Joy Condominium

Amendment 6 Jan 26, 2022

The sixth amendment shifts New York State and New York City transfer taxes to the buyer under the updated purchase agreement, extends the plan by twelve months, and updates unit tax, board control, and unsold-unit information.

• Purchaser must pay the New York State transfer tax (NYSTT); the 'grossed up' NYSTT references are removed
• Purchaser must pay the New York City Real Property Transfer Tax (1.425%), which makes the sales price 'grossed up'
• Offering plan extended for an additional twelve (12) months from the date of the amendment
• Sponsor still controls the Board of Managers; control passes to unit owners at the earlier of 30 days after 75% of units are conveyed or three years after the first conveyance, which is March 30, 2024
• Units separately assessed for real estate tax since July 1, 2021
• Current real estate taxes listed for 14 unsold units as of December 15, 2021
• No financial statement yet available; the plan will be amended to disclose one when available

Amendment 4 Aug 27, 2020

The amendment puts two previously withheld apartments (1652-3B and 1656-3A) and all ten parking units on sale with published prices, and reports that no units have closed yet because the tax lot subdivision is delayed by COVID-19.

• Previously withheld Unit 1652-3B now offered for sale at $722,650
• Previously withheld Unit 1656-3A now offered for sale at $721,950
• All ten parking units (P1 through P10) now offered for sale at $50,000 each
• No units have closed yet; tax lot subdivision at DOF delayed due to COVID-19
• Final Certificate of Occupancy for 1652 Stillwell Avenue issued February 7, 2020
• Final Certificate of Occupancy for 1656 Stillwell Avenue issued December 23, 2019
• Updated Schedule A adds offering prices for the newly offered units; no other Schedule A changes
• No other changes to the Offering Plan

Amendment 3 Apr 29, 2020

The plan was declared effective on April 23, 2020, after purchase agreements were accepted for three of the residential units, and the amendment attaches the sponsor's affidavit and makes no other changes.

• Plan declared effective April 23, 2020, with purchase agreements for 3 residential units (18.75% of residential units)
• Units 1652-2A, 1652-3A and 1656-2B now have accepted purchase agreements
• No closings until this amendment is accepted for filing by the Department of Law and served on each purchaser
• Sponsor's Affidavit under 13 N.Y.C.R.R. 20.5(e) attached as Exhibit B
• No other changes to the Offering Plan

Amendment 1 2019

This amendment moves the first year of condominium operation to February 1, 2020 through January 31, 2021, replaces the escrow agent Claudia V. Murdoch, Esq. with Li Li, Esq., and replaces several purchase-related sections, while adding a parking access easement disclosure.

• Escrow agent changed from Claudia V. Murdoch, Esq. to Li Li, Esq. of the Law Offices of Li Li, Esq., PLLC, 2075 86th Street, Suite 201, Brooklyn, New York 11214, phone (347) 857-8536
• First year of condominium operation now February 1, 2020 through January 31, 2021; Schedules A and B updated
• Closing Costs and Adjustments section replaced, including changes adopted by New York State on March 31, 2019 to transfer tax and a new supplemental tax
• Procedure to Purchase section replaced
• Purchase Agreement in Part III replaced
• Parking spaces behind 1656 to be accessed through 1652; easement filed, with a pending correction to its tax block designation
• Counsel paragraph revised: Li Li, Esq. is the Sponsor's closing attorney and escrow agent for down payments; Murdoch and Li represent the Sponsor, not the Condominium