196 Orchard Street Condominium

Amendment 25 Dec 3, 2021

Updated 2020 financial statements, budget, board members, sponsor financial disclosures, and tax law changes for unit purchases after April 1, 2021.

• 2020 audited condominium financial statements included (prepared by WilkinGuttenplan, CPAs & Advisors)
• Working Capital Account balance: approximately $150,935 as of November 1, 2021
• Board members: Benjamin Shaoul (President), Jordan Brill (Vice President), Samantha Pappas (Secretary/Treasurer)
• Sponsor owns 16 unsold residential units and 1 unsold non-residential storage unit
• Sponsor monthly common charges: approximately $28,816 (residential) and $108 (storage)
• Sponsor monthly rental income: approximately $100,250 (residential), $0 (storage)
• New York State Tax Law Section 1404(a) amended effective July 1, 2021 changes 'bulking up' calculation for State Transfer Tax and Mansion Tax on purchases after April 1, 2021
• Permanent Certificate of Occupancy anticipated within approximately 12 months from amendment filing date
• Schedule A prices decreased for 2 homes (median -3.5%): 7R $1,550,000 → $1,495,000; 8A $2,600,000 → $2,475,000

Amendment 23 May 17, 2021

Twenty-Third Amendment updates the 2021 condominium budget, working capital fund status, board membership, sponsor financial disclosures, and changes the selling agent to The Corcoran Group.

• 2021 condominium budget adopted; budget expert certifications included
• Working Capital Account holds approximately $150,843 as of May 1, 2021
• Condominium Board members: Benjamin Shaoul (President), Jordan Brill (Vice President), Samantha Pappas (Secretary/Treasurer)
• Sponsor owns 22 unsold residential units and 1 unsold non-residential storage unit
• Aggregate monthly common charges for unsold units approximately $39,115; aggregate monthly rents approximately $114,375
• The Corcoran Group (660 Madison Avenue) is new selling agent
• Permanent Certificate of Occupancy expected within approximately 12 months; $5,000 held in escrow
• Plan term extended for 6 months

Amendment 22 May 19, 2020

Managing agent changed from Douglas Elliman Property Management to FirstService Residential LLC; working capital fund balance and board members updated.

• Managing agent changed to FirstService Residential LLC at 622 Third Avenue, New York, NY 10017
• Working Capital Account balance approximately $19,972 as of May 1, 2020
• Condominium Board members: Benjamin Shaoul (President), Jordan Brill (Vice President), Samantha Pappas (Secretary/Treasurer)
• Sponsor owns 26 unsold Residential Units; sold 63 Residential Units
• Sponsor sold all 3 Non-Residential Units; retains Non-Residential Storage Unit
• Permanent Certificate of Occupancy anticipated within approximately 12 months; $5,000 held in escrow
• 2020 Condominium Budget adopted by Board

Amendment 21 Feb 14, 2020

Updated Schedule A with current purchase prices for all units.

• Schedule A prices decreased for 1 home (median -3.2%): 5K $1,550,000 → $1,500,000

Amendment 20 Jan 9, 2020

Updated Schedule A with revised offering prices for units across all floors.

• Schedule A prices decreased for 7 homes (median -3.8%): 4Q $1,700,000 → $1,600,000; 5D $2,595,000 → $2,500,000; 6R $1,525,000 → $1,500,000; 7Q $1,300,000 → $1,250,000; ...

Amendment 19 Nov 25, 2019

New selling agent Nest Seekers International LLC appointed for the condominium.

Amendment 17 May 30, 2019

Updated Schedule A with current offering prices for all units.

• Schedule A purchase prices updated for units in all floors (4-9)
• Sixteenth Amendment noted as under review by Department of Law as of May 9, 2019

Amendment 16 May 9, 2019

Sponsor subdivides Retail Unit 2, creates non-residential storage unit, offers unsold units for sale, and resumes common charges as of July 1, 2019.

• Retail Unit 2 subdivided to create non-residential storage unit (not for sale)
• Working capital fund balance approximately $67,441 as of April 1, 2019
• 2019 condominium budget adopted
• Common charges resume as of July 1, 2019
• 49 residential units remain unsold; 40 sold
• 3 non-residential units remain unsold
• Permanent Certificate of Occupancy expected within approximately 12 months
• New York State transfer tax and mansion tax increases effective July 1, 2019
• Schedule A prices increased for 1 home (median +3.5%): 8D $2,875,000 → $2,975,000
• Schedule A prices decreased for 13 homes (median -6.4%): 4P $1,500,000 → $1,395,000; 5J $1,615,000 → $1,550,000; 5K $1,590,000 → $1,550,000; 6R $1,725,000 → $1,525,000; ...

