One Vandam Condominium

Amendment 24 Jul 27, 2018

Updated real estate taxes for the remaining unsold residential unit.

Amendment 23 Apr 11, 2018

New selling agent appointed for the condominium.

Amendment 22 Mar 27, 2018

Updated Schedule A with current purchase prices and common charges for unsold units.

• Schedule A updated with current offering prices
• Projected monthly common charges listed as $8,104.89
• Projected annual common charges listed as $97,258.73
• Current monthly retax listed as $14,579.99
• Current annual retax listed as $174,959.82
• Projected total monthly carrying costs listed as $22,684.88

Amendment 21 Feb 8, 2018

This amendment updates the offering plan with 2016 financial statements, 2018 budget, current board members, and extends the plan term.

• 2016 Condominium Financial Statements added (year ended December 31, 2016)
• 2018 Condominium Budget adopted by Board
• Working Capital Account balance: approximately $126,419 as of January 30, 2018
• Condominium Board members: Tyler Wilkins (President), Dov Barnett (Vice President), Andrew Manton (Secretary/Treasurer)
• Unsold Residential Unit offered at $21,000,000.00
• PCO escrow amount: $50,000 for remaining costs to obtain Permanent Certificate of Occupancy
• FinCEN Geographic Targeting Order extended through March 20, 2018
• Tax Cuts and Jobs Act of 2017 tax law warning issued

Amendment 20 Sep 20, 2017

Real estate taxes for the remaining unsold unit corrected due to DOF's erroneous square footage calculation.

• Unit PHA's 2017/2018 real estate taxes estimated at approximately $169,374 after correction
• DOF erroneously calculated building square footage resulting in distorted tax assessment
• Real Estate Tax Counsel Marcus & Pollack engaged to rectify error with DOF
• Tax Commission hearing held; reconsideration being pursued with different hearing officer
• DOF computer records corrected; correction expected to appear on 2018/19 tentative assessment roll in January 2018
• Sponsor makes no warranty that Tax Commission or DOF will correct the error or how it will impact final assessment

Amendment 19 Mar 20, 2017

This Nineteenth Amendment updates the One Vandam Condominium offering plan with 2017 budget, working capital fund status, board information, and architect's opinion on permanent certificate of occupancy costs.

• 2017 Budget (Schedule B) provided
• Working Capital Fund balance of $126,418.70 held at Signature Bank as of February 1, 2017
• Board officers: Tyler Wilkins (President), Dov Barnett (Vice President), Jason Pappas (Secretary/Treasurer)
• $50,000 to remain in Escrow for costs to obtain Permanent Certificate of Occupancy
• Balance of PCO Escrow funds released to Sponsor
• One Residential Unit unsold; 24 sold
• Schedule A prices decreased for 1 home (median -10.7%): PHA* $28,000,000 → $25,000,000

Amendment 18 Nov 28, 2016

Purchase price of Unit PHA decreased by $25,000,000.

Amendment 17 Oct 7, 2016

Seventeenth amendment updates unit pricing, sponsor financial disclosures, board officers, and working capital fund status as of October 1, 2016.

• Schedule A purchase prices for unsold units updated
• Sponsor sold 22 residential units; 3 residential units and 1 non-residential unit remain unsold
• Working Capital Fund: approximately $124,629.13 on deposit at Signature Bank as of October 1, 2016
• Board officers: Tyler Wilkins (President), Dov Barnett (Vice President), Jason Pappas (Secretary/Treasurer)
• First Annual Meeting to be held approximately 30 days after later of: second anniversary of First Closing (March 10, 2016) or closing of 50% of residential units
• Permanent Certificate of Occupancy anticipated within approximately 12 months from March 7, 2016 architect opinion letter
• FinCEN Geographic Targeting Order expanded effective August 28, 2016 for cash purchases over $3,000,000 in Manhattan and $1,500,000 in other boroughs

Amendment 16 2016

Price of one unsold unit increased.

Amendment 15 Jul 29, 2016

Purchase prices for two units changed.

• Unit 7A purchase price: $6,350,000
• Unit 7B purchase price: $5,650,000

Amendment 14 May 19, 2016

Purchase price increased for one unit.

Amendment 13 Apr 27, 2016

Thirteenth Amendment confirms first closing on March 10, 2016 for Unit 4A and updates purchase prices, common charges, and financial disclosures.

• First closing occurred March 10, 2016 for Unit 4A at Starr Associates LLP
• Condominium Declaration recorded January 7, 2016 in CRFN 2016000007097
• Working Capital Account established at Signature Bank with $72,451 as of April 11, 2016
• Sponsor owns 8 unsold residential units and 1 unsold non-residential unit
• Loan with M&T Bank outstanding balance $10,251,933.28, expiration September 1, 2016, interest rate 3.94%
• Permanent Certificate of Occupancy escrow of $150,000 deposited; anticipated within 12 months
• Updated Schedule A with offering prices ranging from $1,565,000 to $28,000,000
• Schedule A prices decreased for 1 home (median -5.6%): 8B $6,200,000 → $5,850,000

Amendment 12 Apr 15, 2016

Price increase for one unsold unit.

