206 Prospect Place Condominium

Amendment 15 Jun 9, 2022

Unit 3 price increased and offering plan extended by six months following acceptance of purchase agreement.

• Unit 3 price raised from $1,495,000 to $1,735,000
• Offering plan extended for additional six (6) months from date of amendment

Amendment 14 Nov 22, 2021

Amendment shifts first year of operation to January 1 - December 31, 2022, updates transfer tax obligations to purchasers, and extends offering plan period by six months.

• First year of condominium operation changed to January 1, 2022 - December 31, 2022
• Purchaser now responsible for paying New York State Transfer Tax ($4.00 per $1,000 of purchase price)
• Purchaser responsible for New York City Real Property Transfer Tax (1.425% of purchase price) with gross-up effect
• Transfer taxes will no longer be "grossed up" by sponsor for NYSTT
• Offering plan extended for additional six months
• Schedule A and Schedule B revised to reflect new operation dates
• Purchase Agreement updated to explicitly assign tax obligations to purchaser in Item #13
• Schedule A prices increased for 4 homes (median +75.7%): 1 $1,195,000 → $2,100,000; 2 $949,000 → $1,695,000; 3 $895,000 → $1,495,000; 4 $1,695,000 → $2,000,000

Amendment 13 Mar 26, 2021

Amendment updates the first year of condominium operation to July 1, 2021 through June 30, 2022, changes the escrow agent, revises escrow procedures, and discloses new transfer tax rates.

• First year of condominium operation changed to July 1, 2021 through June 30, 2022
• Escrow agent changed to law firm of Robert C. Dubno, Esq., 747 President Street, Brooklyn, NY 11215, (718) 789-7777
• Escrow account established at Signature Bank, N.A., 26 Court Street, Brooklyn, NY 11242
• New New York State transfer tax rates disclosed for residential property $3 million or more and supplemental tax for $2 million or more
• Revised escrow trust fund procedures and Purchase Agreement and Escrow Agreement included as exhibits
• Offering Plan extended for an additional six (6) months from the date of amendment

Amendment 9 Jul 3, 2018

Sponsor's counsel and escrow agent changed, document preparation fee set, and offering plan extended six months.

• Sponsor's Counsel changed to Law Office of Claudia V. Murdoch, P.C., who also serves as Escrow Agent
• Escrow account established at JP Morgan Chase Bank, N.A., 127 Seventh Avenue, Brooklyn
• Document preparation fee set at $1,950.00
• Offering Plan extended for additional six (6) months from date of amendment
• No units currently in contract or being rented by Sponsor

Amendment 8 Aug 24, 2017

First year of condominium operation moved to January 1, 2018 through December 31, 2018; Real Estate Taxes and carrying costs increased due to higher assessed value.

• First year of condominium operation: January 1, 2018 through December 31, 2018
• Real Estate Taxes increased for first year due to increase in assessed value
• Projected overall carrying costs increased in first year of condominium operation
• Offering Plan extended for additional six (6) months from amendment date
• No units rented or in contract
• No other changes to Offering Plan

Amendment 7 Mar 9, 2017

Amendment updates the first year of condominium operation to July 1, 2017 through June 30, 2018, increases projected real estate taxes and carrying costs, and extends the offering plan for six months.

• First year of condominium operation changed to July 1, 2017 through June 30, 2018
• Projected real estate taxes increased for first year of operation
• Projected overall carrying costs increased in first year of operation
• Offering plan extended for additional six months from amendment date
• Schedule B revised to reflect new first year budget
• Schedule A revised to reflect increased carrying costs

Amendment 6 Nov 9, 2015

First condominium year moved to January 1–December 31, 2016; budget and common charges reduced; mortgage contingency restricted to Chase Home Mortgage Corp.; offering plan extended six months.

