Gramercy Square Condominium

Amendment 26 Jul 11, 2025

The amendment replaces the sponsor's attorneys and escrow agent with Starr Associates LLP, updates the purchase agreement form, and sets new closing fees payable to Starr Associates LLP.

• Starr Associates LLP replaces Herbert Smith Freehills Kramer (US) LLP as Escrow Agent and becomes Attorneys for Sponsor
• Deposits to be held in "Starr Associates LLP, Escrow Account" at Flagstar Bank, 1400 Broadway, New York, NY 10018
• Updated Purchase Agreement form replaces the one in the Twentieth Amendment, with an escrow rider that must be signed by the Escrow Agent
• Sponsor closing fees: $4,500 for closing document preparation and attendance; $250 for ACRIS transfer documents
• Fees that may apply: $750 for storage or parking bin license; $1,500 for assignment or name changes; $300 per rescheduled closing; $750 for mortgage financing; $750 for Section 1031 exchange

Amendment 25 Feb 28, 2025

This amendment discloses a January 2025 lawsuit by the condominium board against the Sponsor over construction defects, reports that the Sponsor no longer controls the board, and updates the unit price schedule, 2025 budget, and Sponsor financial disclosures.

• Board of Managers sued Sponsor on January 15, 2025 (index number 650249/2025), alleging design and construction defects; Sponsor disputes the allegations
• Sponsor no longer controls the Condominium Board; listed members are Joshua Deason, Evan Bliss, Rachel Murray, William Greenberg, and David Bistricer, with Bistricer affiliated with Sponsor
• Schedule A updated with current Common Charges and real estate taxes for Unsold Units, using DOF tax year 2024/2025 figures
• 2025 operating budget adopted for January 1, 2025 to December 31, 2025 (Exhibit A), with Common Charges of $6,957,500
• Unsold Units secured by loans of approximately $23,251,999.58 from G4 Development Group, LLC, with initial maturity October 31, 2026 and two six-month extension options
• Financial statements for the year ending December 31, 2024 not yet issued; will be added in a later amendment
• No permanent Certificate of Occupancy yet; $10,000 held in escrow with Citibank, N.A. for remaining work
• Plan may not be used after twelve months following the Filing Date of this Amendment unless extended or amended

Amendment 24 Mar 25, 2024

This amendment reports that the Sponsor no longer controls the Condominium Board, updates the Sponsor's unsold-unit costs, rent and loans, keeps the 2024 budget in effect, adds 2022 financial statements, and notes that a permanent Certificate of Occupancy has not yet been issued.

• Sponsor no longer controls the Condominium Board; members are William Greenberg (President), Rachel Murray, Cesar Medina and David Bistricer (affiliated with Sponsor)
• Unsold units owe about $188,975 monthly in Common Charges and about $223,519 monthly in real estate taxes (as of March 11, 2024)
• Sponsor's loans on unsold units total about $32,279,448.33 in unpaid principal, from G4 Development Group, LLC, with initial maturity October 31, 2026 and two six-month extension options
• Unsold units have 15 tenancies and about 13 leased parking spaces, producing about $189,915 in monthly rent for Sponsor
• Budget for January 1, 2024 to December 31, 2024 remains in effect; expert certification dated March 12, 2024 attached
• Financial statements for December 31, 2022 added; 2023 statements not yet issued and will come in a later amendment
• Permanent Certificate of Occupancy not yet issued; $150,000 held in escrow at Citibank, N.A. for remaining work
• Plan may not be used after twelve (12) months following the Filing Date of this Amendment unless extended or amended

Amendment 23 Jan 12, 2024

This amendment updates the Gramercy Square condo plan with the 2024 operating budget, a new budget expert certification, and refreshed unsold-unit prices, common charges, and real estate tax amounts, and it notes that Meyer Chetrit is no longer a Sponsor principal.

• Operating budget for January 1, 2024 to December 31, 2024 adopted and attached as Exhibit A-1, based on partial occupancy (title not yet conveyed for 75% of Residential Units)
• Budget expert certification updated and attached as Exhibit A-2, dated January 11, 2024
• Schedule A (Exhibit B) updated with Common Charges for the current operating year and actual real estate taxes for Unsold Residential Units, using DOF tax year 2023/2024 amounts
• Meyer Chetrit is no longer a principal of Sponsor; David Bistricer remains a principal
• Amendment governs over any conflicting terms in the Plan; otherwise no material changes

Amendment 22 May 3, 2023

This amendment changes Building C staffing, sets a $150,000 estimate for the remaining work needed for the permanent certificate of occupancy, updates the 2023 budget and Schedule A, and limits how long the plan can be used.

