Penrose Tower

Amendment 2 Aug 8, 2024

Second Amendment declares the Plan effective, delays sponsor payment of common charges, and provides construction update.

• Plan declared effective as of August 8, 2024 (one unit purchased, 15% of seven residential units)
• Sponsor elects to delay payment of common charges for all unit owners per Section 36
• Sponsor will continue to pay operating expenses
• No units are occupied; no units have been rented
• Construction almost completed; first closing anticipated about two to three months after plan effective date
• No material changes to budget for fiscal year commencing August 1, 2024

Amendment 1 May 13, 2024

Unit dimensions corrected to match Department of Buildings approved plans, with corresponding adjustments to estimated real property taxes.

• Unit dimensions corrected to reflect accurate measurements per DOB-approved building plan (Exhibit A)
• Estimated real property taxes adjusted due to dimension changes, per tax expert Thomas Berinato, Esq.
• Schedule A updated with revised tax estimates
• No contracts entered into; no closings have occurred
• No units occupied by tenants
• Schedule A prices increased for 18 homes (median +0.8%): 1A $2,260,010 → $2,528,800; 1B $1,912,029 → $2,169,200; 2C $1,257,019 → $1,257,830; 3A $789,600 → $796,180; ...
• Schedule A prices decreased for 24 homes (median -0.6%): 2B $897,195 → $886,550; 2D $1,420,361 → $1,408,960; 3C $1,032,000 → $1,028,500; 3E $747,600 → $744,150; ...