Amendment 15 Apr 24, 2019

Updated Schedule A with current purchase prices for all units for the period January 1, 2019 through December 31, 2019.

• Schedule A prices decreased for 3 homes (median -5.9%): 5D $2,775,000 → $2,595,000; 7G $2,385,000 → $2,245,000; 8D $2,975,000 → $2,875,000

Amendment 14 Mar 28, 2019

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

• Schedule A purchase prices updated for all units
• Thirteenth Amendment noted as under review by Department of Law as of March 20, 2019
• Schedule A prices decreased for 6 homes (median -8.8%): 4D $2,650,000 → $2,495,000; 4G $2,195,000 → $1,995,000; 6A $1,650,000 → $1,575,000; 6Q $1,425,000 → $1,250,000; ...

Amendment 13 Mar 20, 2019

Amendment offers three non-residential units for sale at specified prices.

• Commercial Unit (COMM) offered at $37,000,000
• Retail Unit 1 (RTL1) offered at $30,000,000
• Retail Unit 2 (RTL2) offered at $23,500,000
• Terms of sale for non-residential units are freely negotiable based on arms-length negotiations

Amendment 12 Jan 29, 2019

The amendment changes the managing agent from FirstService Residential to Douglas Elliman Property Management and adds a FinCEN disclosure about financial crimes enforcement requirements.

• Managing agent changed from FirstService Residential to Douglas Elliman Property Management (675 3 Avenue, New York, NY 10017)
• FinCEN Geographic Targeting Order disclosure added for cash purchases of $300,000 or more
• FinCEN Order applies to residential real property (1-4 family units) purchased without bank loan financing
• Purchasers must deliver required documents to title company at closing or face default

Amendment 11 Dec 17, 2018

This eleventh amendment documents the first closing on September 27, 2018, establishes the condominium board, waives common charges during a sponsor funding period, and updates pricing and property information.

• First Closing occurred on September 27, 2018 for Unit 6D
• Common Charges waived for all Unit Owners from First Closing until Board resumes them; Sponsor pays operating expenses during Waiver Period
• Working Capital Account of $17,156 established at Capital One Bank
• Condominium Board elected; all members affiliated with Sponsor; Sponsor controls until fifth anniversary of First Closing, closing of all units, or earlier relinquishment
• First Annual Meeting scheduled approximately 30 days after later of second anniversary of First Closing or closing of 50% of Residential Units
• Sponsor sold 7 Residential Units; 82 Residential Units and 3 Non-Residential Units remain unsold
• Permanent Certificate of Occupancy Escrow Agreement entered; $3,975,000 deposited; Permanent COO anticipated within approximately 12 months from October 2, 2018

Amendment 10 Nov 6, 2018

Purchase prices changed for six residential units.

• Unit 4A price: $1,450,000
• Unit 4D price: $2,650,000
• Unit 4H price: $2,995,000
• Unit 4J price: $1,495,000
• Unit 4K price: $1,495,000
• Unit 5Q price: $1,300,000
• Schedule A prices decreased for 6 homes (median -4.9%): 4A $1,525,000 → $1,450,000; 4D $2,750,000 → $2,650,000; 4H $3,050,000 → $2,995,000; 4J $1,600,000 → $1,495,000; ...

Amendment 9 Sep 18, 2018

Corrected common interest percentages for five residential unit combinations and added building smoking policy.

• Schedule A updated with corrected Common Interest percentages for units 4L, 5L, 7M, 10A and PHA
• Smoking banned in all indoor and outdoor common areas
• Smoking permitted only in individual units or private balconies/terraces if smoke does not become a nuisance to other residents
• Smoking policy incorporated into Purchase Agreement and Use and Occupancy Agreement
• Schedule A prices decreased for 4 homes (median -5.0%): 4G $2,285,000 → $2,195,000; 4N $1,100,000 → $965,000; 5G $2,310,000 → $2,195,000; 5N $1,110,000 → $985,000

Amendment 8 Apr 2, 2018

Storage locker units reduced from 65 to 26, retail unit subdivided into two units, five residential units combined into three units, and resident manager's unit relocated.

