Austin Nichols House Condominium

Amendment 20 Jun 28, 2023

This amendment updates the 2023 condominium budget, confirms four unsold residential units, provides 2022 certified financials, and updates litigation status.

• 2023 condominium budget adopted with total expenses of $4,102,458 and capital improvements of $2,075,000
• Four unsold residential units as of June 22, 2023: A-311, A-603, A-704, C-702
• Litigation (Barna et al. v. 184 Kent Owners LLC) continues against 184 Kent Owner LLC, Westminster Management LLC and 184 Kent MT LLC; approximately 7 plaintiffs to be discontinued as of June 22, 2023
• Residential Board members: Doron Kless, Erin Sauchelli, Bennett Varney, Kevin Schreiber, Nisim Cohen
• 2022 Certified Financial Statements included

Amendment 19 May 31, 2022

Nineteenth amendment adopts 2022 budget, updates sponsor address, lists 5 unsold units, and extends plan usage period.

• 2022 budget adopted with total income of $3,777,844 and total expenses of $3,774,270
• Capital improvements planned totaling $2,315,000 including facade repair ($2,000,000) and lobby renovations ($180,000)
• 5 unsold residential units as of May 6, 2022: A-311, A-509, A-603, A-704, C-702
• Sponsor address revised to 767 Fifth Avenue, New York, NY 10153
• Pending litigation (Barna et al. v. 184 Kent Owners LLC) continues in Kings County Supreme Court
• 2021 certified financial statements included
• Plan usage period extended 12 months from filing date unless further extended or amended

Amendment 18 Apr 19, 2021

Budget, financial updates, and board information provided for 2021 calendar year; pending litigation update; 59 unsold units listed.

• 2021 condominium budget adopted with total projected income and expenses of $3,586,675
• Sponsor removed from pending litigation caption in Barna et. al. v. 184 Kent Owners LLC
• 59 unsold residential units as of April 16, 2021
• Sponsor relinquished board control at May 20, 2019 annual meeting
• Monthly common charges for sponsor's unsold units approximately $53,523.25 as of March 1, 2021
• 33 unsold units occupied by tenants with monthly rental income approximately $130,532.77
• 2020 certified financial statements provided

Amendment 17 Jan 22, 2020

Budget revised for July 1, 2019 to June 30, 2020; sponsor entity converted to limited partnership; litigation update on pending tenant lawsuit.

• Budget revised for fiscal year July 1, 2019 to June 30, 2020
• Sponsor entity converted from LLC to limited partnership, now known as 184 Kent Owner LP
• 89 unsold residential units as of March 28, 2020
• Litigation: Barna et al. v. 184 Kent Owners LLC; third amended complaint filed with breach of warranty of habitability and property damage claims remaining
• Aggregate monthly common charges for unsold units approximately $69,990.08
• Aggregate monthly rental income from 57 occupied unsold units approximately $222,736
• Wells Fargo mortgage paid off; unsold units not subject to mortgage
• Building has Permanent Certificate of Occupancy

Amendment 14 Mar 15, 2019

Purchase prices for residential units were revised.

Amendment 13 Oct 5, 2018

Revised purchase prices for storage lockers.

Amendment 12 Jun 21, 2018

Updated budget, financial statements, and pricing for 335 residential units with 207 unsold units as of June 1, 2018.

• 207 unsold residential units as of June 1, 2018
• Aggregate monthly common charges for unsold units: approximately $157,143.15
• 71 unsold units occupied by tenants generating approximately $265,446.53 monthly rental income
• Elevator upgrades required within 12 months to comply with applicable law
• Wells Fargo mortgage principal balance: $65,015,208.80, maturity April 17, 2019
• Budget for July 1, 2018 to June 30, 2019 with total projected income and expenses of $3,641,624
• 2017 Certified Financial Statements included
• Plan use extended for 12 months from filing date

Amendment 11 Jun 1, 2018

Purchase prices for certain residential units are revised.

Amendment 10 Mar 14, 2018

Amendment updates selling agent to Nest Seekers International and revises tax information to reflect the Tax Cuts and Jobs Act of 2017.

