Spencer Street Condominium

Amendment 7 Oct 25, 2022

This amendment lowers the price of one unit, 192 Spencer 1F, and cancels the offer of a free parking space to buyers of duplexes who pay full asking price.

• Price of 192 Spencer 1F lowered from $910,000 to $895,000
• Offer of a free parking space with purchase of a duplex at full asking price rescinded
• Sponsor may further revise prices and sale terms, but not for any unit with a fully executed Purchase Agreement without that buyer's consent

Amendment 4 Nov 12, 2020

Lowers prices on three units, has the Sponsor pay New York State and New York City transfer taxes and offer a free parking unit with duplex purchases for buyers who sign within 120 days, and updates the plan's effective status, closing timing, and use period.

• Price of 192 Spencer 2H decreased from $650,000 to $625,000
• Price of 192 Spencer 3C decreased from $645,000 to $620,000
• Price of 192 Spencer 1D decreased from $910,000 to $850,000
• Sponsor pays NYS and NYC real property transfer taxes for buyers who sign Purchase Agreements within 120 days after presentation of this Amendment; Mansion Tax remains the purchaser's responsibility
• Buyers of duplex Units who sign within 120 days after presentation of this Amendment also receive one Non-Residential Parking Unit with no additional payment to Sponsor; buyers pay its ongoing costs
• Projected date of commencement of condominium operation tolled under Executive Order 202.18 and 202.55; Sponsor must update it within 45 days after those orders expire
• Plan declared effective by notice dated September 3, 2020, with 16 purchasers (19.51%)
• Plan use extended for six months following the acceptance date of this Amendment; architect's report updated with minor changes (Exhibit C)

Amendment 3 Jun 16, 2020

This amendment temporarily lowers the down payment for tenants, has the Sponsor pay certain transfer taxes for buyers who sign within 60 days, adds a 3.5% tenant price cut through June 30, 2020, and changes the prices of five vacant unsold units.

• Minimum down payment for tenants in occupancy reduced to 5% of the Purchase Price for 60 days after presentation of this Amendment
• Sponsor to pay NYS and NYC real property transfer taxes for buyers, tenants and non-tenants, who sign Purchase Agreements within 60 days after presentation; the Mansion Tax over $1,000,000 remains the buyer's responsibility
• Reduced Offering Price to Tenants decreased by an additional 3.5% until and including June 30, 2020
• Unit 175-3D price changed from $615,000 to $665,000
• Unit 175-3F price changed from $645,000 to $595,000
• Unit 192-3H price changed from $695,000 to $645,000
• Unit 192-4D price changed from $650,000 to $600,000
• Unit 192-4E price changed from $660,000 to $610,000

Amendment 2 2020

This second amendment extends the tenant purchase period, offers tenants a common-charge rebate, adds a lender and a loan-withdrawal cancellation right, and changes the package room, storage bins, floor plans, and terrace access.

• Exclusive purchase period for tenants in occupancy extended 30 days, now expiring June 11, 2020
• Sponsor rebate of common charges to tenants in occupancy for the first two years of condominium operation, offered for 30 days after the amendment is presented
• Citizens Bank added as a Sponsor Designated Lender
• Purchaser may cancel if a Sponsor Designated Lender withdraws a loan commitment before closing due to a change in the purchaser's circumstances beyond their control
• Storage bins available to purchasers reduced to 48; storage room at 175 Spencer Street converted to a package room; no existing purchaser affected
• Floor plans updated: kitchen island removed from 192 Spencer 6A; sunken yards and parking walkways designated limited common elements
• Six-foot Fire Department access corridor along terraces, with no furniture or obstructions allowed
• Sponsor's counsel and escrow agent renamed Smith Buss & Jacobs LLP

Amendment 1 Feb 18, 2020

This amendment raises the offering price of one unit, 175 Spencer 4B, from $710,000 to $725,000, and states there are no other material changes to the Plan.

• Price of unit 175 Spencer 4B raised from $710,000 to $725,000, effective immediately
• Sponsor may further revise unit prices and terms, but not for units with a fully executed Purchase Agreement without the purchaser's consent
• No other material changes to the Plan