• Storage Locker Units reduced from 65 to 26
• Retail Unit subdivided into Retail Unit 1 and Retail Unit 2
• Five Residential Units combined: 10A+10B→10A, PH11A+PH11B→PHA, 7M+7N→7M, 4L+4M→4L, 5L+5M→5L
• Total Residential Units reduced from 94 to 89
• Resident Manager's Unit changed from 4G to 7M
• Five penthouse units redesignated: PH11C→PHC, PH11D→PHD, PH11E→PHE, PH11F→PHF, PH11G→PHG
• Sponsor obtained Transfer Certificates for inclusionary air rights to obtain TCO for all Residential Units in IR Space

Amendment 7 Feb 8, 2018

This amendment updates budget certifications, adds tax law and financial reporting disclosures, and extends the offering plan term.

• First closing expected by June 30, 2018 or Plan will be amended with updated Schedule B
• No material changes to Common Charges from First Amendment budget
• Updated Certifications of Budget Expert attached
• Tax Cuts and Jobs Act of 2017 may affect tax deductions; buyers advised to consult tax expert
• FinCEN Geographic Targeting Order requires additional documentation for cash purchases over $3,000,000 in Manhattan or $1,500,000 in other boroughs

Amendment 6 Dec 6, 2017

Updated Schedule A with current purchase prices for units offered for sale.

Amendment 5 Sep 25, 2017

Plan declared effective based on receipt of purchase agreements for 15 residential units exceeding 15% threshold.

• Plan effective upon receipt of purchase agreements from 15+ bona fide purchasers (exceeding 15% of 94 units)
• 15 residential units listed as counted for effectiveness: 7D, 4B, 7F, 5E, 8E, 5F, 6L, 7K, PH11F, 7H, 6B, 8F, 5B, PH11E, 8D

Amendment 4 Sep 13, 2017

Updated Schedule A with current purchase prices and related unit information for the condominium.

• Schedule A updated with new offering prices for all units
• Common charges and carrying charges recalculated
• Projected annual and monthly common charges updated
• Projected annual and monthly real estate taxes updated
• Projected total annual and monthly carrying charges updated

Amendment 3 Jul 18, 2017

This amendment changes the selling agent to Douglas Elliman Real Estate and extends the plan term.

• Selling agent changed to Douglas Elliman Real Estate at 575 Madison Avenue, 4th Floor, New York, New York 10022
• First closing expected on or about January 1, 2018 (unless delayed by Force Majeure)
• If first closing does not occur by June 30, 2018, Sponsor will amend Plan to include updated Schedule B
• Plan term extended

Amendment 2 Mar 8, 2017

Storage lockers changed from licenses to deeded units, Schedule A and B updated with new prices and budget projections, and FinCEN disclosure requirements added.

• Storage lockers converted to deeded interests (75 units in cellar)
• Storage locker units can only be sold with residential units, not independently
• Storage locker owners pay pro-rata share of storage operation expenses
• First closing expected on or about January 1, 2018
• Updated Schedule A with new offering prices, common interest percentages, and projected charges
• Updated Budget for First Year of Condominium Operation January 1, 2018 to December 31, 2018
• FinCEN Geographic Targeting Order disclosure for cash purchases over $3,000,000 in Manhattan or $1,500,000 in other boroughs

Amendment 1 Jun 2, 2016

Amendment updates real estate tax counsel and projections, revises Schedule A with new unit prices and common charges, changes resident manager's unit from 4R to 4G at $2,285,000, reduces storage lockers from 75 to 65, and updates Schedule B budget and property descriptions.

• New Real Estate Tax Counsel: Goldberg Weprin Finkel Goldstein LLP; updated tax projections lower than original opinion
• Resident Manager's Unit changed to Unit 4G, purchase price $2,285,000.00, with estimated closing costs of approximately $75,677.50
• Storage Lockers reduced from 75 to 65
• Updated Schedule A with revised offering prices, Common Interest percentages, and projected common charges and real estate taxes
• Updated Schedule B budget for First Year of Condominium Operation (January 1, 2018 – December 31, 2018)
• Estimated real estate taxes: Residential Units $1,061,610, Non-Residential Units $581,940 for First Year
• Updated Floor Plans, Description of Property and Improvements, and Certification of Architect