flatlands Avenue, Suite 208
Brooklyn, NY 11234
Phone: (718) 252-4200 Fax: (718) 252-4226
Settlement Statement
Settlement Date: 06/28/2019
Disbursement Date: 06/28/2019
Order Number: RANY-36803
Buyer: 564 St. Johns Gardens, LP
Madison Exchange, as Qualified Intermediary for 2101 564 St. Johns, LLC, a Delaware
limited liability company
Seller: 564 St Johns Acquisition LLC
Lender: New York Community Bank
Property: 564 St. Johns Place
Brooklyn, NY 11238
Kings County
Lot(s): 26 Block: 1178
Parcel(s): 01178-0026
Seller Buyer
Debit Credit Debit Credit
Total Consideration
117,000,000.00 Purchase Price 117,000,000.00
Deposits Held By Riverside 9,000,000.00
Equity Funded on Behalf of 2101 564 St. 900,000.00
Johns, LLC
Loan -$87,192,570.12
Principal Amount of New Loan 87,750,000.00
PREPAID INTEREST 27,421.88
APPRAISAL FEE 3,500.00
ENVIRONMENTAL REPORT 2,550.00
PROPERTY CONDITION ASSESSMENT 2,700.00
TAX SERVICE FEE 14,053.00
PROCESSING FEE 5,000.00
WIRE TRANSFER FEES (2) 35.00
DEPOSIT INTO G/L ACCOUNT 561,420.00
FUND DEBT SERVICE RESERVE 782,000.00
ACCOUNT
Deposit or earnest money 891,250.00
FUND OPERATING ACCOUNT 50,000.00
Prorations/Adjustments
Printed on 06/28/2019 at 12:42 pm RANY-36803
Page 1 of 4
FILED: KINGS COUNTY CLERK 01/26/2020 10:27 PM INDEX NO. 527036/2019
NYSCEF DOC. NO. 33 RECEIVED NYSCEF: 01/26/2020
Settlement Statement
Seller Buyer
Debit Credit Debit Credit
Prorations/Adjustments (continued)
1,228,500.00 Credit for previously paid mortgage tax 1,228,500.00
254,139.33 Property tax – Period July 1st 254,139.33
561,420.00 Security Deposits 561,420.00
279,989.00 Prepaid Rents 279,989.00
61,315.49 June Rents 61,315.49
13,996.00 Credit for Stackers 13,996.00
148,452.00 Master Lease Rent 148,452.00
357.32 2018/2019 Taxes 357.32
2,750.00 Violations 2,750.00
Payoffs
104,241,246.76 Arbor Loan No. 109171 to Arbor Multifamily
Lending, LLC
Total Payoff 104,241,246.76
7,304.05 Mechanics Lien to Rent A Unit NY Inc.
Total Payoff 7,304.05
25,807.00 Mechanics Lien to Chutes Enterprises
Total Payoff 25,807.00
Title/Escrow Charges $866,106.94
Departmental Searches/ Commercial 2,721.88
Searches
22,463.13 Water Charges DEP-NYC
Loan Policy Premium 59,834.00
Endorsements 200.00
Endorsements 20,195.00
100.00 UCC-3 Release Recording Service Fee
Various Recordings 2,500.00
Property Taxes - Period: July 1st 435,506.93
250.00 Acris Preparation
100.00 Escrow Service Charge (Seller)
300.00 Discharge of mechanics lien (2)
Survey ALTA 1,500.00
Closer Fee 1,500.00
750.00 Closer Fee-seller
Settlement Fee 2,500.00
Printed on 06/28/2019 at 12:42 pm RANY-36803
Page 2 of 4
FILED: KINGS COUNTY CLERK 01/26/2020 10:27 PM INDEX NO. 527036/2019
NYSCEF DOC. NO. 33 RECEIVED NYSCEF: 01/26/2020
Settlement Statement
Seller Buyer
Debit Credit Debit Credit
Title/Escrow Charges (continued)
Owner's Policy Premium 315,491.00
195.00 Termination of AL&R Recording Service Fee
Recording Charges
3,071,250.00 RPTT (New York City Tax) to Riverside