Amendment 11 Nov 30, 2015

Amendment updates construction completion timeline and First Year Budget schedule for the building.

• Closings of Residential Units expected to begin in or about January 15, 2016
• First Year of Condominium Operation to commence on or about October 1, 2015
• If First Closing does not occur by March 31, 2016, Sponsor will amend the Plan to include updated Schedule B - Budget

Amendment 10 Nov 12, 2015

Purchase price of Unit 4B increased to $1,795,000.

Amendment 9 May 29, 2015

Amendment updates the first year of condominium operation to commence October 1, 2015, revises Schedule A pricing and common charges, updates the operating budget, and addresses a property tax assessment error with DOF.

• First Year of Condominium Operation revised to commence October 1, 2015 and end September 30, 2016
• Schedule A updated with revised offering prices and projected common charges and real estate taxes
• DOF erroneously assessed property as 36 Residential Units and 2 Commercial Units (117,600 sq ft) instead of correct 25 Residential Units and 1 Retail Unit (82,000 sq ft)
• Estimated annual real estate taxes for Residential Units range from $803,862 (corrected square footage) to $1,152,178 (erroneous DOF assessment)
• Schedule A contains two real estate tax columns reflecting both scenarios pending DOF correction
• Retail Unit assessed at $23,000,000 with monthly common charges of $4,133.33
• Updated Schedule B budget for first year totals $905,359 in projected income and expenses

Amendment 8 Nov 24, 2014

Eighth amendment updates construction timeline, changes sponsor address, and incorporates updated Schedule A pricing.

• First closing expected on or about April 1, 2015
• Sponsor's business address changed to 157 Columbus Avenue, Suite 2E, New York, New York 10023
• Updated Schedule A - Purchases Prices and Related Information annexed as Exhibit A to Third Amendment

Amendment 7 Jun 17, 2014

Plan declared effective after 15 purchase agreements received representing 60% of 25 residential units.

• Plan declared effective based on 15 purchase agreements (60% of 25 residential units)
• Plan expires 6 months after filing unless extended or amended

Amendment 6 Apr 10, 2014

Purchase prices increased for two units.

• Unit 7A price raised to $6,350,000
• Unit 8A price raised to $6,450,000

Amendment 5 Apr 4, 2014

Amendment adds a Reserve Fund requirement, updates the first-year budget, and revises unit common charges.

• Reserve Fund added: $30,169.56 annually ($2,514.13 monthly, $1,206.78 per unit per year)
• Reserve Fund to increase 10% annually over 30 years; total replacement costs projected at $4,574,381.38
• First year of condominium operation: April 1, 2015 — March 31, 2016
• Total projected income and expenses: $905,359
• Sponsor maintains control of Reserve Fund changes while owning at least 1 unsold residential unit
• Schedule A updated with revised monthly common charges

Amendment 4 Dec 23, 2013

Escrow bank changed to M&T Bank with new interest rate.

• Escrow Agent bank changed to M&T Bank at 350 Park Avenue, New York
• New escrow interest rate approximately 0.15%
• All prior deposits transferred to new escrow bank
• Interest rate subject to change; sponsor makes no guarantee

Amendment 3 Nov 21, 2013

Updated Schedule A with current purchase prices for all units in the condominium.

• Schedule A – Purchase Prices of Units and Related Information updated with current offering prices
• Projected common charges and real estate taxes reflect first year of condominium operation April 1, 2015–March 31, 2016
• Schedule A prices increased for 5 homes (median +1.5%): 3A $3,275,000 → $3,325,000; 3D $3,695,000 → $3,725,000; 10A $6,550,000 → $6,600,000; 10B $6,400,000 → $6,500,000; ...

Amendment 2 Oct 30, 2013

Updated Schedule A with current purchase prices for all residential and retail units.

• Schedule A revised with new offering prices for all units
• Projected common charges and real estate taxes updated for first year of operation (April 1, 2015–March 31, 2016)
• Total residential offering price: $152,685,000.00
• Retail unit offering price: $23,000,000.00
• Grand total offering price: $175,685,000.00
• Schedule A prices increased for 8 homes (median +1.7%): 3B $1,540,000 → $1,565,000; 4B $1,565,000 → $1,590,000; 5B $1,590,000 → $1,615,000; 3C $1,700,000 → $1,730,000; ...

Amendment 1 Oct 25, 2013

Schedule A updated with current purchase prices for units.