Polhemus Residences Condominium

Amendment 8 October 2018

Amendment adds smoking policy required by NYC law, updates closing date to December 1, 2018, and revises Schedule A, floor plans, architect's report, and condominium documents.

• Smoking prohibited in interior common areas; permitted in units and outdoor areas per NYC Local Law 147
• First closing and condominium operation start December 1, 2018
• Garage construction expected to complete October 2018
• Revised Schedule A with updated square footages and offering prices
• Updated 339i letter from Choice Management dated September 12, 2018
• Revised floor plans with changes approved by all affected purchasers
• Updated architect's certification and first addendum to architect's report
• Substantive changes to Declaration of Condominium and By-laws

Amendment 7 March 2018

Amendment addresses Tax Cuts and Jobs Act impact on tax information, updates first closing to September 1, 2018, introduces parking space license fee for Residence 4, and provides new operating budget.

• Tax information in plan may be inaccurate due to Tax Cuts and Jobs Act of 2017 effective January 1, 2018; purchasers advised to consult tax expert
• First Closing and commencement of condominium operations expected September 1, 2018
• Residence 4 parking space license fee: $175,000 (not included in $3,500,000 purchase price)
• Monthly parking fee projected at $180.85 per month for first year of HOA operation
• Garage construction expected to be completed summer of 2018
• New Schedule B operating budget for September 1, 2018 - August 31, 2019

Amendment 6 Feb 5, 2018

New purchase prices set for four residential units.

• Residence 5 price: $4,650,000.00
• Residence 6 price: $3,725,000.00
• Residence 9 price: $6,700,000.00
• Residence PH 1 price: $4,575,000.00

Amendment 5 2017

Fifth Amendment declares the offering plan effective after ten of seventeen residential units received purchase agreements.

• Plan declared effective as of November 14, 2017
• 10 of 17 residential units (58.82% of units, 56.21% of common interest) have signed purchase agreements
• First closing and commencement of condominium operations expected May 31, 2018
• First Temporary Certificate of Occupancy expected by May 31, 2018

Amendment 4 2017

Amendment corrects lot line window information, projects first closing in January 2018, revises common charges and real estate taxes, and updates legal opinions.

• Lot line windows confirmed in Residence 10
• First year of condominium operation projected to commence January 1, 2018
• Purchasers entering agreements after amendment date get rescission right if first closing occurs after January 1, 2019
• Projected common charges and real estate taxes revised in Schedule A
• Reserve fund revised to 2% of other operating expenses in Schedule B
• Projected real estate taxes for first year set at $335,850
• First closing expected January 2018 with Temporary Certificate of Occupancy
• Plan may be used for six months from filing date

Amendment 3 May 11, 2017

One residential unit's purchase price was updated to $3,300,000.00.

Amendment 1 February 2017

Amendment changes the managing agent, revises budgets and schedules, updates unit designations and parking arrangements, and provides new legal opinions.

• New Managing Agent: Choice New York Property Management LLC at $21,600 for first year, increasing 3% annually
• Total projected common charges reduced from $677,484 to $397,023 (41.4% reduction)
• Parking fee separated from common charges: $180.95 per month per unit, totaling $37,743 annually for 16 spaces
• Revised Schedule A with updated unit designations, percentages of common interest, square footage, real estate taxes, and common charges
• Labor costs reduced from $306,200 to $214,490 based on new maintenance contract
• Heat and Hot Water costs reduced from $34,826 to $18,437 per updated engineer's report
• Electricity costs reduced from $94,422 to $37,402 per updated engineer's report
• Lot Line Windows designated for Residences 2, 4, 6, 8, 9, 11, 12, 13, 14, 15, PH1 and PH2