37-51 86 STREET

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otal assets LIABILITIES AND STOCKHOLDERS' EQUlTY: Accounts payable and accrued expenses Security deposits payable Abatements due to shareholders Mortgage note payable (Note 7) Total liabilities Stockholders' equity: Common stock, par value $1; authorized 10,000 shares, issued and outstanding 5,690 shares Additional paid-in capital Accumulated deficit Total stockholders' equity Total liabilities and stockholders' equity The accompanying notes are an integral part of these financial statements 3 2019 2018 $294,788 $330,405 12,133 7,645 5,000 5,000 94,353 37,961 9,332 11,061 3,222,194 3,368,546 $3,637,800 $3,760,618 $36,918 $33,010 6,505 6,505 161,376 138,579 3,399,425 3,423,632 3,604,224 3,601,726 5,690 5,690 4,222,281 4,222,281 (4,194,395) (4,069,079) 33,576 158,892 $3,637,800 $3,760,618

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ACTIVITIES: Increase in property and equipment Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES: (Decrease) increase in mortgage notes payable Increase in mortgage refinancing cost Net cash (used in) provided by used in financing activities Net {decrease) increase in cash Cash, beginning of year Cash, end of year SUPPLEMENTAL DISCLOSURE FOR STATEMENTS OF CASH FLOWS: Interest paid Income taxes paid The accompanying notes are an integral part of these financial statements 5 2019 2018 ($125,316) ($141,213) 178,174 175,499 7,102 26,092 (4,488) (76) 3,779 (56,392) 125 1,729 (5,290) 3,908 (16,352) 22,797 19,688 2,500 27,514 64,752 (31,822) (8,394) (31,822) (8,394) (31,309) 196,084 (71,017) (31,309) 125,067 (35,617) 181,425 330,405 148,980 $294,788 $330,405 $153,744 $197,783 $1,339 $1,242

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ents 1,925,865 1,918,916 Equipment 31,143 6,270 7,799,668 7,767,846 Less: accumulated depreciation (4,577,474) (4,399,300) $3,222,194 $3,368,546 Mortgage Note Pa~able: On August 29, 2018, the Corporation refinanced its mortgage note payable with National Consumer Cooperative Bank ("NCB") for $3,500,000 at an interest rate of 4.36% per annum. The mortgage note is secured by the land and building, and requires monthly principal and interest payments of $15,421. The mortgage will mature on September 1, 2028 at which time the remaining balance will be due. 7

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ents Corp. (A Cooperative Housing Corporation) Notes to Financial Statements as of December 3 I, 2019 and 2018 At December 31, 2019 and 2018, the mortgage note payable and unamortized debt issuance costs are as follows: Mortgage note payable Less: unamortized debt issuance costs Net mortgage note payable 2019 $3,460,973 (61,548) $3,399,425 2018 $3,492,282 (68,650) $3,423,632 Principal maturities of the mortgage note payable for each of the following years ending at December 31 are as follows: Year 2020 $34,961 2021 36,516 2022 38,140 2023 39,837 2024 41,609 Thereafter 3,269,910 $3,460,973 On August 29, 2018, the Corporation also obtained a secured and revolving line of credit from NCB for $300,000. The interest rate will be at prime rate as published in the Wall Street Journal, but not be less than 3.90% per annum. The line of credit concurrently will mature with first mortgage on September I, 2028. As of December 31, 2019 and 2018, no amount was drawn fr

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etained Ormond Park Realty, Inc., a related entity of the Sponsor, to manage the property and paid $24,000 in each of the years 2019 and 2018. 11. Future Major Repairs and Replacements: The Corporation has not conducted a study to determine the remaining useful lives of the components of real property and current estimates of the costs of major repairs and replacements that may be required in the future. The Board has also not developed a plan to fund those needs. When replacement funds are needed to meet future needs for major repairs and replacements, the Corporation has the right to increase regular maintenance, pass special assessments, or delay major repairs and replacements until funds are available. The effect on future assessments has not been detennined at this time. 9

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33,059.30 as of February 22, 2021. 3. Sponsor's Financial Obligation. There are no financial obligations, including but not limited to, reserve and working capital fund contributions for repair and improvement obligations, to the cooperative corporation which will become due within the next twelve (12) months, other than the payment of maintenance charges on the Sponsor's apartments. Sponsor is current on all financial obligations in connection with this Plan, including the payment of monthly maintenance charges and assessments and payments for repairs and improvements promised in the Plan. Sponsor was cunent on such obligations during the year prior to the filing of this Amendment. The means by which Sponsor's financial obligations shall be funded is

