567 Ocean Condominium

Amendment 7 Jan 4, 2022

Unit B302 offering price changed to $800,000.00.

Amendment 6 Dec 9, 2021

Offering price of Unit B502 changed to $830,000.

Amendment 5 Nov 18, 2021

This Fifth Amendment documents the first unit closing, temporary certificates of occupancy, condominium declaration filing, working capital fund balance, unsold units, and board status as of November 2021.

• First unit closing occurred on August 2, 2021 by remote closing
• Three temporary certificates of occupancy issued: July 6, 2021; August 10, 2021; October 18, 2021
• Sponsor deposited $2,000 in escrow to secure final certificate of occupancy
• Declaration recorded March 31, 2021 under City Register File Number 2021000118114
• Working capital fund balance as of November 12, 2021 is $97,957.77
• 36 units remain unsold as of November 12, 2021
• Sponsor retains control of Board of Managers; first unit owner meeting has not occurred

Amendment 4 Jul 29, 2021

Amendment corrects building systems, adds a structural column to floor plans, modifies unit layouts and dimensions, and adds elevator capacity.

• Building will have four passenger elevators (two per tower) instead of two
• Structural column added to floor plans for 14 units (A103, A211, A311, A411, A511, A611, A701, A804, A805, A806, B703, B803, TH01, TH04)
• Kitchen ventilation corrected: microwave with recirculating hood vented through ceiling register, not ducted vent hood
• Windows changed to open inward instead of outward
• Dropped arch at kitchenettes removed from all units except B103, B203, B303, B403, B503, B603
• Interior dimensions and closet configurations modified for 64 units with executed Purchase Agreements
• Layout and/or terrace area changes for 11 unsold units (TH02, TH03, TH04, A106, A107, A704, A706, A803, B603, B802, B803)
• First temporary certificate of occupancy issued for the building

Amendment 3 May 27, 2021

First unit closing date moved to August 1, 2021; offering prices amended for 45 units.

• First unit closing/commencement of condominium operations date amended to August 1, 2021
• Offering prices of 45 units amended (ranging from $402,900 to $1,028,200)
• Projected date of commencement tolled under New York Executive Order 202.18 plus 120 days
• Right to rescind available if first unit closing does not occur within twelve months of August 1, 2021
• Schedule A prices increased for 40 homes (median +5.0%): A104 $400,000 → $408,000; A105 $580,000 → $609,000; A107 $475,000 → $484,500; A207 $400,000 → $402,900; ...
• Schedule A prices decreased for 7 homes (median -0.5%): A103 $550,000 → $545,000; A106 $1,050,000 → $1,008,990; A208 $790,000 → $782,250; A210 $410,000 → $408,000; ...

Amendment 2 Nov 20, 2020

Plan declared effective after sponsor accepted purchase agreements for eighteen residential units (17% of units offered).

• Plan declared effective with eighteen residential units under contract
• Eighteen units constitute 17% of 108 residential units offered

Amendment 1 Apr 22, 2020

Amendment changes parking units P22-P54 from condominium units to parking space licenses with monthly fees, and sets substantial completion date to January 1, 2021.

• Projected substantial completion and first unit closing date changed to January 1, 2021
• Parking spaces P22 through P54 converted from condominium units to parking space licenses (no longer individual tax lots)
• Parking units reduced from 54 to 21 (P1-P21 remain as units; P22-P54 become licenses)
• Initial monthly license fee for parking spaces set at $117.84 per month
• Parking spaces P22-P54 use automated car lift system; spaces P33-P47 in cellar susceptible to dampness
• Parking space licenses offered to unit owners only; licensees must own a unit or license terminates
• Monthly license fees subject to annual increases after first anniversary of first unit closing
• Board of Managers owns and maintains car lift systems; repair costs are common expenses