Abstract, LLC
468,000.00 NYS Transfer Tax to Riverside Abstract, LLC
RP5217 Filing Fee to Riverside Abstract, LLC 250.00
Miscellaneous Charges
Legal Fee to Tuchman, Korngold, Weiss, 5,000.00
Liebman & Lendeman, LLP
Reimbursement Of Legal Expenses to Harbor 15,000.00
Group International, LLC
Insurance Premium to Morgan-Marrow 2,756.00
Company
Invoice #: I130134-1 to The Planning & 1,200.00
Zoning Resource Company
Insurance Premium to Marsh USA Inc. 18,340.28
Acquisition Fee to Harbor Group International
LLC
P.O.C.$1,316,250.00
Acquisition Fee to Coney
P.O.C.$438,750.00
Initial Capital Expenditure to Harbor Group 1,800,000.00
Management Co. LLC AAF
Legal Fees to Krieger & Prager LLP 26,750.00
Broker Fee to Meridian Capital Group 438,750.00
Due Diligence to MYB Management, LLC 18,000.00
1,500,000.00 TCO Holdback to Riverside Abstract, LLC
175,500.00 Unit Punchlist Items Escrow to Riverside
Abstract, LLC
Counsel Fee to Herrick Feinstein LLP 135,000.00
Purchaser Counsel Fee to Kaufman & 62,500.00
Canoles
Operating Fund to 564 St Johns Gardens, LP 50,000.00
Operating Reserve to Harbor Group 750,000.00
Management Co. LLC AAF
Fill Account to Harbor Group Management 753,250.87
Co. LLC AAF
Lender Counsel Fee to Fox Rothschild LLP 57,500.00
Printed on 06/28/2019 at 12:42 pm RANY-36803
Page 3 of 4
FILED: KINGS COUNTY CLERK 01/26/2020 10:27 PM INDEX NO. 527036/2019
NYSCEF DOC. NO. 33 RECEIVED NYSCEF: 01/26/2020
Settlement Statement
110,581,188.43 118,482,996.65 Subtotals 124,907,922.49 99,609,172.49
Balance Due FROM Buyer 25,298,750.00
7,901,808.22 Balance Due TO Seller
118,482,996.65 118,482,996.65 Totals 124,907,922.49 124,907,922.49
Printed on 06/28/2019 at 12:42 pm RANY-36803
Page 4 of 4
FILED: KINGS COUNTY CLERK 01/26/2020 10:27 PM INDEX NO. 527036/2019
NYSCEF DOC. NO. 33 RECEIVED NYSCEF: 01/26/2020
Signatures
BUYER:
564 St.Johns Gardens, LP
a Delaware limitedpartnership
By: 564 St. Johns Managing Co. GP, LLC
a Delaware limitedliability
company
By:
T. Richard Litton,Jr.
Authorized Person
Madison Exulimise, LLC as Qi for2101 564 St. Johns, LLC, a Dc! c -::cro
limited campany
liability
BY:
2101 564 St.Johns, LLC
a Delaware limitedliability
company
By: 2101 564 St.Johns Meneging Co., LLC
a Delaware limitedliability
campâñy
By:
T. Richard Litton,Jr.
Manager
SELLER:
564 St Johns Acquisition LLC
BY:
RANY-36803
Page 1 of 1
FILED: KINGS COUNTY CLERK 01/26/2020 10:27 PM INDEX NO. 527036/2019
NYSCEF DOC. NO. 33 RECEIVED NYSCEF: 01/26/2020
Signatures
BUYER:
564 St. Johns Gardens, LP
a Delaware limited partnership
By: 564 St.Johns Managing Co. GP, LLC
a Delaware limited liability
company
By:
T. Richard Litton,Jr.
Authorized Person
M=‡:0n Excharige, LLC as QI for 2101 564 St. Johns, LLC, a Delaware limited liability
compariy
BY:
2101 564 St. Johns, LLC
a Delaware limited liability
company
By: 2101 564 St.Johns Managing Co., LLC
a Delaware limited liability
company
By:
