Chelsea Green Condominium

Amendment 9 Sep 2, 2014

Closing delayed due to certificate of occupancy delays, litigation against sponsor disclosed, and first-year budget increased 19.3% due to prevailing wage requirements.

• Closing date postponed from September 3, 2014; sponsor will provide 10 days' written notice when ready
• Litigation pending (Index No. 653241/12) with adjacent property owner over building construction and property line issues
• First-year budget increased by approximately 19.3% to $948,267 in common charges
• First year of condominium operation moved from July 1, 2014 to September 1, 2014
• Payroll expenses increased to $472,090 due to 421-a prevailing wage requirements for building staff
• Sponsor may refund operating cost differences during first 6 months or until 75% unit closing, whichever is later

Amendment 8 May 6, 2014

This amendment updates the project status, revised budget, real estate tax estimates, board information, sponsor financial disclosures, and addresses litigation with the neighboring property owner.

• Seven unsold residential units remain; first closing expected on or before December 31, 2014
• Revised budget for July 1, 2014 to June 30, 2015 attached
• Estimated real estate taxes $579,000 for July 1, 2014 through June 30, 2015; $1,105,000 for July 1, 2015 through June 30, 2016
• Jordan Cooper & Associates hired as new managing agent
• Sponsor has $28,546,558.84 in outstanding loans maturing 8/1/14 at 3.50% plus LTBOR
• Clarification that units 1A, 1B, 10A, 10B include roof terraces; units 11A, 11B, 12A, 12B include balconies; units PH and PH2 include both
• Contiguous property owner claims building violates seismic gap requirements and encroaches; sponsor disputes claims and obtained structural engineer and title insurance opinions

Amendment 7 2013

Units 13A and 13B are combined into Unit PH2, reducing residential units from 51 to 50; Unit 6B square footage adjusted; Declaration and Schedule A revised.

• Units 13A and 13B combined into Unit PH2 on 13th floor; residential units reduced from 51 to 50
• Unit 6B square footage reduced from 1,288 to 1,272 square feet due to masonry wall thickness
• Storage spaces reduced from 51 to 50
• Architect's Report updated with cooktop placement, E-line bathrooms changed from 3-fix to 5-fix, updated appliances
• 8 units unsold as of amendment date: 2C, 2E, 3D, 4C, 4D, 6B, 6D, 6E
• Litigation pending: 145 W. 21st Realty LLC v. First West 21st Street LLC (Index No. 653241/12) over construction damage
• Revised escrow regulations: Attorney General no longer adjudicates deposit disputes under GBL §§ 352-3(2-b) and 352-h
• Loans with Manufacturers and Traders Trust Company aggregate balance $18,639,952.83; maturity November 1, 2013
• Schedule A prices increased for 49 homes (median +38.1%): 1A $1,925,000 → $2,500,000; 1B $1,925,000 → $2,500,000; 2A $799,000 → $1,200,000; 2B $1,525,000 → $2,100,000; ...

Amendment 6 Jan 30, 2013

Purchase prices of units increased.

Amendment 5 Nov 20, 2012

Plan declared effective after eight units purchased by bona fide purchasers, representing 15% of 51 residential units.

• Plan declared effective as of October 18, 2012
• Eight (8) units purchased by bona fide purchasers, 15% of 51 total residential units
• Unit closings expected on or about January 2, 2014
• Additional deposit of 5% of purchase price due within 10 days of notice
• Corrected closing date from January 2, 2013 to January 2, 2014

Amendment 4 Oct 3, 2012

The sponsor increased purchase prices for all units in the condominium.

• Purchase prices of all units increased
• Revised Schedule A with new prices attached as Exhibit A

Amendment 3 Aug 13, 2012

The sponsor increased purchase prices for all units in the offering plan.

• Purchase prices for all units increased; revised Schedule A attached as Exhibit A
• No other material changes since plan acceptance on April 20, 2012

Amendment 2 Jun 5, 2012

Purchase prices of all units increased.

• Purchase prices of all units increased
• Revised Schedule A with new prices provided as Exhibit A

Amendment 1 May 17, 2012

Purchase prices of all units increased.

• Purchase prices of all Units increased
• Revised Schedule A with new prices annexed as Exhibit A