PDF page 11 · financial statements as of 2019-12-31

nded December 31, 2019 and 2018 REVENUES: 2019 Maintenance charges (Note 2) $712,356 Rent income 8,200 Parking fees 27,585 Laundry income 7,200 Sublet fees Interest and dividend income 4,555 Insurance refund 683 Transfer fees Total revenues 760,579 EXPENSES: Wages and related expense 61,036 Real estate taxes 171,595 Interest expense 160,729 Gas, electric and oil 48,348 Repair, maintenance, and supplies (Note 12) 81,470 Insurance 48,195 Professional fees 20,183 Water and sewer 72,101 Management fees (Note l 0) 24,000 Income taxes (Note 9) 1,142 Telephone 6,773 Permits and fees 10,865 Bank service charges 767 Other 517 Total expenses before depreciation 707,721 Excess of revenues over expenses before depreciation 52,858 Less: depreciation (178,174) Deficiency of revenues over expenses (125,316) Accumulated deficit at January 1, 2019 and 2018 (4,069,079) Accumulated deficit at December 31, 2019 and 2018 ($4,194,395) The accompanying notes are an integral p

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FFERING PLAN for premises at 37-51 86th Street Jackson Heights, New York 11372 Total cash amount of offering (5,690 Shares, 78 Apartments) $4,062,660 Mortgage Indebtedness , $1,800,000 Total Purchase Price , $5,862,660 Less Working Capital to be retained by Apartment Corporation* , $ 20,000 Less Reserve Fund to be retained by Apartment Corporation t $ 85,350 Net Purchase Price of Property to Sponsor $5,757,310 *This fund will be increased or reduced to the extent of the net closing adjustments. Said funcL how- ever, will not be reduced to less than $5,000. t See section "Reserve Fund and Working Capital Fund." NAME AND ADDRESS OF SPONSOR: HERRICK MANOR, INC. 101 Clinton Avenue Mineola, New York 11501 NAME AND ADDRESS OF SELLING AGENT: STERLING RIDGE REALTY, INC. 101 Clinton Avenue Mineola, New York 11501 NAME AND ADDRESS OF APARTMENT CORPORATION 'WHOSE SHARES ARE OFFERED: 3751 APT CORP. e/o Schiff, Turek & Kakoyiannis 136 East 57th Street New York., New York 10022 The approximate date

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and garage keeper's liability insurance. Insurance proce€ds from fire or other casualty may be applied by t..~e mort­ gagee to reduce the outstanding mortgage indebtedness instead of restoring the property. (8) A Management Contract will be entered into with Sterling Ridge Realty, Inc. at an annual fee of $23,000, which is approximately 5.75% of the projected budget. The contract will be for a term of three years. The usual charge for similar services vary between 4% and 7%. (See "Management Agreement, Contracts and Leases".) (9) Legal fees and aLrlit fees are for limited' legal services and for the services of an accountant to render an annual certified refOrt to share­ holders and to render a report necessary for individual tax deductions. (10) The budgeted item includes an estimated New York State and New York City Corporation and Franchise Tax of $2,000 on an offering ,price of $500.00 per share to tenants plus the wrap-around mortgage, multiplied by the State Franchise Tax rate of

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e Apartment Cor-poration for- the p1q::ose of r-ebuilding or restoring the pror;erty or applied toward reducing the first mortgage or the wrap-around mortgage indebtedness or- otherwise paid to the Apart..'11ent Cor-por-ation. The wrap-around mor-tgage obligates the Apartment Corporation to comply with all of the provisions of the first mortgage (other than making payments of debt service ther-eunder), and in the event the holder of the wrapar-ound rrort­ gage makes any r;ayment or incurs any exr;ense on behalf of the Ap3.rtment Cor-poration,.the amount of such r;ayment or eX£=ense shall 1:e a demand obligation on which interest at the rate of 18% £=er annum shall 1:e r;ayable. Opon a default by the Apartment Corporation (and upon the expiration of the applicable grace period), all or any r;art of the wrap-around mortgage in­ debtedness shall be due and r;ayable, and the holder thereof may have a received appointed to take possession of the pro£=erty and collect the rents. In the event

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1372 Total cash amount of offering (5,690 Shares, 78 Apartments) $4,062,660 Mortgage Indebtedness , $1,800,000 Total Purchase Price , $5,862,660 Less Working Capital to be retained by Apartment Corporation* , $ 20,000 Less Reserve Fund to be retained by Apartment Corporation t $ 85,350 Net Purchase Price of Property to Sponsor $5,757,310 *This fund will be increased or reduced to the extent of the net closing adjustments. Said funcL how- ever, will not be reduced to less than $5,000. t See section "Reserve Fund and Working Capital Fund." NAME AND ADDRESS OF SPONSOR: HERRICK MANOR, INC. 101 Clinton Avenue Mineola, New York 11501 NAME AND ADDRESS OF SELLING AGENT: STERLING RIDGE REALTY, INC. 101 Clinton Avenue Mineola, New York 11501 NAME AND ADDRESS OF APARTMENT CORPORATION 'WHOSE SHARES ARE OFFERED: 3751 APT CORP. e/o Schiff, Turek & Kakoyiannis 136 East 57th Street New York., New York 10022 The approximate date of the first offering of this Plan is September26, 1985.This Plan may not