T. Richard Litton, Jr.
Manager
SELLER:
564 St Johns Acquisition LLC
BY:
RANY-36803
Page 1 of 1
FILED: KINGS COUNTY CLERK 01/26/2020 10:27 PM INDEX NO. 527036/2019
NYSCEF DOC. NO. 33 RECEIVED NYSCEF: 01/26/2020
Signatures
BUYER:
564 St. Johns Gardens, LP
a Oelaware limited partnership
By: 564 St. Johns Managing Co. GP, LLC
a Delaware limited tiability company
By
T. Richard Litton, Jr
Authorized Person
Madison Exchan ge, LLC as Ql for 2'101 564 St. Johns, LLC, a Delaware limited liability company
BY
2101 564 St. Johns, LLC
a Delaware limited liability company
By: 2101 564 St. Johns Managing Co., LLC
a Delaware limited liability company
By
T. Richard Litton, Jr
Manager
SELLER:
564 St Johns Acquisition LLC
BY:
RANY.368O3
Page 1 of1
Preview
FILED: KINGS COUNTY CLERK 01/26/2020 10:27 PM INDEX NO. 527036/2019 NYSCEF DOC. NO. 33 RECEIVED NYSCEF: 01/26/2020 Riverside Abstract, LLC 3839 Flatlands Avenue, Suite 208 Brooklyn, NY 11234 Phone: (718) 252-4200 Fax: (718) 252-4226 Settlement Statement Settlement Date: 06/28/2019 Disbursement Date: 06/28/2019 Order Number: RANY-36803 Buyer: 564 St. Johns Gardens, LP Madison Exchange, as Qualified Intermediary for 2101 564 St. Johns, LLC, a Delaware limited liability company Seller: 564 St Johns Acquisition LLC Lender: New York Community Bank Property: 564 St. Johns Place Brooklyn, NY 11238 Kings County Lot(s): 26 Block: 1178 Parcel(s): 01178-0026 Seller Buyer Debit Credit Debit Credit Total Consideration 117,000,000.00 Purchase Price 117,000,000.00 Deposits Held By Riverside 9,000,000.00 Equity Funded on Behalf of 2101 564 St. 900,000.00 Johns, LLC Loan -$87,192,570.12 Principal Amount of New Loan 87,750,000.00 PREPAID INTEREST 27,421.88 APPRAISAL FEE 3,500.00 ENVIRONMENTAL REPORT 2,550.00 PROPERTY CONDITION ASSESSMENT 2,700.00 TAX SERVICE FEE 14,053.00 PROCESSING FEE 5,000.00 WIRE TRANSFER FEES (2) 35.00 DEPOSIT INTO G/L ACCOUNT 561,420.00 FUND DEBT SERVICE RESERVE 782,000.00 ACCOUNT Deposit or earnest money 891,250.00 FUND OPERATING ACCOUNT 50,000.00 Prorations/Adjustments Printed on 06/28/2019 at 12:42 pm RANY-36803 Page 1 of 4 FILED: KINGS COUNTY CLERK 01/26/2020 10:27 PM INDEX NO. 527036/2019 NYSCEF DOC. NO. 33 RECEIVED NYSCEF: 01/26/2020 Settlement Statement Seller Buyer Debit Credit Debit Credit Prorations/Adjustments (continued) 1,228,500.00 Credit for previously paid mortgage tax 1,228,500.00 254,139.33 Property tax – Period July 1st 254,139.33 561,420.00 Security Deposits 561,420.00 279,989.00 Prepaid Rents 279,989.00 61,315.49 June Rents 61,315.49 13,996.00 Credit for Stackers 13,996.00 148,452.00 Master Lease Rent 148,452.00 357.32 2018/2019 Taxes 357.32 2,750.00 Violations 2,750.00 Payoffs 104,241,246.76 Arbor Loan No. 109171 to Arbor Multifamily Lending, LLC Total Payoff 104,241,246.76 7,304.05 Mechanics Lien to Rent A Unit NY Inc. Total Payoff 7,304.05 25,807.00 Mechanics Lien to Chutes Enterprises Total Payoff 25,807.00 Title/Escrow Charges $866,106.94 Departmental Searches/ Commercial 2,721.88 Searches 22,463.13 Water Charges DEP-NYC Loan Policy Premium 59,834.00 Endorsements 200.00 Endorsements 20,195.00 100.00 UCC-3 Release Recording Service Fee Various Recordings 2,500.00 Property Taxes - Period: July 1st 435,506.93 250.00 Acris Preparation 100.00 Escrow Service Charge (Seller) 300.00 Discharge of mechanics lien (2) Survey ALTA 1,500.00 Closer Fee 1,500.00 750.00 Closer Fee-seller Settlement Fee 2,500.00 Printed on 06/28/2019 at 12:42 pm RANY-36803 Page 2 of 4 FILED: KINGS COUNTY CLERK 01/26/2020 10:27 PM INDEX NO. 527036/2019 NYSCEF DOC. NO. 33 RECEIVED NYSCEF: 01/26/2020 Settlement Statement Seller Buyer Debit Credit Debit Credit Title/Escrow Charges (continued) Owner's Policy Premium 315,491.00 195.00 Termination