Greenpoint Condominium

Amendment 10 Jan 29, 2019

Tenth amendment documenting first closing on March 8, 2019, unit sales status, building permits, escrow account balance, common charges start date, board members, and updated transfer tax rates effective July 1, 2019.

• First Unit Closing held on March 8, 2019; 42 Tower Units sold, 53 unsold (50 with executed Purchase Agreements)
• Temporary Certificate of Occupancy issued March 5, 2019; estimated $9,700,000.00 cost to obtain Permanent Certificate
• Escrow account balance $20,792,762.00 as of April 22, 2019; PCO anticipated October 2020
• Common Charges payable by Unit Owners starting May 1, 2019
• Working Capital Fund $103,268.80; Reserve Fund $43,714.50 as of April 29, 2019
• Initial Board: Robert Feidelson (President), Randy Torres (Vice President), Nat Plotkin (Secretary/Treasurer)
• Ceiling heights in certain Tower Units changed between six and twelve inches
• New York State Transfer Tax and Mansion Tax rates modified effective July 1, 2019 for purchases with agreements after April 1, 2019

Amendment 9 Oct 25, 2018

Building smoking policy amended to prohibit smoking including e-cigarettes in all common elements and units; First Year's Budget certified as accurate.

• Smoking (including e-cigarettes) prohibited in all common elements, residential areas, and units
• First Year's Budget (September 1, 2018 – August 31, 2019) certified at $5,829,573 total projected income and expenses
• Interim Use and Occupancy Agreement, Rules and Regulations, and Purchase Agreement updated for smoking policy

Amendment 8 May 8, 2018

Schedule B budget updated with new First Year of Condominium Operation dates (September 1, 2018 to October 31, 2019), Schedule A adjusted for common charges and real estate taxes, floor plans corrected for four units, and tax law changes disclosed.

• First Year of Condominium Operation changed to September 1, 2018 to October 31, 2019
• Schedule B reallocated reserve fund and updated labor, insurance line items
• Real Estate Tax Projection Opinion updated (April 26, 2018)
• Schedule A common interest percentages corrected for units 28A, 32K, 33C, 33D, 33E, 37B, 38D
• Floor plans corrected for square footage of units 38B, 39B, PHB, PHD
• Tax Cuts and Jobs Act 2018 changes disclosed: SALT deductions capped at $10,000, mortgage interest limit $750,000
• Geographic Targeting Order expiration extended to September 16, 2018
• Title insurance rates updated: endorsements increased from $25 to $50 per endorsement

Amendment 7 Dec 22, 2017

Sponsor amended offering prices of certain unsold residential units.

• Schedule A prices increased for 41 homes (median +1.8%): 28B $1,110,000 → $1,155,000; 28C $1,195,000 → $1,205,000; 28G $1,135,000 → $1,155,000; 28J $1,185,000 → $1,205,000; ...

Amendment 6 Dec 5, 2017

Plan declared effective upon entry into Purchase Agreements for 47 units representing approximately 50% of units offered for sale.

• Plan declared effective
• 47 units with executed Purchase Agreements counted toward effectiveness requirement

Amendment 5 Oct 18, 2017

Fifth Amendment updates electric submetering terms, purchase agreement provisions, lease terms, and unit specifications for The Greenpoint Condominium.

• Tower Units now have electric submetering approved by NYSPSC; charges based on Con Edison rates with monthly billing
• Arbitration references deleted from purchase agreement
• Second down payment due earlier of 6 months from Purchase Agreement or 15 days after plan effectiveness
• Sponsor's attorney assignment fee set at $1,000.00; closing fee set at $3,250
• Foreign government purchasers required to deposit 2 years of Common Charges at closing
• FinCEN Geographic Targeting Order threshold lowered from $3,000,000 to $1,500,000; applies to closings after September 22, 2017
• Tower Unit leases limited to minimum 1 year and maximum 2 years
• Residential unit ceiling heights and certain floor plans revised for minor layout and column changes

Amendment 4 Sep 21, 2017

Pricing updated for unsold residential units in towers 28-39 and penthouse units.

• Purchase prices changed for 68 unsold residential units across towers 28-39 and penthouse units
• Price changes do not affect existing Purchase Agreements as of the amendment date
• Schedule A prices increased for 86 homes (median +11.9%): 28B $959,000 → $1,110,000; 28C $1,020,000 → $1,195,000; 28D $1,245,000 → $1,370,000; 28E $1,475,000 → $1,550,000; ...

Amendment 3 Aug 16, 2017

Prices of certain unsold residential units are amended as shown in the new Schedule A.

Amendment 2 Aug 3, 2017

Sponsor amended offering prices of certain unsold residential units.

• Offering prices of unsold residential units amended per new Schedule A
• Price changes do not affect existing Purchase Agreements
• Schedule A shows unit prices ranging from $550,000 to $3,500,000
• Schedule A prices increased for 50 homes (median +3.2%): 28A $1,770,000 → $1,870,000; 28C $995,000 → $1,020,000; 28D $1,220,000 → $1,245,000; 28F $760,000 → $785,000; ...

Amendment 1 Jul 7, 2017

Sponsor amended offering prices for unsold residential units in the building.

• Schedule A prices increased for 26 homes (median +5.8%): 28A $1,670,000 → $1,770,000; 28H $1,030,000 → $1,055,000; 28K $1,670,000 → $1,770,000; 29A $1,690,000 → $1,790,000; ...