Summit At Infinity 8 Condominium

Amendment 5 Mar 9, 2021

This amendment sets the price of unit 6L at $700,000.00, lists the 61 Sponsor-owned unsold units as of February 10, 2021, attaches the 2021 budget and prior financial statements, and discloses renovation work on units LK and LJ.

• Price of unit 6L set at $700,000.00 (status V)
• 61 Sponsor-owned unsold units listed as of February 10, 2021 (Schedule A)
• Renovation work planned for units LK and LJ; revised floor plans, fixture schedule and DOB plans attached as Exhibit E
• Budget for the 2021 calendar year attached as Schedule C
• Financial statements for 2019 and 2018 attached as Schedule D; 2020 statement not yet available
• Aggregate monthly Common Charges on unsold units approximately $41,854.00; real estate taxes approximately $17,943.00; rent from occupied unsold units approximately $71,725.00
• Real estate taxes apportioned to individual units by the NYC Department of Finance
• Initial Board members listed; Sponsor control period ends at the earlier of unit closings or 5 years after the First Closing

Amendment 4 Nov 5, 2020

The sponsor lowers the purchase prices of 16 listed unsold residential units in The Summit at Infinity 8 Condominium.

• Purchase prices of 16 unsold residential units reduced (1R, 5A, 6L, 2G, 4B, 1F, 2J, 3N, 4A, 4K, 5N, 6G, LJ, LK, 5F, 1B)
• Reduced prices range from $326,694 (3N) to $790,294 (6L)
• No other material changes to the Plan
• Schedule A prices decreased for 16 homes (median -5.0%): LJ $498,888 → $473,944; LK $491,888 → $467,294; 1B $501,888 → $476,794; 1F $544,888 → $517,644; ...

Amendment 3 Jul 30, 2020

This 3rd amendment adds 12 units to the offering, updates unit sales and closing counts as of July 6, 2020, and reports sponsor board control, reserve fund, financial figures, and a Attorney General settlement.

• 12 additional Residential Units offered for sale at Schedule A prices: LJ, 1F, 1R, 2J, 3N, 4A, 4K, 5A, 5F, 5N, 6G and 6L
• Sponsor may control the Board until the earlier of closings of more than 50% of units or 5 years after the First Closing; afterward it may designate 2 Board Members while unsold units exceed 15% of Common Interests, and 1 while it owns at least 1 Unsold Residential Unit
• Financial Statement for the year ending December 31, 2019 is not available yet
• Net Reserve Fund was $774,332.00 as of July 6, 2020
• 88 Unsold Residential Units owned by Sponsor as of July 6, 2020; 18 executed Purchase Agreements for units not yet closed
• First Closing was held June 23, 2020; 5 Residential Units had closed as of July 6, 2020
• Sponsor reports monthly Common Charges of approximately $58,211.00 and real estate taxes of approximately $26,060.00 on unsold units; 56 occupied unsold units pay approximately $77,471.00 in monthly rent
• Sponsor entered an Assurance of Discontinuance with the OAG in September 2020 on lock and key system modifications

Amendment 2 Nov 15, 2019

The amendment declares the plan effective after 21 of 93 units (22%) were under agreement, ends tenants' exclusive purchase right 10 days after presentation, changes the layouts and bedroom counts of several vacant units, and adds New York State transfer tax information that may raise closing costs.

• Plan declared effective: 21 of 93 Residential Units (22%) under agreements as of January 27, 2020
• Tenant Purchasers' exclusive right to buy at Tenant Purchase Prices ends 10 days after the amendment's presentation date
• N Line units, excluding 4N, converted from studios to 1 bedroom
• Units 1F, 5F, 3G, 6G, 2J, 4J, 5J, 4K and 5K converted from 1 bedroom to 2 bedroom
• Schedule A revised to show the new bedroom counts
• Description of Property appendices updated: Appendix 3 (floor plans), Appendix 6 (finish and equipment schedule), Appendix 9 (DOB filed plans)
• Added NYS additional base transfer tax and supplemental transfer tax, applying to transfers after July 1, 2019, which may increase closing costs