Be@Schermerhorn

Amendment 14 Sep 23, 2011

This amendment updates the Schedule A unit prices and storage prices as of 8.30.11, lists the current Condominium Board, notes that the Sponsor controls the board, and extends the Restated Plan for twelve (12) months.

• Purchase prices and related information for remaining Residential and Cabana Units and Commercial Units updated as of 8.30.11 (Schedule A)
• Purchase prices and license fees for remaining storage units updated as of 8.30.11 (Schedule A-1)
• Restated Plan extended for twelve (12) months following the Filing Date of this Amendment
• Condominium Board members listed as Alix Rice (President), Bettie Gebara (Vice President), and Matt Bronfman (Secretary/Treasurer), all affiliated with Sponsor
• Sponsor relinquishes Board control at the later of 120 days after Closings for Residential Units representing 75% of units offered, or three years from the First Closing
• First Closing took place October 8, 2010; audited financial statements for the First Year of Condominium Operation not yet prepared
• Condominium continues to operate on the Schedule B budget; Certifications of Budget Expert attached as Exhibit B
• Sponsor owns fewer than 10% of Units, so no additional financial disclosure is required
• Schedule A prices increased for 1 home (median +9.9%): 2M $409,500 → $449,975

Amendment 13 Apr 21, 2011

This Sixth Amendment extends the restated offering plan for six months, discloses a lawsuit against the sponsor's principals, updates unsold-unit and cabana information, and records the first closing and the condominium's financial arrangements with the sponsor.

• Restated Plan extended for six (6) months following the Filing Date of this Amendment
• Lawsuit by the Boulevard East Condominium board against Sponsor's principals and related companies disclosed, filed February 22, 2011 in Supreme Court, Kings County; each count alleges $5,000,000 in damages against one or more defendants
• Sponsor's relinquishment of control of the Condominium Board: the later of 120 days after closing with purchasers of at least 75% of Residential Units, or three years from the First Closing
• Unsold units as of March 11, 2011: 50 Residential Units, 13 Cabanas and 4 Commercial Units
• Cabanas A, B, C, D, E, G, J, I, O, P, Q, L and K no longer appurtenant to Unit 3E; reassigned to other units under the First Amendment to the Declaration dated February 23, 2011
• Common Charges waived for all unit owners through December 31, 2010; Sponsor paid the Condominium's actual expenses for that period
• Condominium executed a promissory note to Sponsor for $78,384.97, payable in twelve equal monthly installments with no interest, commencing January 1, 2011
• First Closing took place October 8, 2010 for Unit 4H

Amendment 12 Nov 29, 2010

This fifth amendment, the twelfth to the original plan, changes the purchase prices of 19 units at be @ Schermerhorn Condominium and is limited solely to price changes.

• Purchase prices of 19 units changed, effective immediately
• 3A $489,500; 5A $499,750; 3B $399,000; 4B $404,500; 5B $409,900
• 6B $415,000; 7B $419,000; 4C $559,000; 5D $405,000; 9E $515,500
• 11E $530,500; 2Q $387,500; 5Q $413,500; 3S $437,500
• 2R $417,000; 3R $423,000; 4R $426,500
• PH-A $1,097,000; PH-B $975,000
• Amendment is limited solely to price changes and does not extend the Restated Plan
• Schedule A prices increased for 18 homes (median +7.4%): 3A $470,250 → $489,500; 5A $479,750 → $499,750; PHA $1,096,875 → $1,097,000; 3B $370,500 → $399,000; ...

Amendment 11 Oct 25, 2010

The amendment adds 32 storage lockers, swaps Amalgamated Bank for Wells Fargo Home Mortgage and Bank of America as mortgage lenders, and extends the Restated Plan by six months.

• 32 additional storage lockers added in the sub-cellar, bringing the Building to 96 lockers, offered under a license agreement
• Amalgamated Bank removed as a Mortgage Lender
• Wells Fargo Home Mortgage and Bank of America added as Mortgage Lenders, for Purchase Agreements issued after the filing date of this Amendment
• Schedule A-1 added, listing purchase prices and monthly license fees for the storage lockers
• Restated Plan extended for six (6) months following the Filing Date of this Amendment

Amendment 10 Aug 26, 2010

This amendment replaces Schedule A with revised purchase prices for the residential units still offered for sale, and it changes nothing else in the plan.

• Purchase prices revised for residential units offered for sale (new Schedule A)
• Example offering prices: Unit 2A $499,000; Unit 2B $399,000; Unit PHA $1,096,875
• Schedule A covers the projected first year of condominium operation, 7/1/10-6/30/11
• Amendment is limited solely to price changes and does not extend the plan

Amendment 9 Jul 29, 2010

Sponsor declares the Restated Plan effective after 44 purchase agreements (17.9% of 246 residential units), obtains a temporary certificate of occupancy, corrects a square footage typo, updates the purchase agreement form for cabanas, and extends the plan six months.

• Restated Plan declared effective based on 44 purchase agreements for 17.9% of the 246 Residential Units offered
• Temporary certificate of occupancy obtained for all Residential Units in the Building
• Typo corrected: total square footage for Residential Balcony/Terraces is 4,386 square feet
• Updated form Purchase Agreement with revised language on purchase of a Cabana
• Restated Plan extended for six (6) months following the Filing Date of this Amendment

Amendment 8 Jul 21, 2010

This amendment replaces the storage locker price schedule (Schedule A-1), listing all 64 storage lockers at $8,500 each for the projected first year of condominium operation (7/1/10-6/30/11).

• Schedule A-1 purchase prices of storage lockers revised: all 64 lockers listed at $8,500 each, total $544,000
• Projected license fees per locker for the first year shown, from $102.05 to $273.75 per year, total $7,303.21 per year
• Schedule covers the projected first year of condominium operation, 7/1/10-6/30/11

Amendment 7 Dec 30, 2009

The excerpt does not say what this Seventh Amendment changes; it shows the restated plan for 189 Schermerhorn Street with 246 residential units, 17 cabanas, 64 storage lockers, and a total offering of $111,146,185.