1045 Madison Condominium (The Benson)

Amendment 5 Mar 18, 2022

Amendment discloses first closing completed on January 19, 2022, updates financial and occupancy information, extends plan term, and establishes escrow arrangements pending permanent certificate of occupancy.

• First closing of Unit 7F occurred January 19, 2022
• Temporary Certificate of Occupancy issued January 6, 2022; permanent certificate not yet issued
• Estimated cost to complete work for permanent certificate: $200,000.00 as of January 11, 2022
• Purchaser deposits held in escrow at Citibank pending permanent certificate of occupancy
• Working Capital Fund established with balance of $44,180.00 as of March 15, 2022
• Monthly Common Charges for unsold units approximately $55,369 aggregate as of March 15, 2022
• Construction Loan principal balance: $19,412,806.36 as of March 11, 2022, maturing June 26, 2022
• First Annual Meeting not yet held; will occur within 30 days of second anniversary of First Closing or 50% unit sales closure, whichever is earlier

Amendment 4 Aug 26, 2021

This amendment updates the managing agent, reconfigures storage bins, adjusts the budget and schedules, and provides financial and legal disclosures.

• Managing Agent changed to Century Management Services, Inc. at 440 Ninth Avenue, Suite 1500, New York, New York 10001
• Storage Bins reduced from 17 to 16 on Sub-Cellar level; Floor Plan and Schedule A-1 updated
• Schedule B (budget) updated for new Managing Agent and storage bin changes
• Storage Bin Licenses offering updated with new designations, monthly fees, and measurements
• No residential closings yet; no financial statements available; Construction Loan from Bank of Hapoalim matures June 26, 2022
• Initial Board members designated: Frieda Naftali, Danielle Naftali, and Ali Bulman
• FinCEN title company reporting requirements disclosed through October 31, 2021
• New York State Tax Law Section 1404(a) amended effective July 1, 2021 regarding RETT calculation

Amendment 3 Mar 24, 2021

Plan declared effective with 11 of 15 residential units under agreement, and offering prices revised for certain units.

• Plan declared effective as of March 10, 2021
• 11 of 15 residential units have executed agreements representing approximately 73% of units
• Offering prices updated in revised Schedule A for all residential and commercial units
• Schedule A prices increased for 5 homes (median +3.1%): 3B $5,950,000 → $6,250,000; 5th Floor $12,950,000 → $13,450,000; 7th Floor $12,950,000 → $13,350,000; 14th Floor $14,350,000 → $14,450,000; ...

Amendment 2 Jan 28, 2021

Amendment updates storage bin configuration, 5th floor terrace layout, unit prices, common charges, and extends the plan's filing period.

• Storage Bins increased from 16 to 17 on Sub-Cellar level
• 5th Floor Unit terrace layout and square footage changed due to construction variances
• Schedule B (budget) updated to reflect change in storage bin income
• Unit purchase prices on revised Schedule A increased or decreased
• Common Charges and carrying costs estimates updated for all Residential Units
• Storage Closet designations, license fees, and measurements updated in Schedule A-1
• Zoning Challenge filed February 27, 2020 was denied on appeal
• Plan filing period extended six (6) months from amendment date
• Schedule A prices increased for 13 homes (median +5.4%): Townhouse $12,500,000 → $13,250,000; 6th Floor $12,700,000 → $12,800,000; 7th Floor $12,850,000 → $12,950,000; 8th Floor $13,500,000 → $13,600,000; ...

Amendment 1 Sep 2, 2020

Amendment updates townhouse configuration and square footage, adjusts unit prices, revises common charges and allocations, and changes the selling agent.

• Townhouse unit configuration and square footage changed per NYC Department of Buildings Post-Approval Amendment approved June 30, 2020
• Revised floor plans for Townhouse and 3rd and 4th Floors attached
• Purchase prices of certain units increased and/or decreased per revised Schedule A
• Common Charge totals for Residential and Commercial Units brought into conformance with Schedule B projections
• Common Interest allocation among units updated
• Compass Development replaces Stribling Marketing Associates LLC as Selling Agent for Residential Units
• FinCEN title company reporting requirements updated, effective until November 5, 2020
• Schedule A prices increased for 8 homes (median +4.2%): 8th Floor $12,995,000 → $13,500,000; 9th Floor $13,150,000 → $13,650,000; 10th Floor $13,300,000 → $13,800,000; 11th Floor $13,450,000 → $13,950,000; ...