• Deposits stay in escrow until the permanent certificate of occupancy (FCO) is issued; sponsor estimates $150,000 to finish the remaining work as of February 7, 2023
• Building C: one doorman replaces the virtual doorman, staffed during daytime after the first Building C closing and 24 hours a day once at least 50% of units are occupied
• 2023 operating budget (January 1, 2023 - December 31, 2023) and Schedule A added; real estate taxes are based on DOF tax year 2022/2023 and may rise once the building is fully complete
• Sponsor's unsold units: 27 tenancies; monthly common charges about $107,638, monthly real estate taxes about $260,368, and monthly rent about $260,496
• Unsold units carry loans of about $58,516,593 from G4 Development Group, LLC, with an initial maturity of May 31, 2023 and two one-year extension options
• List of unsold residential units (Exhibit G) as of February 23, 2023 added
• Financial statements for the year ending December 31, 2021 added
• Plan may not be used after twelve months following the filing date of this amendment

Amendment 21 Jul 26, 2022

This amendment updates projected real estate taxes for unsold units after a reduced 2022/23 tax assessment, notes that common charges began January 1, 2022, and lowers each buyer's Resident Manager's Unit closing contribution by about $2.00 to $5.00.

• Property tax assessment for July 1, 2022 through June 30, 2023 reduced by 7,279,738 under agreement with the Tax Commission of the City of New York
• Projected real estate taxes for unsold units updated in Schedule A (Exhibit B)
• Future tax years may rise, in some cases substantially, once the building is fully assessed; sponsor gives no guarantee of future reductions and buyers have no rescission right
• Common charges collection commenced January 1, 2022
• Each purchaser's Resident Manager's Unit contribution reduced by about $2.00 to $5.00 (about $440.00 in aggregate) versus the Twentieth Amendment's Schedule A
• Tax Commission agreement must be signed and returned by July 11, 2022

Amendment 20 Feb 15, 2022

This amendment names Kramer Levin Naftalis & Frankel LLP as Sponsor's new counsel and escrow agent, updates the escrow account and closing terms, and restates the fees buyers pay to Sponsor's counsel.

• Sponsor's counsel changed to Kramer Levin Naftalis & Frankel LLP, 1177 Avenue of the Americas, New York, New York 10036
• The same firm now also serves as Escrow Agent and holds deposits in the Master Escrow Account at Citibank N.A., 153 East 53rd Street
• Escrow signatories named: Jay A. Neveloff, Jonathan H. Canter, James P. Godman, Tzvi Rokeach and Joshua Winefsky
• Closings held at Kramer Levin's offices, or at another place Sponsor designates on at least two Business Days' prior notice, or as an escrow-type closing through the buyer's title company
• Per-unit base closing fee payable to Sponsor's Counsel set at $4,500
• Other fees payable to Sponsor's Counsel: $650 per Storage or Parking Bin License; $750 if the buyer has a mortgage; $300 per adjournment; $1,500 for an assignment or name change; $300 for ACRIS transfer documents; $875 for a 1031 exchange agreement
• Travel fee of $700 for a closing elsewhere in Manhattan or $875 in another borough, if Sponsor consents
• Escrow interest rate was 0.010% for deposits of $100,000 and above as of January 11, 2022; FDIC insurance limit stated as $250,000

Amendment 19 2021

The amendment removes the staffed doorman in Building C at 224 East 20th Street and replaces it with a smartphone video intercom system (ButterflyMX, or equivalent) that lets residents see visitors, speak with them, and unlock the entrance door.

• No doorman staffed in Building C at 224 East 20th Street
• Sponsor will install a Butterfly Intercom system, or the equivalent, in place of the doorman
• Unit owners use a smartphone app to see visitors, talk with them, and unlock the entrance door
• Unit owners without a smartphone receive a phone call to open the entrance door

Amendment 18 2021

This amendment updates Gramercy Square's unsold-unit holdings and prices, sponsor carrying costs and loans, control period, budget, certificate of occupancy status, and amenity openings.

