101 West 14th Street Condominium

Amendment 9 Jul 1, 2024

This amendment extends the offering plan term, updates financial disclosures and budgets, identifies unsold units, changes sponsor principals, and provides current Board of Managers information.

• 11 units remain unsold; sponsor pays approximately $66,077.67 per month in common charges and $92,182.98 per month in real estate taxes for unsold units
• 2024 budget attached; 2022 and 2023 financial statements provided
• Temporary Certificate of Occupancy expires December 23, 2024; $76,165.00 posted as security for permanent Certificate of Occupancy
• Brian Ferrier removed as principal of Sponsor; Tenzin Tsungmey added as principal
• Sponsor controls Board of Managers until 30 days after 100% unit conveyance or 5 years after First Closing, whichever is earlier
• Offering plan term extended by 12 months from amendment acceptance date
• Monthly rents from occupied units approximately $283,100.00 as of October 2024

Amendment 8 Apr 28, 2023

Amendment reports first closing occurred October 28, 2022, temporary Certificate of Occupancy issued August 30, 2022, and extends offering plan term by six months.

• First Unit Closing took place remotely on October 28, 2022
• Temporary Certificate of Occupancy issued August 30, 2022, set to expire July 26, 2023
• $76,165.00 posted as security to obtain permanent Certificate of Occupancy
• Declaration recorded May 10, 2022
• Working Capital Fund held $8,276.33 and Reserve Fund held $10,359.68
• Eight units sold: 2A, 3C, 5C, 6E, 8G, 9A, 9B, 9C; all others remain unsold
• Offering plan term extended by six months
• Board of Managers appointed: Lisa Poon (President), Andy Wong (Vice President), Ashley Dorroh (Secretary/Treasurer)

Amendment 7 Oct 10, 2022

Adds Michael Hernstad as a principal of Sponsor and updates storage space disclosure from 20 to 24 rentable licenses.

• Michael Hernstad added as principal of Sponsor
• Storage spaces clarified: 24 total available (previously disclosed as 20), all to be rented rather than sold
• Updated Schedule A-1 filed listing all 24 storage space licenses at $50,000 offering price each

Amendment 6 May 31, 2022

Prices updated for eight units.

• Unit 3A price: $3,160,000
• Unit 3B price: $3,560,000
• Unit 3D price: $1,890,000
• Unit 4A price: $2,998,000
• Unit 4C price: $2,950,000
• Unit 5B price: $3,590,000
• Unit 6F price: $4,650,000
• Unit PH1A price: $7,999,000
• Schedule A prices decreased for 7 homes (median -15.8%): 3A $3,310,000 → $3,160,000; 3B $3,850,000 → $3,560,000; 3D $1,990,000 → $1,890,000; 4A $3,798,000 → $2,998,000; ...

Amendment 5 Jan 11, 2022

This Fifth Amendment updates the construction completion date, changes the managing agent and selling agent, modifies sponsor principals, establishes the initial board, increases the first-year budget by approximately 22%, expands the board of managers from five to seven members post-sponsor control, and adopts a no-smoking policy.

• Updated projected date of substantial completion and First Unit Closing moved to October 1, 2022 (from February 1, 2022)
• New managing agent: AKAM Associates, Inc., 260 Madison Avenue, 12th Floor, New York, NY, annual fee $32,000.00
• New selling agent: Compass, 90 Fifth Avenue, 3rd Floor, New York, NY 10011
• Paul Gerwin removed as principal; Pui Ying Sum added as principal
• Initial Board of Managers: Lisa Poon, Andy Wong, Bhanmattee Parasram (3 designated by Sponsor)
• First Year Budget total: $785,140.34 (approximately 22% increase); labor $461,365.00, electricity $64,206.00, gas $30,266.00, water/sewer $23,066.00
• Board of Managers to expand from five (5) to seven (7) members after sponsor control turnover
• No-smoking policy adopted covering entire property including individual units
• Schedule A prices increased for 33 homes (median +70.4%): 2A $995,000 → $1,250,000; 3A $2,500,000 → $3,310,000; 3B $2,750,000 → $3,850,000; 3D $1,350,000 → $1,990,000; ...

Amendment 4 Dec 2, 2021

Plan declared effective after 8 units sold; construction completion extended to February 1, 2022 due to COVID-19 tolling period.

• Plan declared effective; 8 units (18%) sold to bona fide purchasers
• Updated projected date of substantial completion and First Unit Closing: February 1, 2022 (prior: January 1, 2021)
• COVID-19 tolling: completion date extended 554 days (April 16, 2020 to June 24, 2021 plus 120 days)
• Rescission right for pre-amendment purchasers if First Unit Closing delayed beyond July 8, 2023
• Rescission right for post-amendment purchasers if First Unit Closing delayed beyond January 31, 2023

Amendment 3 Oct 27, 2021

Price of Unit 4C changed to $3,300,000.00.