of AL&R Recording Service Fee Recording Charges 3,071,250.00 RPTT (New York City Tax) to Riverside Abstract, LLC 468,000.00 NYS Transfer Tax to Riverside Abstract, LLC RP5217 Filing Fee to Riverside Abstract, LLC 250.00 Miscellaneous Charges Legal Fee to Tuchman, Korngold, Weiss, 5,000.00 Liebman & Lendeman, LLP Reimbursement Of Legal Expenses to Harbor 15,000.00 Group International, LLC Insurance Premium to Morgan-Marrow 2,756.00 Company Invoice #: I130134-1 to The Planning & 1,200.00 Zoning Resource Company Insurance Premium to Marsh USA Inc. 18,340.28 Acquisition Fee to Harbor Group International LLC P.O.C.$1,316,250.00 Acquisition Fee to Coney P.O.C.$438,750.00 Initial Capital Expenditure to Harbor Group 1,800,000.00 Management Co. LLC AAF Legal Fees to Krieger & Prager LLP 26,750.00 Broker Fee to Meridian Capital Group 438,750.00 Due Diligence to MYB Management, LLC 18,000.00 1,500,000.00 TCO Holdback to Riverside Abstract, LLC 175,500.00 Unit Punchlist Items Escrow to Riverside Abstract, LLC Counsel Fee to Herrick Feinstein LLP 135,000.00 Purchaser Counsel Fee to Kaufman & 62,500.00 Canoles Operating Fund to 564 St Johns Gardens, LP 50,000.00 Operating Reserve to Harbor Group 750,000.00 Management Co. LLC AAF Fill Account to Harbor Group Management 753,250.87 Co. LLC AAF Lender Counsel Fee to Fox Rothschild LLP 57,500.00 Printed on 06/28/2019 at 12:42 pm RANY-36803 Page 3 of 4 FILED: KINGS COUNTY CLERK 01/26/2020 10:27 PM INDEX NO. 527036/2019 NYSCEF DOC. NO. 33 RECEIVED NYSCEF: 01/26/2020 Settlement Statement 110,581,188.43 118,482,996.65 Subtotals 124,907,922.49 99,609,172.49 Balance Due FROM Buyer 25,298,750.00 7,901,808.22 Balance Due TO Seller 118,482,996.65 118,482,996.65 Totals 124,907,922.49 124,907,922.49 Printed on 06/28/2019 at 12:42 pm RANY-36803 Page 4 of 4 FILED: KINGS COUNTY CLERK 01/26/2020 10:27 PM INDEX NO. 527036/2019 NYSCEF DOC. NO. 33 RECEIVED NYSCEF: 01/26/2020 Signatures BUYER: 564 St.Johns Gardens, LP a Delaware limitedpartnership By: 564 St. Johns Managing Co. GP, LLC a Delaware limitedliability company By: T. Richard Litton,Jr. Authorized Person Madison Exulimise, LLC as Qi for2101 564 St. Johns, LLC, a Dc! c -::cro limited campany liability BY: 2101 564 St.Johns, LLC a Delaware limitedliability company By: 2101 564 St.Johns Meneging Co., LLC a Delaware limitedliability campâñy By: T. Richard Litton,Jr. Manager SELLER: 564 St Johns Acquisition LLC BY: RANY-36803 Page 1 of 1 FILED: KINGS COUNTY CLERK 01/26/2020 10:27 PM INDEX NO. 527036/2019 NYSCEF DOC. NO. 33 RECEIVED NYSCEF: 01/26/2020 Signatures BUYER: 564 St. Johns Gardens, LP a Delaware limited partnership By: 564 St.Johns Managing Co. GP, LLC a Delaware limited liability company By: T. Richard Litton,Jr. Authorized Person M=‡:0n Excharige, LLC as QI for 2101 564 St. Johns, LLC, a Delaware limited liability compariy BY: 2101 564 St. Johns, LLC a Delaware limited liability company By: 2101 564 St.Johns Managing Co., LLC a Delaware limited liability company By: T. Richard Litton, Jr. Manager SELLER: 564 St Johns Acquisition LLC BY: RANY-36803 Page 1 of 1 FILED: KINGS COUNTY CLERK 01/26/2020 10:27 PM INDEX NO. 527036/2019 NYSCEF DOC. NO. 33 RECEIVED NYSCEF: 01/26/2020 Signatures BUYER: 564 St. Johns Gardens, LP a Oelaware limited partnership By: 564 St. Johns Managing Co. GP, LLC a Delaware limited tiability company By T. Richard Litton, Jr Authorized Person Madison Exchan ge, LLC as Ql for 2'101 564 St. Johns, LLC, a Delaware limited liability company BY 2101 564 St. Johns, LLC a Delaware limited liability company By: 2101 564 St. Johns Managing Co., LLC a Delaware limited liability company By T. Richard Litton, Jr Manager SELLER: 564 St Johns Acquisition LLC BY: RANY.368O3 Page 1 of1