• Sponsor owns 118 unsold units; new Schedule A (Exhibit A) reflects current purchase prices
• Common charges not yet payable; earliest date April 1, 2021
• Sponsor's monthly real estate tax payment for unsold units expected to drop from approximately $526,613.00 to $466,139.55 starting July 2021
• Loans on unsold units total $201,828,935.74, with initial maturity May 31, 2023
• Initial Control Period expected to end June 28, 2023, unless the 95% threshold is reached sooner
• Budget for period ending June 30, 2021 is the same as the budget for year ending December 31, 2020
• TCO for 215 East 19th Street expires March 15, 2021; Sponsor will keep renewing TCOs until final CO; estimated final CO cost $2,500,000
• Storage bins, parking, pool, fitness room and courtyards open; media rooms and lounges not furnished until COVID-19 restrictions lift

Amendment 17 Dec 26, 2019

This amendment lowers the asking prices of three unsold homes (units 3B, 7A and 9D) at Gramercy Square Condominium and states that the plan is not extended and that there have been no material changes.

• Price of unit 3B reduced from $3,195,000 to $2,995,000
• Price of unit 7A reduced from $3,940,000 to $3,595,000
• Price of unit 9D reduced from $4,010,000 to $3,695,000
• Combined price of the three units reduced from $11,145,000 to 10,285,000
• Plan not extended by this amendment
• Sponsor states there have been no material changes of facts or circumstances

Amendment 16 Sep 3, 2019

This Fourteenth Amendment updates the Gramercy Square Condominium plan on the sponsor's unsold units, when common charges start, a pending mechanic's lien lawsuit, amenity status, new transfer taxes, the PCO estimate, the budget, and board control.

• Sponsor owns 118 unsold residential units as of September 17, 2019, listed in Exhibit A
• Common Charges not yet payable; earliest start November 1, 2019, with 30 days' written notice before they begin
• Mechanic's lien foreclosure action filed by GMC Contracting & Estimating Service, Inc.; lien of $4,752.48, summons and complaint seek $118,351.02
• State transfer tax rate rises to 0.65% for sales of $3 million or more, and new supplemental mansion tax rates apply, both as of July 1, 2019; may increase closing costs
• Amenities: parking access within sixty days; pool not open until health permit obtained; fitness room furnished; courtyards and sidewalks within sixty days; media rooms and lounges furnished within sixty to ninety days
• PCO estimate reduced to $4,885,684; 220 East 20th Street does not yet have a temporary certificate of occupancy
• Sponsor designates four of five board members during the Initial Control Period; first annual meeting planned for end of September or beginning of October 2019
• Budget for period ending June 30, 2020 is the same as the year ending December 31, 2019; Exhibit D certifies its adequacy

Amendment 15 Feb 22, 2019

This amendment updates the sponsor's unsold-unit holdings, 2019 taxes, budget and escrow figures, and revises floor plans for several units in Buildings A and D.

• Sponsor owns 124 unsold residential units as of February 7, 2019
• Floor plans changed for units 9D, 10D, 11D, 12D, 14D and 15D (215 East 19th Street), the PH unit (215 East 19th Street), and unit PHB (225 East 19th Street)
• Monthly real estate taxes on Sponsor's unsold units: $336,924.82
• Common Charges not yet payable; earliest date June 1, 2019
• 2019 budget is the same as the 2018 budget
• PCO escrow estimate $13,365,009; escrow balance exceeded that amount as of February 12, 2019
• 2018 financial statement not yet available
• FinCEN Geographic Targeting Order reporting requirements described

Amendment 14 2019

This amendment lowers the asking price of one unit, 2H at 215 East 19th Street, from $4,265,000 to $3,995,000.

• Price of unit 2H at 215 East 19th Street reduced from $4,265,000 to $3,995,000 (decrease of $270,000)
• States there have been no material changes of facts or circumstances affecting the Property or the offering
• States the amendment does not extend the Plan

Amendment 13 Aug 7, 2018

This Eleventh Amendment extends the plan for six months, reports delayed common charges and the first closing, adds a smoking policy to the by-laws, and updates the escrow, temporary certificate of occupancy, and unsold-unit information.

