Cereza

Amendment 10 Oct 5, 2021

Financial update listing 18 unsold residential units, 1 unsold retail unit, 1 unsold community facility unit, and 31 unlicensed storage units with current prices, common charges, and projected taxes; 2021 budget provided.

• 18 residential units unsold; prices range from $625,000 to $995,000
• Retail unit unsold at $4,000,000; community facility unit unsold at $345,000
• 31 storage units remain unlicensed
• Monthly common charges for unsold sponsor units approximately $16,810.76
• Monthly estimated real estate taxes for unsold sponsor units approximately $19,067.80
• 2021 fiscal year budget totals $495,118 revenue and $450,114 operating expenses
• Board of managers no longer controlled by sponsor
• Offering plan effective period extended 12 months

Amendment 9 Aug 18, 2021

Prices for 18 units were reduced and the selling agent was changed to SNRE Group LLC.

• Prices of 18 units reduced; total offering price now $46,324,615.00
• Selling agent changed from previous agent to SNRE Group LLC at 174 Fifth Avenue, Suite 200, New York, NY 10010
• Definition of 'Selling Agent' updated in Definitions section
• Identity of Parties section updated with SNRE Group LLC information and representations
• Purchase Agreement paragraph 25 updated to reference SNRE Group LLC as broker
• Schedule A prices decreased for 17 homes (median -8.9%): 203 $759,409 → $675,000; 302 $675,000 → $625,000; 303 $740,000 → $695,000; 501 $705,000 → $695,000; ...

Amendment 8 2020

Amendment revises force majeure and sponsor liability terms, updates unsold unit inventory and pricing, and extends the offering plan validity period.

• Special Risk section expanded to address force majeure events including pandemics and shelter-in-place orders, with performance time tolled during such events
• Form Purchase Agreement paragraph 20 revised to clarify sponsor's liability is limited to return of deposited money
• 20 residential units, 1 retail unit, and 1 community facility unit remain unsold
• 31 storage units remain unlicensed
• Offering prices for unsold units range from $345,000 (community facility) to $4,000,000 (retail)
• Monthly common charges for unsold units range from $240.08 to $2,829.46
• Board of Managers no longer controlled by Sponsor
• Offering plan validity extended for 12 months from amendment date

Amendment 7 Nov 12, 2019

Amendment changes prices for 6 residential units and 2 other units, updates total purchase price to $47,399,330.00, and replaces the selling agent with Reuveni Real Estate LLC.

• Unit 302 price changed to $675,000.00
• Unit 303 price changed to $740,000.00
• Unit 501 price changed to $705,000.00
• Unit 703 price changed to $825,000.00
• Unit 704 price changed to $995,000.00
• Unit 801 price changed to $800,000.00
• Retail Unit price changed to $4,000,000.00
• Community Facility Unit price changed to $345,000.00
• Schedule A prices decreased for 6 homes (median -5.2%): 302 $711,729 → $675,000; 303 $767,250 → $740,000; 501 $767,250 → $705,000; 703 $875,000 → $825,000; ...

Amendment 6 Aug 20, 2019

Amendment updates building occupancy status, unsold unit pricing and common charges, condominium operating budget and financials, and tax law disclosures.

• 22 residential units, 1 retail unit, and 1 community facility unit remain unsold; 31 storage units unlicensed
• Unsold residential units priced from $711,729.00 to $1,091,970.00 with monthly common charges ranging $613.14–$908.51
• Escrow account balance $10,000.00; architect estimate $5,000.00 for permanent certificate of occupancy
• Working Capital Fund established at first unit closing with balance of $59,783.00
• Common charges collection begins October 1, 2019
• First year audited financial statement and second year budget annexed
• New York State transfer tax and mansion tax rate changes effective July 1, 2019 disclosed

Amendment 5 Mar 14, 2019

Amendment updates escrow account balance, permanent certificate of occupancy estimates, working capital fund status, unsold unit list and pricing, and extends offering plan validity.

• Temporary Certificate of Occupancy issued December 21, 2018, expires March 21, 2019
• Escrow Account balance is $20,000.00
• Architect estimates $20,000.00 needed to obtain Permanent Certificate of Occupancy
• Working Capital Fund established at first unit closing, current amount $40,931.00
• 30 residential units, 1 retail unit, 1 community facility unit remain unsold
• Offering prices for unsold units range from $529,000.00 to $1,091,970.00
• Sponsor is current on all financial obligations since first unit closing
• Offering plan validity extended for 6 months from amendment date

Amendment 4 Nov 15, 2018

Changes selling agent to Engel & Volkers New York Real Estate LLC and revises prices for all remaining unsold residential units.

• Selling agent changed to Engel & Volkers New York Real Estate LLC, 430 Park Avenue, 11th floor, New York, New York 10022
• All remaining unsold unit prices revised as listed in Exhibit 1
• No material changes to Common Charges or individual expenses from Projected Budget for First Year of Condominium Operation
• Schedule A prices decreased for 30 homes (median -14.3%): 201 $950,000 → $756,756; 202 $875,000 → $730,191; 203 $850,000 → $759,409; 205 $660,000 → $529,000; ...

Amendment 3 Sep 7, 2018

First unit closed August 6, 2018; temporary certificate of occupancy issued July 2, 2018; working capital fund established; 35 residential units and 2 commercial units remain unsold.

• First Unit Closing (Unit 204) occurred August 6, 2018
• Temporary Certificate of Occupancy issued July 2, 2018, valid through September 30, 2018
• Permanent Certificate of Occupancy must be obtained within 2 years of First Unit Closing
• Cost to obtain PCO certified as $30,000.00
• Working Capital Fund established with $1,109.98 as of first closing
• Sponsor waived common charges collection for period to be determined by Board
• 35 residential units and 1 retail unit and 1 community facility unit remain unsold
• Offering Plan effective period extended 6 months from amendment date

Amendment 2 Jun 20, 2018

Amendment updates first year of condominium operation to July 1, 2018 – June 30, 2019, adds smoking policy, tax law disclosure, and Geographic Targeting Order information.

• First Year of Condominium operation changed to July 1, 2018 through June 30, 2019
• First Unit Closing anticipated on or about July 1, 2018
• Rescission rights offered if first closing delayed 12+ months beyond July 1, 2018
• Smoking prohibited in indoor common areas; permitted outdoors and in units if not a nuisance
• Tax Cuts and Jobs Act disclosure: tax information in plan may be inaccurate due to 2018 law changes
• Geographic Targeting Order notice added regarding purchaser information collection for transactions over $3,000,000 in Manhattan

Amendment 1 Dec 22, 2017

Plan declared effective with 17 units purchased, and terrace square footages corrected for Units 201 and 202.

• Offering Plan declared effective upon acceptance of this amendment
• 17 residential units purchased, representing 31% of units offered
• Schedule A revised to correct terrace square footages for Units 201 and 202