2276 Homecrest Avenue Condominium

Amendment 8 Oct 2, 2018

Amendment updates closing details, working capital and reserve fund status, adds NYC smoking policy, and confirms fire repairs completed.

• First closing occurred May 2, 2018 for Unit 3C
• Working capital held at Signature Bank totals $13,734.80 as of September 26, 2018
• Reserve Fund totals $148,355.45 as of September 26, 2018
• One untitled Residential Unit remains unsold
• NYC smoking policy adopted effective August 28, 2018 prohibiting smoking and e-cigarettes in all common areas
• Fire damage repairs completed and all Building Department inspections passed
• First Annual Meeting of Unit Owners scheduled for November 5, 2018 to transfer board control
• Monthly common charges for untitled Unit approximately $540; monthly real estate taxes approximately $239

Amendment 7 2018

Amendment updates budget, closing timeline, unit status, and mortgage details as of April 2018.

• First closing anticipated May 1, 2018
• 15 residential units in contract as of April 9, 2018
• Revised first-year budget (May 1, 2018–April 30, 2019) with $88,675 projected income and expenses
• Sponsor to pay common charges for untitled units starting with first closing
• Unsold units subject to $3,130,694.22 mortgage with Customers Bank at 3.25%, maturing June 30, 2018
• Schedule A prices and common charges current as of amendment date
• Tax Cuts and Jobs Act of 2017 may affect tax deductions; purchasers advised to consult tax expert
• Attorney General's Office moved to 28 Liberty Street, 21st Floor, New York, NY 10005-1413 effective April 9, 2018
• Schedule A prices decreased for 16 homes (median -32.1%): 1A* $325,000 → $190,000; 1B $285,000 → $190,000; 1C $325,000 → $190,000; 1D $325,000 → $190,000; ...

Amendment 6 2018

Fire on December 6, 2017 damaged basement systems; temporary utilities installed pending permanent repairs estimated to take 6 months.

• Fire in basement on December 6, 2017 damaged heating system, gas service, plumbing, and caused smoke damage
• Gas service shut down, gas meters removed, gas cooking stoves removed from all units
• Temporary boiler installed outside building for heat and hot water
• Temporary electric stoves installed in each unit
• All replaced systems and appliances will be equal to or better than disclosed in architect's report
• Permanent repairs to include replacement gas heating and cooking systems
• Work estimated to be completed in approximately 6 months
• All units currently habitable and will remain habitable during repairs

Amendment 5 Oct 27, 2017

Offering prices of certain units have been revised effective as of this amendment.

• Offering prices of certain units revised as of October 27, 2017
• Updated Schedule A with revised prices annexed
• Revised prices do not affect any unit currently under contract

Amendment 4 Oct 2, 2017

Offering prices of certain units have been revised effective as of this amendment.

• Purchase prices of certain units updated per Schedule A
• Revised prices do not affect units currently under contract

Amendment 3 Aug 16, 2017

Plan declared effective with 3 of 16 units sold; first closing expected February 1, 2018; budget commencement date revised to match.

• Plan declared effective August 10, 2017 with 3 of 16 residential units under contract (18.75%)
• First unit closing anticipated on or about February 1, 2018
• Budget commencement date revised to February 1, 2018
• Sponsor will pay monthly common charges for unsold units after condominium commences collection
• Offering plan extension: six (6) months from amendment filing date

Amendment 2 Jul 27, 2017

Amendment revises sponsor financing prepayment terms and interest rate computation method.

• Prepayment allowed on first day of month with minimum 10% of original principal amount, 10 days' written notice required, no penalty or premium
• Interest computed on 360-day year basis
• Interest rate set at 4% per annum
• Prepayment includes accrued interest, fees and expenses to date of prepayment

Amendment 1 Jul 19, 2017

Offering prices of certain units have been revised, effective as of the amendment date.

• Offering prices of certain units revised as of July 19, 2017
• Updated Schedule A attached with revised prices
• Revised prices do not affect units currently under contract