• Plan extended for six (6) months from the date of this Amendment
• Collection of Common Charges delayed; expected to continue to be delayed for at least three (3) months
• Smoking and electronic cigarettes prohibited in indoor common areas; permitted in Residential Units and on balconies, terraces, and outdoor common areas to the extent permitted by the SFAA
• Escrow Account to hold deposits up to the $26,500,000 PCO Certificate estimate; balance was well in excess of $26,500,000 as of June 29, 2018
• First Closing took place June 29, 2018 (Unit 301, 225 East 19th Street, Building D)
• Temporary Certificate of Occupancy for 227 East 19th Street and 230 East 20th Street attached as Exhibit A, effective 08/10/2018, expiring 11/08/2018
• Unsold Units list as of July 19, 2018 attached as Exhibit C
• Initial Board Members named: David Bistricer (President), Meyer Chetrit (Vice President), Eddie Tischo (Secretary/Treasurer)

Amendment 12 2018

This amendment raises the purchase price of 46 parking spaces from $250,000 to $385,000 each, while parking spaces already under contract stay under their existing agreements.

• Price of 46 parking spaces (P1 to P46) raised from $250,000 to $385,000 each, an increase of $135,000 per space
• Total price of the listed parking spaces rises from $11,500,000 to $17,710,000, an increase of $6,210,000
• Parking spaces already under contract will be sold under the terms of their existing agreements with the Sponsor
• The Plan is not extended by this amendment
• The Sponsor states there have been no other material changes of facts or circumstances affecting the Property or the offering

Amendment 11 2018

Declares the Gramercy Square condominium plan effective after 40 purchase agreements (about 18% of units), requires a 20% deposit from purchasers who sign after this amendment, and extends the plan for six months.

• Plan declared effective based on 40 purchase agreements, about 18% of Residential Units
• Purchasers signing after this amendment must deposit 20% of the Purchase Price
• Purchasers with an Additional Deposit owe it within 15 days after the Presentation Date of this Amendment
• Plan extended for six (6) months from the date of this Amendment
• Sponsor affirms no material changes to the first-year projected budget not already disclosed

Amendment 10 2018

This amendment gives buyers who signed purchase agreements and paid deposits before May 18, 2016 a 15-day right to rescind, because the projected first year of condominium operation has moved to June 1, 2018 to May 31, 2019, and closings are expected to begin on or before June 30, 2018.

• Buyers who signed and paid deposits before May 18, 2016 may rescind within 15 days after the Presentation Date; buyers who signed on or after May 18, 2016 may not
• Projected first year of condominium operation is now June 1, 2018 to May 31, 2019
• Sponsor expects closings of Residential Units to begin before or on June 30, 2018
• Budget from the First Amendment is still valid, certified by Douglas Elliman Property Management (Exhibit A)
• Tax information in the plan may be inaccurate because of the Tax Cuts and Jobs Act of 2017; buyers should consult a tax expert
• FinCEN geographic targeting order: title companies must report purchaser identities for certain no-loan, cash-type closings on or after September 22, 2017
• Plan extended for six months from the date of this Amendment
• Sponsor states there have been no material changes of facts or circumstances affecting the Property or the offering

Amendment 9 2017

This amendment raises the purchase prices of many unsold homes in three of Gramercy Square's four buildings, and leaves the prices in the fourth building unchanged.

• Prices raised for units at 215 East 19th Street (building total $567,745,000 changed to $573,370,000, an increase of $5,625,000)
• Prices raised for units at 225 East 19th Street (building total $106,074,000 changed to $108,274,000, an increase of $2,200,000)
• Prices raised for units at 230 East 20th Street (building total $76,685,000 changed to $77,255,000, an increase of $570,000)
• Prices unchanged for units at 220 East 20th Street (building total $58,600,000)
• All-buildings total changed from $809,104,000 to $817,499,000, an increase of $8,395,000
• The Plan is not extended
• No material changes to the property or the offering

Amendment 8 Aug 25, 2017

Updates the 215 East 19th Street floor plans and bathroom layouts, revises tax estimates and building specifications, changes exterior wall materials, and extends the Plan for six months.

• Exterior walls of 215 East 19th and 220 East 20th Street buildings changed to include brick EIFS and stucco
• Closings expected to begin on or about June 1, 2018; in at least one building they could begin as early as January 1, 2018
• Purchasers who signed after this amendment may rescind if the First Closing does not occur within 12 months after June 1, 2018
• Floor plans changed for Units 2B through 15B at 215 East 19th Street: toilet and vanity positions moved, doorways moved in 7B through 15B, no change in square footage
• Estimated Residential Unit real estate taxes: $3,581,807 for 2017/2018 and $6,240,091 for 2018/2019, before abatements
• Windows in 225 East 19th Street get limit stops instead of window guards; fan coil heating and cooling capacity increased; common corridors carpet only instead of carpet and stone tile
• Some bathroom and kitchen fixtures and appliances replaced with similar or equal ones; AC units in elevator machine rooms will not connect to emergency power
• Plan extended six months from the filing date

Amendment 7 Apr 25, 2017

This amendment raises the purchase prices of the residential units listed in Exhibit A, effective May 1, 2017, and makes no other material changes to the plan.

