211 Schermerhorn Condominium

Amendment 14 Apr 25, 2023

The Fourteenth Amendment updates the offering plan with 2021 financial statements, current board members, and working capital fund information.

• 2021 audited financial statements included
• Working Capital Account balance of approximately $150,611 as of March 14, 2023
• Current condominium board members listed
• Retail Unit continues to be offered for sale
• Plan term extended

Amendment 13 Mar 28, 2022

This amendment extends the offering plan, updates the 2022 budget, reports sponsor's financial status and unsold units, and confirms escrow for permanent certificate of occupancy.

• 2022 Condominium Budget adopted by Board
• Working Capital Account of approximately $186,300 on deposit as of March 1, 2022
• Sponsor has sold 44 Residential Units; 4 Residential Units remain unsold
• Retail Unit and Reserve Unit remain unsold
• Permanent Certificate of Occupancy anticipated within approximately 12 months; $125,000 held in escrow
• First Annual Meeting to be held approximately 30 days after second anniversary of First Closing or closing of 50% of Residential Units
• FinCEN reporting threshold for purchases is $300,000

Amendment 12 Sep 14, 2021

Changes the sponsor principals: David Gentile is removed and Deborah Tsabari and Gerard Jeffrey remain as the active principals.

• David Gentile removed as principal of sponsor
• Deborah Tsabari and Gerard Jeffrey remain as principals
• Sponsor entity 211 Schermerhorn Development LLC unchanged
• Sponsor office address: 430 Park Avenue, New York, New York 10022

Amendment 11 Jan 15, 2021

This eleventh amendment updates the condominium offering plan following the first closing on January 28, 2021, and discloses sponsor financial information and unsold unit status.

• First closing occurred January 28, 2021 for Unit 4D
• Working Capital Account of $65,858 established at Capital One Bank
• Condominium Board members listed: Deborah Tsabari (President), Gerard Jeffrey (Vice President), Janine A. Getler (Secretary/Treasurer)
• Sponsor sold 28 Residential Units; 20 Residential Units remain unsold
• Sponsor monthly Common Charges on unsold residential units approximately $69,910; on unsold non-residential units approximately $7,349
• PCO Escrow Agreement: $125,000 deposited for Permanent Certificate of Occupancy; anticipated within approximately 24 months from July 6, 2021
• Unsold units offered for sale at prices set forth in Schedule A
• Schedule A prices decreased for 31 homes (median -2.3%): GRD A $2,795,000 → $2,200,000; GRD B $2,465,000 → $1,995,000; 2C $1,425,000 → $1,395,000; 3C $1,485,000 → $1,295,000; ...

Amendment 10 Jul 17, 2020

Construction timeline extended due to Governor Cuomo's Executive Orders, with first closing tolled by the order duration plus 120 days; FinCEN reporting requirements disclosed for cash purchases over $300,000.

• First closing projected date (originally September 15, 2020) extended by duration of Executive Orders 202.18 and 202.55 plus 120 days
• Sponsor to amend Plan within 45 days of Executive Order expiration to disclose adjusted First Year of Condominium Operation
• Purchasers not entitled to rescission right if first closing occurs within adjusted timeline
• FinCEN Geographic Targeting Order disclosure: cash purchases of residential real property over $300,000 require reporting
• Purchasers must deliver documents to title company for FinCEN compliance at closing or face Event of Default

Amendment 9 Jan 14, 2020

Building is 88% complete with February 2020 TCO inspection and First Year of Condominium Operation starting February 1, 2020; 31 of 48 units under contract with updated Schedule A.

• Building approximately 88% complete; TCO inspections expected February 2020
• First Closing expected shortly after DOB issues TCO
• First Year of Condominium Operation projected to commence on or about February 1, 2020
• 31 of 48 residential units under fully executed Purchase Agreement
• Updated Schedule A reflects new Purchase Prices, Real Estate Taxes and Common Charges
• Schedule B budget for February 1, 2020 to January 31, 2021 with no change to Common Charges
• FirstService Residential, New York, Inc. engaged as Managing Agent
• Rescission right offered to purchasers with agreements executed before June 12, 2019

Amendment 8 Nov 22, 2019

Purchase price for Unit 3A changed to $1,200,000.

