128 East 28th Street Condominium (The Luminaire)

Amendment 6 Nov 20, 2023

This amendment extends the offering plan's term by six months, pushes the Sponsor's lender forbearance period to April 30, 2024, and adds a second-year budget, temporary certificate of occupancy details, and updated unsold-unit and board information.

• Plan term extended by six (6) months from the date of this Amendment
• Forbearance Period extended from October 31, 2023 to April 30, 2024
• Second Year Budget for July 1, 2024 – June 30, 2025 attached as Exhibit A, with expert certifications as Exhibit B
• TCO issued September 13, 2023, set to expire December 12, 2023; Sponsor expects a PCO by mid-2024 but does not guarantee it
• Twenty Thousand Dollars ($20,000.00) posted as security for obtaining the PCO
• Units 3A, 3B, 4A, 6A, 6B and PH remain unsold; aggregate monthly Common Charges for Unsold Units are $5,741.59 and aggregate monthly property taxes are $13,385.49
• PCO escrow bank Signature Bank was acquired by Flagstar Bank on March 20, 2023

Amendment 5 Feb 24, 2023

This amendment reports post-closing facts: the first unit closed on October 14, 2022, a temporary certificate of occupancy was issued, $20,000.00 is posted as security for the permanent certificate, and it updates unsold units, fund balances, and board control.

• First Unit Closing took place remotely on October 14, 2022
• Temporary Certificate of Occupancy issued September 28, 2022; it will be renewed until a permanent one is obtained, which Sponsor expects but does not guarantee by the end of the calendar year
• $20,000.00 posted as security to guarantee the permanent Certificate of Occupancy
• Units 3A, 3B, 4A, 5A, 6A, 6B, and PH remain unsold
• Working Capital Fund held $3,400.43 and Reserve Fund held $3,400.43 as of submission
• Sponsor controls the Board of Managers until the earlier of 30 days after 100% of Units are conveyed or five years after the First Closing; Sponsor may appoint one member while it owns a Unit
• First meeting of Unit Owners has not yet occurred and must occur no later than one year from the First Unit Closing
• Declaration dated January 19, 2022 was recorded May 26, 2022

Amendment 4 Feb 3, 2022

The amendment moves the first closing to July 1, 2022, declares the plan effective, sets new advertised prices, and revises floor plans, Unit 2A's layout, common interest percentages, and several building specifications.

• First closing and substantial completion moved to July 1, 2022, from July 1, 2021; buyers who signed before this amendment may rescind if the First Closing does not occur by January 5, 2024
• Plan declared effective with purchase agreements for 2 Units, about 18% of the Units in the Building
• Advertised prices set for 9 units, including PH at $5,699,000.00 and Commercial Unit at $6,000,000.00
• Unit 2A changed to one bedroom with an interior of 1296 SF and a 398 SF terrace
• Floor plans revised, including cellar areas, Commercial Unit size, Penthouse terraces, and interior sizes for several units
• Common interest percentages changed due to the floor plan updates
• Each unit gets a cellar storage locker as a Limited Common Element; no rooftop facilities, with a shared open roof area on the 7th floor
• NYS transfer tax now excludes transfer taxes paid by the Purchaser from the consideration, effective July 1, 2021
• Schedule A prices increased for 7 homes (median +1.5%): 2B $2,400,000 → $2,457,000; 3A $2,475,000 → $2,499,000; 3B $2,448,000 → $2,465,000; 4A $2,530,000 → $2,569,000; ...

Amendment 2 Jul 15, 2020

This Second Amendment extends the offering term by six months, discloses about $22,500,000.00 in building loans, and confirms that all units remain unsold and the first-year budget is unchanged.

• Building subject to three loans from Acres Loan Origination, LLC, about $22,500,000.00 in aggregate, with initial maturity January 21, 2021
• Term of the offering extended by six (6) months from the date of this Amendment
• All units remain unsold, with no contract vendees
• First-year budget attached as Exhibit A, unchanged from the First Amendment, with total operating expenses of $132,000.00
• No financial statement available because no units have closed
• Property taxes for the units have not been separately apportioned
• No units occupied by tenants and no leases entered
• Sponsor currently has no financial obligations to the Condominium

Amendment 1 Mar 5, 2020

This amendment pushes back the expected completion and First Unit Closing to January 1, 2021, moves the building's address to 28th Street in NoMad, adds in-unit washers and dryers, adjusts floor plans and square footages, updates property tax projections, and sets advertised prices for nine units.

• First Unit Closing now projected by January 1, 2021; purchasers signing after this amendment get rescission rights only if the First Unit Closing does not occur by December 31, 2021
• Building location changed from 34th Street in the Flatiron District to 28th Street in the NoMad neighborhood; post office changed to Madison Square post office at 149 East 23rd Street
• Each Residential Unit to have its own washer and dryer (Whirlpool model # WFW75HEFW and WED7990FW, or approved equal)
• Floor plan changes: PH Unit square footage up 10 sf; Retail Unit down 105 sf; residential common elements down 58 sf in total; common interest percentages updated per Exhibit C and Exhibit D
• Property tax projections updated per a February 17, 2020 letter; first six months of 2021 Residential Units taxes estimated at $41,341 and July 1 to December 31, 2021 at $179,032 (post-construction), based on a 12.5% tax rate
• Taxes may increase materially when the building is reassessed after construction; second-year and later taxes may be materially higher than First Year figures
• Advertised prices set for 9 units (2A through 6B), ranging from $2,443,000.00 (Unit 2A) to $2,693,000.00 (Unit 6A)
• Balcony and roof space changes: Unit 2A balcony now 446 sf, Unit 2B balcony now 397 sf, Unit 6A LCE roof now 213 sf, Unit 6B LCE roof now 358 sf