• Selling agent changed to Nest Seekers International at 594 Broadway, Suite 401, New York, New York 10012
• Tax section Z revised to address Tax Cuts and Jobs Act of 2017 effective January 1, 2018
• Mortgage interest deduction limit $750,000 for taxable years 2018-2025, increased to $1,000,000 for 2026 and after
• Property tax and state/local income tax deductions limited to $10,000 combined for taxable years 2018-2025, limit removed for 2026 and after
• New Holland & Knight LLP tax opinion included as Exhibit B

Amendment 9 Mar 12, 2018

Purchase prices for certain residential units are revised.

Amendment 8 Dec 13, 2017

This amendment updates the offering plan with revised unit combinations, current financial information as of December 2017, and an updated budget and Schedule A.

• Four unit combinations approved by NYC Department of Buildings: A512+A514, C203+C204, C603+C605, B703+B704
• Total residential units reduced from 338 to 335 due to combinations
• 240 unsold residential units as of December 11, 2017
• Sponsor mortgage with Wells Fargo principal balance $98,549,058.10 as of December 5, 2017; maturity date April 17, 2018
• 82 unsold units occupied by tenants generating approximately $321,943.02 monthly rental income to Sponsor
• Sponsor aggregate monthly common charges for unsold units approximately $177,860.00 as of December 1, 2017
• First Annual Meeting of Unit Owners to occur at earlier of 180 days after majority close or 5 years from first closing
• FinCEN geographic targeting order requirements for certain purchasers (legal entities, over $1,500,000, no external financing, cash payments)

Amendment 7 Jul 31, 2017

Purchase prices for multiple residential units revised.

• Unit A-101: $737,100
• Unit A-102: $1,927,800
• Unit A-103: $897,300
• Unit A-201: $1,529,800
• Unit A-202: $1,578,300
• Multiple additional units with updated prices through A-606

Amendment 6 Jul 19, 2017

Amendment confirms first closing occurred June 8, 2017 for unit D508, updates reserve and working capital fund balances as of July 17, 2017, and lists 302 unsold units.

• First Closing took place June 8, 2017 for Unit D508
• Declaration executed March 30, 2017 and recorded June 5, 2017 under CRFN 2017000206525
• Reserve Fund held at Valley National Bank contains $6,819,200.02 as of July 17, 2017
• Working Capital Fund held at Valley National Bank contains $31,666.03 as of July 17, 2017
• 302 unsold Residential Units owned by Sponsor as of July 17, 2017
• Condominium Board members: Aaron Lemma (President), Ron Hoyl (Vice-President), Laurent Morali (Secretary/Treasurer)
• Plan may not be used after six months following the Filing Date unless further extended or amended

Amendment 5 Mar 28, 2017

Offering prices revised for residential units.

Amendment 4 2017

Plan declared effective with 51 purchasers; Unit B-105 designated as Resident Manager's Unit; Selling Agent identified; Reserve Fund Credit of $3,409,600 taken for HVAC and facade work.

• Plan declared effective February 27, 2017 with 51 bona fide purchasers (15% of units)
• Unit B-105 designated as Resident Manager's Unit
• Selling Agent is Austin Nichols Sales and Marketing LLC, 184 Kent Avenue, Brooklyn
• Reserve Fund Credit of $3,409,600 taken for HVAC replacement and facade/Local Law 11 work (approximately $4,800,000 cost)
• Reserve Fund balance after credit: $6,819,200
• Updated Schedule A and Schedule B attached
• Plan usage extended six months from filing date of this amendment

Amendment 3 Feb 23, 2017

This amendment revises purchase prices for residential units at The Austin Nichols House Condominium.

Amendment 2 Feb 6, 2017

Jared Kushner removed as sponsor principal and Seryl Kushner added as sponsor principal.

• Jared Kushner removed as principal of Sponsor
• Seryl Kushner added as principal of Sponsor

Amendment 1 Nov 9, 2016

Amendment adds tenant purchase discounts, financing contingency options, and exclusive purchase period for occupant tenants.

• Tenants can purchase their unit at 80% of offering price or alternate renovated unit at 95% of offering price
• Sponsor will replace heat pumps and intercoms in tenant units and pay tenant's share of Resident Manager's Unit purchase price
• Financing contingency available with pre-approval from Wells Fargo or First Republic Bank for up to 80% loan with 30-day commitment deadline
• 30-day exclusive purchase period for tenants to execute purchase agreement
• Offer conditioned on at least 25 tenants submitting executed agreements and deposits within 30 days
• Tenants must allow sponsor access to units for repairs and replacements