16, 18 & 20 Melrose Street Condominium (The Melrose)

Amendment 3 Sep 28, 2022

Third amendment extends the plan for 6 months, documents Certificate of Occupancy for all three buildings obtained in August 2022, and provides update on unit closings and unsold inventory.

• Plan extended for 6 months
• Final Certificates of Occupancy issued: 16 Melrose Street on August 23, 2022; 18 Melrose Street on August 12, 2022; 20 Melrose Street on August 31, 2022
• First unit closing (4F at 16 Melrose Street) occurred August 24, 2022; 12 additional units have closed
• 7 units remain unsold (Units 1, 2, 4R at 16 Melrose; Units 1, 2 at 18 Melrose; Units 1, 2 at 20 Melrose)
• Declaration of Condominium recorded May 25, 2022
• Working capital account established at Chase Bank with current balance of $3,102.50
• Construction mortgage of $8,000,000.00 from SKS Equities Corp. and LYZ Corp. with monthly payment obligation of $33,000.00

Amendment 2 Mar 21, 2022

Amendment extends the plan for 6 months, updates floor plans to as-built condition, revises limited common element square footage, corrects Sponsor's attorney fee amount, and notes tax law changes and units in contract.

• Plan extended for 6 months
• Floor plans revised to reflect as-built condition of building
• Revised Schedule A attached
• Unit 1 of 16 Melrose Street: rear yard decreased from 927 sq. ft. to 785 sq. ft., 125 sq. ft. areaway and 27 sq. ft. platform added, 54 sq. ft. storage removed
• Sponsor's attorney fee corrected from $2,500.00 to $3,000.00 at Closing
• New York State Tax Law Section 1404(a) amended effective July 1, 2021 eliminates grossing up of transfer tax and mansion taxes for residential conveyances
• Units 3F, 3R and 4F of 16 Melrose Street, Units 3F and 3R of 18 Melrose Street and Units 3F, 3R and 4R of 20 Melrose Street are in contract

Amendment 1 Jan 18, 2022

Plan declared effective upon execution of purchase agreements for 3 units (16% of 18 units offered).

• Plan declared effective by notice dated January 18, 2021
• 3 residential units purchased, representing 16% of 18 units offered
• Purchase agreements executed for units at 20 Melrose Street 3F (12/27/21), 20 Melrose Street 3R (12/27/21), and 18 Melrose Street 3F (1/18/22)