• Unit 3A purchase price changed to $1,200,000
• Seventh Amendment under review by Department of Law as of this amendment date

Amendment 6 May 17, 2019

First year of condominium operation moved to August 1, 2019, with updated pricing, common charges, real estate taxes, and closing cost adjustments due to new state transfer tax and title insurance rate changes.

• First Year of Condominium Operation now scheduled to commence August 1, 2019
• New York State transfer tax and mansion tax increased effective April 2, 2019 for transactions closing on or after July 1, 2019
• Title insurance premiums decreased 5% for all policies issued on or after February 15, 2019
• Updated Schedule A with current purchase prices and common charges
• Updated Schedule B budget for period August 1, 2019 to July 31, 2020
• Condominium Declaration recorded May 6, 2019 under CRFN# 2019000143248
• Tax Lot Drawings recorded May 6, 2019 under CRFN# 2019000143249
• FinCEN Geographic Targeting Order reporting threshold $300,000
• Schedule A prices increased for 25 homes (median +2.2%): 2C $1,395,000 → $1,425,000; 3C $1,450,000 → $1,485,000; 3D $1,600,000 → $1,625,000; 4C $1,465,000 → $1,515,000; ...

Amendment 5 Oct 29, 2018

Fifth Amendment adds smoking policy restrictions, updates Unit 11D floor plan, changes selling agent, and extends plan term.

• Smoking banned in outdoor common areas, within 15 feet of entrances/exits/windows/air intakes, and indoor common areas; allowed only inside residential units and on unit balconies/patios/porches
• Unit 11D floor plan updated to reflect Lot Line Windows label; Unit 11D removed from D-Line units reference in Fourth Amendment
• Corcoran Sunshine Marketing Group (888 Seventh Avenue, 39th Floor, New York, NY 10106) is new Selling Agent
• First Closing contemplated during First Year of Condominium Operation; if not by June 30, 2019, Sponsor will amend Plan with updated Schedule B

Amendment 4 Apr 18, 2018

Fourth Amendment updates floor plans, declares the plan effective, changes sponsor address, removes transit easement risk, and adds tax and FinCEN disclosures.

• Updated floor plans replace previous plans in their entirety; DOB approval pending
• Plan declared effective based on 9 purchase agreements (18% of 48 residential units)
• Sponsor address changed to 430 Park Avenue, 5th Floor, New York, NY 10022
• Transit Authority Easement and Subway Assumption Agreement deleted; property no longer subject to easement
• Removed inadvertent reference to 'Spa' in Reserve Fund Study
• Tax information in plan may be inaccurate due to Tax Cuts and Jobs Act of 2017; purchasers advised to consult tax expert
• FinCEN Geographic Targeting Order applies to cash purchases over $3,000,000 in Manhattan and $1,500,000 in other boroughs through March 20, 2018

Amendment 3 Mar 20, 2018

Updated Schedule A with current purchase prices for units and storage lockers.

• Schedule A updated with new offering prices for all units
• Storage locker license fees and annual charges provided
• Common charges and real estate tax estimates updated for projected first year of operation (1/1/19-12/31/19)

Amendment 2 Mar 5, 2018

Updated Schedule A with current purchase prices for units.

• Schedule A — Purchase Prices and Related Information updated with current prices
• Storage locker license fees specified for projected first year of operation (1/1/19-12/31/19)

Amendment 1 Jan 8, 2018

Purchase prices for six units have been changed.

• Unit 3D: $1,600,000
• Unit 5B: $1,450,000
• Unit 5D: $1,630,000
• Unit 7A: $1,500,000
• Unit 8A: $1,515,000
• Unit 9A: $1,530,000
• Unit 11D: $2,185,000
• Schedule A prices increased for 7 homes (median +0.9%): 3D $1,585,000 → $1,600,000; 5B $1,430,000 → $1,450,000; 5D $1,615,000 → $1,630,000; 7A $1,490,000 → $1,500,000; ...