138 Broadway Condominium

Amendment 6 Nov 1, 2006

Commercial Unit 2 subdivided into 20 storage units, sponsor paid $387,500 settlement, and financial statements through 2005 provided.

• Commercial Unit 2 subdivided into Storage Units 1-20 for personal property storage
• Sponsor paid $387,500 to Condominium in settlement of all claims
• Sponsor transferring 18 storage units to Condominium (2 subject to short-term occupancy, 2 subject to long-term leases)
• Sponsor has sold 39 of 40 residential units (97.5%)
• Sponsor owns unit PH A, Commercial Unit 1, and 2 storage units after transfer; total common interest 6.82932%
• Financial statements included for years ended December 31, 2002, 2003, 2004, 2005 and 2006 budget
• Board of Managers: Damon DeLillo (President), Peter Orr (Vice President), Lewis Holman (Secretary), John Verbic (Treasurer), Emily Moss, David Oston, Harry Greenbaum (affiliated with Sponsor)

Amendment 5 Jul 30, 2004

Unit 1E reclassified from commercial to residential, board elected, maintenance increased 10%, special assessment imposed, and condominium declaration amended.

• Unit 1E changed from commercial to residential status; real estate taxes now $4,683 per year ($391 per month), paid by purchaser, not sponsor
• 39 of 43 units closed as of amendment date; sponsor owns 4 unsold units (9% of units, 10.2018% of common interests)
• Maintenance increased 10% effective January 1, 2004; special assessment of three months common charges payable in three monthly installments starting January 1, 2004
• Board of Managers elected with 8 members; one member affiliated with sponsor
• Real estate taxes for tax year 2004-2005 assessed individually on each unit
• Declaration amended to allow Board to levy fines up to $50 for violations; Board can recover attorneys' fees in default actions
• Unit owners required to obtain and provide annual proof of homeowners and liability insurance
• Permanent Certificate of Occupancy obtained April 19, 2004

Amendment 4 Jul 25, 2002

Unit 1E redesignated from residential to commercial unit status as Commercial Unit 3, and condominium declaration with revised floor plans submitted.

• Unit 1E changed from residential to commercial unit status, redesignated as Commercial Unit 3
• Condominium Declaration and By-laws submitted to Kings County Clerk for recording
• Revised floor plans for units 1C, 1D, 1F, 1G, and Commercial 3 showing cellar vault areas as limited common elements

Amendment 3 Jul 8, 2002

Plan declared effective after 26 units (60% of 43 offered) received purchase agreements; closing to occur within 30-120 days.

• Plan declared effective as of May 13, 2002
• 26 purchase agreements signed (60% of 43 units offered)
• Closing to take place at Arthur I. Weinstein, Esq., 924 West End Avenue, New York within 30-120 days of amendment date

Amendment 2 Jun 14, 2002

Added penthouse unit PHG, confirmed tax abatement eligibility with sponsor tax guarantee for five years, and updated the operating budget with less than 1% increase in common charges.

• New Unit PHG (penthouse) added to offering
• Common charges and percentages of common elements slightly reduced for existing units
• Sponsor will pay all real estate taxes on sold units for five-year period from closing
• HPD confirmed project eligibility for tax abatement on January 31, 2002
• Updated Budget for June 1, 2002 through May 31, 2003 with less than 1% increase in common charges
• Updated insurance estimate from Sterling & Sterling, Inc. attached

Amendment 1 Mar 14, 2002

Prices of units increased effective immediately; pet prohibition rule deleted.

• All unit prices increased as of amendment date; units already in contract exempt
• House Rule Section 5 (ix)(j) pet prohibition deleted to align with House Rule Section 1