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••0 ••••••••0 ••• Unsold Shares ••••0 ••••••••0 ••••••••0 ••••e 0 0 . Purchasers for Inves~~ent or Resale ••••••••••••••••••••••... Reserve Furrl and Working Capital Furrl ••••••••••••••••••••••• Contract of SC1.le ••••••••••••••.••••••••••.•••.••••••••••••11 • Management Agreement, Contracts and !.eases •..•••••••••.••••• Identity of Pa-rties . Sponsor's Profit .................................•••......... Rer-orts to Shareholders . l):)C1.ments on File ...............•........................... General PARI' II Subscription Agreement .AsSignlnent F'orrn •••.•••••••••••••••••••••••••••••••••••••• Gains Tax Affidavit ..........•.....• ~ .......••....•....•. Subscriber Affidavit .•...•...•....•...................... Sponsor's Statement of Building Condition ......•....•......• Description of Property and Building Condition •••..•••..•••. proprietary Lease (and House Rules) .•••••••••••••••••••••.•• By-Laws of the Apa.rtment Corporation •••••....•.•..•.••.•.•0. General Business Law §352

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VE NO OBLIGATION TO MAKE REPAIRS OR IMPROVEMENI'S. SPONSOR MAKES NO REPRESENl'ATION OR WARRANrY AS TO THE ADEQUACY OF THE W)RKnK; CAPITAL FUND OR THE RESERVE FUND PROVIDED FOR rn THE PLAN 'ro COVER FlJrtJRE EXPENSES OF THE APARrMEm' CORPORATION WHICH MAY ARISE IN CCNNEcrION WITH THE REPAIR OR IMPROVEMENT OF THE BUILDING. SHARES OF srocK NOlWITHSTANDIN3ANYTHnK; 'It) THE CCNrRARY CCNI'AINED IN THIS OFFERING PIAN OR D<X:UMENI'S FILED THEREWITH, THE SHARES OF STOCK BEING OFFERED ARE ror BEING OFFERED FOR INVESTMENT. THE PURPOSE OF THIS OFFERm:; IS THE SALE OF APARI'MENTS FOR USE AS HOMES BY PURCHASERS ON A COOPERATIVE PASIS. THESE SHARES ARE NOT OFFERED WITH AN EMPHASIS ON THE OCONOHIC BENEFITS TO THE PURCHASER FROM APPRECIATION OF VAIlJE OR EXPOCTATION OF PROFIT RESULTING FROM THE .RESALE OF THESE SHARES OF STOCK, NOR IS IT INrENDED THAT THE OFFERI1'K; PLAN LFAD A PURCHASER TO EXPECT PROFITS OF ANY. SORT FRCM THE EFFORTS OF THE SPONSOR, APARTMENT CORPORATION OR A THIRD PARTY. SUBSCRIPTION

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IRD PARrY. On the Closing Date, from the amount of cash raised by this Offer ing Plan, the Apartment Coq;:oration will retain the sum of $20,000, for working capital (plus or minus closing adjustrnents but not less than $5, 000) and for repa.irs and other appropriate corpJrate purIX'ses as determined by the Eoard of Directors. A reserve fur:rl will similarly l::e established at the time of closing, presently contemplated at $85,350. The reserve fund may only be used for capital expenditures. In accordance with recent legislation amending Chapter 51 of the Administrati ve Code of the City of New York, within thirty (30) days of the Closing Date, the Sponsor must establish and transfer to the Apart.l1ent CorIX'ration a reserve fund to be used exclusively for making capital re­ pairs, replacements and improvements nnecessary for the health and safety of the residents of such buildings. n '!his reserve fund is exclusive of any ~rking capital fund and may not 1:::e reduced by closing adjust

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credited to the Apartment Corporation. If the net closing cdjust.'11ents are in favor of the Sponsor, they will l::e f8.id to the Sponsor out of the working capital fund to the extent of not more than $15, 000, and the payment of any balance shall l:Je deferred and f8.id to the Sponsor in 12 equal consecutive monthly installments corrrnencing one month after the closing date, \.;ith 12% interest, pursuant to negotiable serial promissory notes to be executed by the Apartment Corporation and delivered to the Sponsor at closing. Each such note will contain a provision permitting acceleration of the maturity date in the event of a default under any other note. The Apartment Corporation may prepay each note in full only at any time, \.;ithout penal ty but with interest accrued to the date of prepayment. While the SPonsor is in control of the Board of Directors the ~rking capital or reserve fund will not be used to reduce projected maintenance charges. Neither the Department of law nor any

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re cash proceeds received from the sale of shares pu--:.:mant to this plan up to the closing date (less the lM:lrking capital fund of $85,350 and the reserve fund of $20,000); B. By the issuance to Sponsor of all unsold shares; and c. By acceptance of title subject to the rrortgages described in this Plan. The aforesaid price may l:::e regarded by Sponsor as l:::eing reduced by ex­ penses incurred by it for all closing expenses, in connection with prepara­ tion and presentation of this Plan and sales expenses. The property is being sold "AS IS" on the date of the presentation of the Plan subject to reasonable use, ~ar, tear and natural deterioration l:::e­ t'Neen such date and·the closing d:ate. The Apartment Corporation will indemnify and hold harmless the Holders of Unsold Shares against any and all claims, actions, liabilities (including reasonable attorneys fees and litigation expenses) incurred as a result of the failure on the part of the ~~ent Corporation to operate ~~e· buildin