• First year of condominium operation: January 1, 2016 through December 31, 2016
• Annual budget reduced to $12,579 due to lower insurance, electricity, water/sewer, and capital reserve costs
• Common charges reduced as result of revised budget
• Mortgage contingency now requires financing through Chase Home Mortgage Corp., Ahmed Shueib, (718-979-3589 / 917-406-1968)
• Offering plan extended six months from amendment date
• Insurance: $1,300,000 building coverage, $1,000,000/$2,000,000 liability, $2,500 deductible via Seneca Insurance

Amendment 5 Jul 14, 2015

Prices for three units increased.

• Unit 1 price raised from $1,495,000.00 to $2,100,000.00
• Unit 3 price raised from $1,195,000.00 to $1,300,000.00
• Unit 4 price raised from $1,795,000.00 to $2,000,000.00

Amendment 4 May 6, 2015

First year of condominium operation moved to September 1, 2015 through August 31, 2016, with revised budget and real estate taxes.

• First year of condominium operation: September 1, 2015 through August 31, 2016
• Real estate taxes decreased due to change in projected assessed value
• Schedule B budget revised with no change to total common charges of $18,203
• Schedule A revised to reflect new real estate tax projections
• All purchasers offered right of rescission within 15 days of amendment filing
• Offering plan extended for additional 6 months from May 6, 2015

Amendment 3 Jan 2, 2015

Unit prices increased, first year of operation moved to April 2015–March 2016, limited common elements allocated to units, financing contingency restricted to Prime Lending, and rescission rights offered.

• Unit prices increased: Unit 1 from $1,295,000 to $1,495,000, Unit 2 from $1,095,000 to $1,495,000, Unit 3 from $995,000 to $1,195,000, Unit 4 from $1,695,000 to $1,795,000
• First year of condominium operation moved to April 1, 2015 through March 31, 2016
• Real estate taxes for first year adjusted due to change in projected assessed value
• Financing contingency only available through Prime Lending (900 South Avenue, Suite 55, Staten Island, NY 10314)
• Limited common elements allocated: rear yard areas to Units 1 and 2, balcony to Unit 3, balcony and roof areas to Unit 4
• Final Certificate of Occupancy expected within approximately 90 days
• Purchasers offered right of rescission within 15 days of receiving this amendment
• Offering plan extended for additional 6 months from amendment date

Amendment 2 Dec 19, 2013

Amendment changes the first year of condominium operation to 2014, increases all unit prices, updates real estate taxes, designates Robert C. Dubno as sponsor's representative and escrowee, and revises deposit escrow provisions and purchase procedures.

• Unit 1 price increased from $1,195,000.00 to $1,295,000.00
• Unit 2 price increased from $949,000.00 to $1,095,000.00
• Unit 3 price increased from $895,000.00 to $995,000.00
• First year of condominium operation now January 1, 2014 through December 31, 2014
• Real estate taxes for first year adjusted due to change in projected assessed value
• Robert C. Dubno designated as sponsor's representative at closings and contract deposit escrowee
• Escrow account established as ROBERT C. DUBNO IOLA ACCOUNT at Signature Bank, N.A., 26 Court Street, Brooklyn, NY 11242
• Revised deposit escrow provisions and purchase procedures reflecting changes to New York law

Amendment 1 Jan 14, 2013

First year of condominium operation moved to July 1, 2013–June 30, 2014; budget increased due to water/sewer rate rises and capital reserve; common charges adjusted; deposit escrow procedures revised; board control timeline and insurance/condemnation provisions added.

• First year of condominium operation now July 1, 2013 through June 30, 2014
• Budget for first year increased due to New York City water and sewer rate increases and projected Capital Reserve
• Common charges for first year increased (revised Schedule A attached)
• Real estate taxes for first year decreased due to lower NYC Real Property tax rate
• All purchasers offered right of rescission within 15 days of receiving this amendment
• Deposit escrow provisions revised; new Procedure to Purchase and Escrow Agreement attached
• Board control transfers to unit owners at later of 120 days after 75% units conveyed or 3 years after first conveyance
• Offering Plan extended for additional 6 months from January 14, 2013