1406 Ocean Parkway Condominium

Amendment 4 Jul 12, 2024

Unit 6A subdivided into Units 5A and 6A; square footage, common charges, bathrooms, and real estate taxes updated; new Unit 5A priced at $950,500.00.

• Unit 6A subdivided into new Units 5A (fifth floor) and 6A (sixth-seventh floors)
• Unit 5A: 527 sq ft (habitable) / 1,096 sq ft (other), 5.19% common interest, $3,883.39 annual common charges, $7,890.27 annual real estate taxes
• Unit 6A: reduced from 3,563/4,255 sq ft to 3,036/3,159 sq ft; common interest reduced from 29.98% to 24.79%; annual common charges reduced from $22,431.30 to $18,547.91
• Unit 6A bathrooms reduced from four full and two half to two full and one half
• New Unit 5A offering price: $950,500.00
• Real estate taxes increased for most units; Unit 6A taxes decreased from $43,473.74 to $37,685.65
• Final Certificate of Occupancy issued March 11, 2025 (CO Number 3425958-0000003); building now contains six residential units instead of five
• Offering Plan extended six months from amendment date
• Schedule A prices increased for 1 home (median +63.2%): 5A $582,500 → $950,500

Amendment 3 Sep 15, 2023

First year of condominium operation moved to October 1, 2023 through September 30, 2024, with updated real estate taxes and offering plan extension.

• First year of condominium operation: October 1, 2023 through September 30, 2024
• Real estate taxes for first year increased for all units (e.g., Unit 1A: $21,690.22 to $22,014.51 annual)
• Post-completion annual real estate taxes increased for all units (e.g., Unit 1A: $22,421.36 to $23,427.01)
• Sponsor will deposit funds to pay all taxes for balance of 2023/2024 tax year at closing
• Units 3A, 4A, P2, P3, and P4 currently in contract; no closings yet occurred
• Right of rescission offered if first unit closing does not occur by March 31, 2024
• Offering plan extended for additional six (6) months from date of amendment
• Tax liability for entire building estimated at $136,248 for first year of operation

Amendment 2 Feb 6, 2023

Plan declared effective after purchase agreement accepted for four units (4A, 5B, P2, P3) representing 28.57% of residential units, and offering period extended six months.

• Plan declared effective as of February 6, 2023
• Purchase agreement accepted for Units 4A, 5B, P2, and P3 (28.57% of residential units)
• Offering period extended six months from amendment date
• Sponsor affidavit confirms no material budget changes for first year

Amendment 1 Sep 13, 2022

First year of condominium operation delayed to April 1, 2023; five residential units instead of seven after combining units 4A and 5B; common charges and real estate taxes reallocated; unit prices increased.

• First year of operation moved to April 1, 2023 through March 31, 2024
• Unit 4A and 5B combined into single residential unit
• Unit 5A eliminated, merged into Unit 6A
• Building now has 5 residential units instead of 7
• Construction completion date moved to February 1, 2023
• Common interest percentages and charges reallocated among remaining units
• Unit prices: 1A $2,900,000→$4,400,000; 2A $625,000→$1,540,000; 4A $3,540,000→$4,900,000
• Real estate taxes adjusted for blended 2022/2023 and 2023/2024 tax years
• Schedule A prices increased for 2 homes (median +51.7%): 1A $2,900,000 → $4,400,000; 4A $3,540,000 → $4,900,000