Nusun Tower

Amendment 8 Oct 17, 2024

Successor sponsor 4201 Main St New LLC takes over the eight unsold units, with updated unit prices, a bank mortgage on those units, and an unchanged budget.

• Successor sponsor 4201 Main St New LLC takes over the 8 unsold units from the original sponsor
• Unit C602 and Garage 1 Unit are under contract with an unrelated third party; title transfer expected by end of October 2024
• Unsold units subject to $6,000,000 mortgage with Amerasia Bank at 7.5%, maturing 2031
• Monthly debt service $38,750; interest only for first 12 months, principal & interest after 1st year
• Unsold unit prices listed in Exhibit B, e.g. 17E $1,021,575 and Garage 2 $6,580,000
• Successor sponsor pays monthly Common Charges of $5,313.02 and monthly real estate taxes of $4,308.64 on the unsold units
• Budget for May 1, 2024 to April 30, 2025 has not changed
• Plan may be used for 12 months from the date this amendment is accepted for filing

Amendment 7 Nov 15, 2023

This amendment reports that the building's certificates of occupancy have been issued, updates the unsold-unit count and sponsor carrying costs, corrects the garage and storage bin descriptions, and sets a 12-month period for using the plan.

• Final Certificate of Occupancy issued for residential units on November 3, 2023 and for commercial units on February 14, 2023
• 19 Unsold Units, with offering prices, monthly Common Charges and monthly real estate taxes listed in Exhibit "B"
• Sponsor pays $11,590.09 monthly Common Charges and $20,114.70 monthly real estate taxes on unsold units
• Sponsor intends to offer Garage Unit 1 and Garage Unit 2 for sale at the prices in the Offering Plan
• Storage Bin Licenses corrected from thirty (30) to thirteen (13), with a schedule in Exhibit "D"
• Garage parking spaces stated to be within the Garage Units, not Common Elements, and the Garage Units to be used as a public parking garage
• First annual meeting of the Residential Board anticipated in May 2024; Sponsor still holds a majority of the Board
• Budget unchanged; the Plan may be used for twelve (12) months from the date this Amendment is accepted for filing

Amendment 6 May 8, 2023

This amendment reports the building's certificates of occupancy, the first unit closing, updated working capital and reserve balances, unsold-unit mortgage status, higher storage bin prices, and an as-built update to the Description of Property Report.

• First residential closing (Unit 302) held May 1, 2023
• Final certificate of occupancy for part of the commercial units issued February 14, 2023; temporary certificate of occupancy for the remaining parts issued April 4, 2023
• Storage bin prices increased for several bins
• Description of Property Report updated to as-built conditions
• Unsold units' mortgage balance $32,211,862.97 as of May 8, 2023; maturity December 29, 2023
• Working capital $13,943.14 held at Chase Bank as of May 8, 2023
• Reserve fund balance $23,484.90
• Plan may be used for six months from acceptance for filing, then extended by a further amendment

Amendment 5 2023

Amendment No. 5 records the recording of the Declaration and the closing of the first commercial unit, updates unsold-unit prices and sponsor financing as of January 10, 2023, and sets a six-month period for using the Plan.

• Exhibit B lists prices, estimated monthly Common Charges and estimated monthly real estate taxes for the residential and commercial units not yet in contract, with 86 residential units unsold as of January 10, 2023
• Plan may be used for six (6) months from the date this Amendment is accepted for filing, with any extension to be filed in a later amendment
• Declaration of Condominium recorded November 17, 2022 as CRFN 2022000427046
• First commercial Unit 302 closed December 9, 2022; the Plan is not deemed consummated until the first Residential Unit closes
• Temporary Certificate of Occupancy issued January 4, 2023 for the Commercial Units
• Unsold units subject to a mortgage with Bank Hapoalim B.M. and Israel Discount Bank of New York; balance $44,643,537.80 as of 12.31.2022, maturing December 29, 2023
• Working capital of $3,344.40 as of January 10, 2023, held at Chase Bank, 4042 Main St, Queens, NY 11354
• Real estate taxes for each Unit not yet separately assessed; first annual meeting to be held within one (1) year of the closing of the first Unit

Amendment 4 Jun 2, 2022

The Sponsor raised the offering prices of several units and attached an updated pricing schedule (Exhibit A), while stating that no units under contract had their prices changed and that there are no other material changes.

• Offering prices raised for several units, shown in updated Exhibit A pricing schedule
• Prices not changed for any unit currently under contract
• No other material changes stated
• Schedule A prices increased for 54 homes (median +2.5%): 5A $763,200 → $782,280; 5B $1,003,200 → $1,058,360; 6A $785,860 → $805,518; 6B $1,036,680 → $1,086,000; ...

Amendment 3 May 16, 2022

The sponsor declared the NuSun Tower plan effective on May 9, 2022, after 17 of 113 units were under purchase agreements, and it sets a first closing date of about July 1, 2022, with the budget unchanged.

• Plan declared effective May 9, 2022, with purchase agreements for 17 of 113 Residential Units (approximately 15.05%)
• First closing anticipated on or about July 1, 2022
• Budget unchanged; Certification of Adequacy of Budget from Good Win Realty included as Schedule L-3
• Sponsor must meet all Section XVII requirements before closing title to individual units
• Plan may be used for six (6) months from the date the amendment is accepted for filing, extendable by a further amendment
• Exhibit A lists the 17 counted units and their purchase agreement dates

Amendment 2 Oct 13, 2021

Amendment No. 2 offers 40 parking space licenses for sale, replaces the mortgage contingency so buyers who do not use a Preferred Lender have no financing contingency, names the escrow account at Bank Hapoalim B.M., renumbers certain community facility units, and makes minor common interest and square footage corrections.

• Parking: 40 parking space licenses offered for sale at $75,000 (standard) or $85,000 (SUV/oversized), plus a $120 monthly license fee to the garage unit owner
• Mortgage contingency replaced: purchase is not conditioned on financing, and the down payment is retained if the buyer cannot get a mortgage; the contingency applies only to buyers who apply to a Preferred Lender
• Preferred Lenders named: First Republic Bank and Chase Bank
• Escrow account is an IOLA account at Bank Hapoalim B.M., titled "Moritt Hock & Hamroff LLP, IOLA F/B/O NuSun Tower"
• Community facility unit numbers changed: the 3rd floor is now the 2nd floor and the 4th floor is now the 3rd floor, with 26 units renumbered
• Percentage of Common Interest revised by a de minimis amount on certain units
• Unit 5B limited common element increased by 80 square feet of terrace space
• 16 units listed as under contract as of October 18, 2021

Amendment 1 Sep 27, 2021

The Sponsor raised the offering prices of several unsold units, with an updated price schedule attached as Exhibit A, and states there are no other material changes.

• Prices of several units raised
• Updated price schedule attached as Exhibit A (Schedule A)
• Prices not changed for any unit currently under contract
• First-full-year estimates in Schedule A cover May 1, 2022 to April 30, 2023
• No other material changes