• Purchase prices raised for units listed in Exhibit A across 215 East 19th Street, 225 East 19th Street, 230 East 20th Street and 220 East 20th Street
• Total price increase of $7,595,000 (all units: $801,509,000 to $809,104,000)
• Price increases effective May 1, 2017
• Plan is not extended by this amendment
• No material changes of facts or circumstances affecting the Property or the offering

Amendment 6 2017

This amendment adds a new floor plan for Unit 1G at 215 East 19th Street, clarifying that its 127 square feet of open-to-below space is part of the unit's square footage, and extends the Plan for six months from the filing date.

• New floor plan for Unit 1G (215 East 19th Street) attached as Exhibit A
• 127 sq ft "Open to Below" space included in Unit 1G's square footage, allocated to the Upper Level
• Outdoor terrace graphics updated to match Schedule A square footage; terrace square footage not changed
• Offering Plan extended six months from the filing date

Amendment 5 Jan 30, 2017

This amendment raises the purchase prices of 13 residential units listed in Exhibit A at Gramercy Square Condominium, for a total increase of $1,344,000.00.

• Prices of 13 residential units raised, total increase $1,344,000.00
• Total of listed prices rises from $36,985,000.00 to $38,329,000.00
• Largest single increase: unit 101 at 225 East 19th Street, from $1,775,000.00 to $2,225,000.00
• Amendment does not extend the Plan
• Sponsor states there have been no material changes of facts or circumstances

Amendment 4 Nov 8, 2016

This amendment swaps the bathtub brand in Building A, makes the medicine cabinets in Buildings A and D standard rather than custom, updates the FinCEN disclosure, and extends the Plan for six months.

• Duravit standard bathtubs replace Kohler standard bathtubs in all Building A units; Kohler stand-alone bathtubs in units indicated to have them remain unchanged
• Medicine cabinets in Buildings A and D will be a standard manufactured product, not custom built
• Plan extended six (6) months from the date of acceptance
• FinCEN geographic targeting order disclosure updated: on July 22, 2016 FinCEN expanded covered areas and extended the order to February 23, 2017, which date is subject to change by FinCEN
• Order covers applicable residential real property closings occurring on or after August 28, 2016
• No material changes of facts or circumstances affecting the Property or the offering

Amendment 3 May 18, 2016

This amendment moves the projected closing and first-year dates to July 1, 2017, attaches a revised Schedule A with updated prices and tax projections, revises the By-Laws on sponsor board control, adds a FinCEN disclosure requirement, and extends the plan six months.

• Closings and first year of condominium operation projected on or about July 1, 2017
• Special risk added: closings could begin as early as February 1, 2017
• Revised Schedule A (unit offering prices and related information) attached, including revised tax projections for 2018/2019
• Estimated Residential Unit real estate taxes: $4,372,639 for 2017/2018 and $6,190,091 for 2018/2019, before abatements, assuming $13.00 per $100 of assessed value
• Board's sponsor-control limits end at the earlier of five years after First Closing or when unsold units are under 25% of the Common Interest
• Board may remove members for cause, including sponsor-designated members; only sponsor can replace its designees
• FinCEN disclosure requirement added (order effective March 1, 2016; stated expiration August 27, 2016, subject to change)
• Plan extended six months from date of acceptance

Amendment 2 Dec 9, 2015

This second amendment restates the full Gramercy Square condominium offering plan and shows the offering amounts, but the excerpt does not say which terms changed from the original plan.

• Total offering shown as $813,439,500, including the Resident Manager's Unit
• Amount for 223 Residential Units: $800,165,000
• Amount for 46 Parking Space Licenses: $11,500,000
• Amount for 50 Storage Bin Licenses: $1,774,500
• Resident Manager's Unit to be sold to the Board of Managers on behalf of residential unit owners
• Initial deposit of 10% at signing, plus an additional 10% due no later than 15 days after the Presentation Date (or 20% at signing for buyers who sign after the plan is declared effective)
• Deposits above $250,000 at one bank are not federally insured
• Plan may not be used after April 26, 2016 unless extended by amendment (plan filing date April 27, 2015)