Presidio Condominium

Amendment 5 Nov 24, 2020

Amendment updates FinCEN reporting requirements for certain purchasers, maintains reserve fund, lists 11 unsold units, and extends the offering plan period.

• FinCEN Currency Transaction Report required for certain entity purchases of $300,000+ without bank financing, using cash or check, for closings November 6, 2020 through May 4, 2021
• Reserve Fund of $243,872.00 maintained at Signature Bank
• Sponsor owns 11 unsold units with prices ranging from $468,000 to $840,000
• Budget for May 1, 2020 - April 30, 2021 with total income and expenses of $139,092.00
• Sponsor's aggregate monthly common charges approximately $6,850.28 and real estate taxes approximately $3,677.98
• Unsold units pledged as collateral with New York Community Bank, remaining principal balance approximately $1,323,782.62, maturity July 1, 2025
• Board of Managers controlled by Sponsor; control to be relinquished within 30 days of either 5 years from first closing or when unsold units fall below 25% of common interests
• Offering plan extended for additional 12 months

Amendment 3 Apr 27, 2018

Amendment updates tax information due to 2018 Tax Cuts and Jobs Act, establishes reserve and working capital accounts, discloses sponsor's unsold units and financial position, and extends offering plan.

• Tax deductions capped at $10,000.00 combined for state, city, and real estate taxes; mortgage interest deduction capped at $750,000.00
• First unit closing occurred February 8, 2018
• Condominium Declaration recorded January 17, 2018
• Reserve Fund of $254,306.88 established at Signature Bank
• Working Capital Account of $3,780.98 established at Signature Bank
• Sponsor retains 12 unsold units generating $17,129.20 monthly rental income; owes $2,342,462.50 mortgage due July 1, 2025
• Sponsor controls Board; will relinquish within 30 days of 5 years from first closing or when unsold units drop below 25%
• Offering Plan extended 6 months

Amendment 2 Nov 21, 2017

Units C4 and D4 changed from 1-bedroom to 2-bedroom with revised kitchen and bathroom layouts, and the offering plan extended 6 months.

• Units C4 and D4 converted to 2-bedroom units
• Kitchen layouts revised for Units C4 and D4
• Bathroom layouts revised for Units C4 and D4
• Additional closets added to Units C4 and D4
• Offering plan extended for 6 months from amendment date
• Revised Schedule A showing C4 and D4 as 2-bedroom units

Amendment 1 Aug 30, 2017

Plan declared effective with 5 units sold; preferred mortgagee updated; cellar storage and bike racks added; units C4 and D4 corrected from two-bedroom to one-bedroom; tenants granted new 30-day purchase right.

• Plan declared effective September 28, 2017 with 5 units sold (25% of 20 total units)
• Preferred mortgagee changed to Investors Bank (Tony H. Jao, NMLS #7536)
• Fourteen storage rooms in cellar; one-time license cost $15,000.00 each
• Bike racks in cellar available via license agreement
• Units C4 and D4 corrected from two-bedroom to one-bedroom in Schedule A
• Tenants granted new exclusive 30-day purchase right