1548 72nd Street Condominium

Amendment 4 Dec 20, 2024

This amendment extends the Plan's offering term by 12 months, reports the November 6, 2024 final certificate of occupancy, and updates unsold unit prices, Sponsor board control, and Sponsor carrying costs as of December 15, 2024.

• Plan term extended 12 months from the date of this Amendment
• Final certificate of occupancy issued November 6, 2024
• Unsold unit offering prices listed as of December 15, 2024: 201 at 940,000.00, 301 at 1,085,000.00, 302 at 1,185,000.00
• Sponsor still controls the Board after the July 26, 2024 first unit owners' meeting; Joey Zhong, Danny Wu and John Li, all Sponsor-affiliated, were elected
• Aggregate Common Charges on unsold units: $4,345.88 per month ($52,150.53 per year)
• Aggregate real estate taxes on unsold units: $4,593.49 per month ($55,121.84 per year)
• Unsold units mortgaged to BCB Community Bank: principal approx. $1,405,000, monthly payments approx. $17,700
• Condominium budget unchanged from the Plan (Exhibit C)

Amendment 3 Jun 24, 2024

The first unit closed on May 1, 2024 with only a temporary certificate of occupancy, so the sponsor escrowed $2,500 to finish the work for the final certificate, and the amendment also updates the recording, tax assessment, working capital fund, unsold unit schedule, and board control.

• First Unit closing occurred May 1, 2024, conducted remotely with the title company as closing agent
• Building has a temporary certificate of occupancy; $2,500 deposited with Escrow Agent to secure the sponsor's obligation to obtain the final certificate of occupancy
• Temporary certificate of occupancy issued December 19, 2023; extensions issued December 18, 2023, February 15, 2024 and May 6, 2024
• Declaration recorded in the Office of the City Register, Kings County, on February 27, 2024
• NYC Department of Finance has begun separately assessing the Units for real estate tax purposes
• Working capital fund balance is $3,489.67 as of June 14, 2024, held at JPMorgan Chase Bank
• Exhibit D lists Unsold Units and Unsold Storage Licenses as of July 1, 2024, with offering prices and estimated charges and taxes for July 1, 2024 to June 30, 2025
• First Unit Owners' meeting has not yet occurred; the Sponsor still controls the Board of Managers

Amendment 2 Mar 8, 2024

This amendment corrects the building's engineer's report, including its Quality Housing status, ADA ramps, roof terraces, and electrical service sizes.

• Building is stated as not a Quality Housing Project
• Two private roof terraces on the north side of the third floor, each assigned to a specific unit
• Main roof over the 3rd floor cannot be used as an accessory roof terrace by building occupants
• Handicap ramps meeting ADA requirements provided to the first-floor community facility and residential lobby
• Residential common areas supplied with a 400-Amps, 120/208-volt, 3 phase 4-wire riser and dedicated meter
• Unit 101 supplied with 80-Amps; other 12 residential units supplied with 100-Amps, 120/208-volt, single phase 3-wire
• Community facility unit supplied with a 400-Amps, 120/208-volt, 3 phase 4-wire riser and dedicated meter
• 600-Amps residential meter bank servicing 13 residential units

Amendment 1 Sep 7, 2023

This amendment reprices all Residential Units, moves the projected first closing to on or about January 1, 2024, and updates common interests, real estate tax projections, and the first-year budget.

• Prices of all Residential Units changed (amended Schedule A)
• First Unit closing/commencement of Condominium operations projected on or about January 1, 2024
• First Temporary Certificate of Occupancy for the Building issued October 19, 2023
• Percentages of common interest for Residential and Parking Units amended
• First-year real estate taxes lowered: Residential $60,645 to $46,772; Community Facility $24,810 to $20,148; Parking $6,433 to $5,361
• Second-year real estate taxes raised: Residential $81,688 to $84,316; Community Facility $34,087 to $35,997
• Estimated assessed value of the Building raised from $1,070,092 to $1,108,096
• Budgeted labor costs lowered from $19,500 to $9,750 per year