229 55th Street Condominium

Amendment 6 Sep 14, 2022

This Sixth Amendment updates the plan's federal cash-purchase reporting rule, the sponsor's unsold units and carrying costs, the 2022 budget, fund balances, board control, and extends the plan's term by six months.

• Sponsor still owns 7 unsold units (2 commercial, 3 residential, 2 parking): C1, C2, 3B, 4A, 5, P1, P2, with current offering prices in Exhibit I
• Plan term extended for six (6) months from the date of the amendment
• Special Risks adds FinCEN Geographic Targeting Order reporting for certain cash or no-loan NYC residential purchases of $300,000 or more, for closings April 30, 2022 to October 26, 2022
• Sponsor still controls the Board of Managers; sponsor relinquishes control five years from first closing or when unsold units are under 25%, whichever is sooner
• 2022 annual budget adopted (Exhibit II), projected July 1, 2022 - June 30, 2023, total expenses $39,210.00
• Unsold units' monthly common charges $1,961.48 and real estate taxes $2,806.30, total monthly expenses $4,767.78, with $0.00 income
• Working capital fund $5,795.47 and reserve fund $434.16 held at TD Bank
• Units separately assessed for NYC real property tax as of July 1, 2022

Amendment 5 Jan 5, 2022

This Fifth Amendment adds a federal money-laundering reporting rule for certain cash purchases, records the first closing and the Condominium Declaration, updates the sponsor's unsold units, board control, and reserve balances, and extends the plan's term by six months.

• Term of the Plan extended for six (6) months from the date of the amendment
• Added FinCEN rule for closings on or after November 1, 2021 and until April 29, 2022: title companies must report certain purchases by business entities of $300,000 or more made without a bank loan and at least partly with cash or similar payment
• Closing to the first unit took place on November 18, 2021
• Condominium Declaration recorded with the City Register on October 26, 2021
• Sponsor still owns 10 unsold units (2 commercial, 5 residential, 3 parking), priced from $45,000 to $1,008,000 per Exhibit I
• Sponsor still controls the Board of Managers; first Unit Owners meeting projected on or about March 15, 2022
• Units not yet separately assessed for NYC real property tax; projected separate assessment date July 1, 2022
• Working capital fund of $708.0 and reserve fund of $500.00 held at TD Bank; budget unchanged from Fourth Amendment for July 1, 2021 to June 30, 2022 ($39,210.00)

Amendment 3 Jan 28, 2020

This Third Amendment adds federal reporting and new New York City transfer tax disclosures, notes that construction is complete but no Certificate of Occupancy has been issued, moves the first year of condominium operation to July 1, 2020 with a revised budget, and extends the plan's term by six months.

• Adds FinCEN Geographic Targeting Order disclosure for certain all-cash corporate purchases of NYC residential property, for closings from May 10, 2020 until November 5, 2020
• Base Tax rate raised to 0.65% for purchases of $3,000,000.00 or more; rate for lower purchases remains 0.4%; Purchaser pays this tax
• New Supplemental Tax on Purchasers for purchases of $2,000,000.00 or more, on a sliding scale from .25% to 2.90% of the Purchase Price
• Construction completed as of May 2020, but the building has not yet received a Certificate of Occupancy
• Sponsor submitted documents for a Final Certificate of Eligibility for ICAP benefits; not yet obtained due to COVID-19
• First Year of Condominium Operation now projected to begin July 1, 2020
• Revised budget (Exhibit I) with new projected start date and new budget certification; no other budget changes
• Term of the Plan extended for six (6) months from the date of the amendment