Belnord Condominium

Amendment 16 Feb 24, 2026

Budget updated for 2026, unit combinations completed, escrow procedures clarified, and financial disclosures provided as of January 1, 2026.

• 2026 budget adopted; approximately 100 unsold residential units as of January 1, 2026
• Units 303 and 303A combined into Unit 303; Units 616 and 617 combined into Unit 617
• Sponsor's aggregate monthly common charges on unsold units approximately $260,625
• Sponsor's aggregate monthly real estate taxes on unsold units approximately $352,862
• Approximately 90 unsold units occupied by tenants generating approximately $334,388 monthly rental income
• Citizens Bank loan principal balance approximately $7,351,000, maturing January 2, 2028, with monthly payment approximately $37,490
• Escrow agent changed to Holland & Knight LLP at 787 Seventh Avenue, New York; escrow held at Bank of America
• Interest rate on escrow sub-accounts approximately 2.3% as of March 2026
• Schedule A prices increased for 2 homes (median +5.6%): 710 $6,490,000 → $6,750,000; 903 $8,050,000 → $8,500,000
• Schedule A prices decreased for 2 homes (median -8.8%): 117 $6,330,000 → $5,775,000; 317 $6,440,000 → $5,775,000

Amendment 15 Feb 7, 2025

Sponsor refinanced its loan, updated 2025 budget with 5% residential common charge increase, confirmed 106 unsold units, and established reserve fund payment plan for remaining Local Law 70 obligation.

• Sponsor refinanced loan with Citizens Bank; 22 unsold units encumbered by new loans
• 2025 residential common charges increased 5% to $525,598 monthly
• 106 unsold residential units as of January 1, 2025
• Reserve fund payment plan: sponsor owes $7,831,632.05 due within two years at 10% annual interest
• Sponsor no longer controls residential board; four board members appointed
• 2024 certified financials not yet available; will be provided in subsequent amendment
• Resident Manager's Unit PHG transferred to condominium
• Sponsor current on all financial obligations to condominium

Amendment 13 Apr 3, 2023

2023 budget approved with 8.65% residential common charge increase; 126 unsold residential units remain as of March 1, 2023

• 2023 monthly residential common charges increased to $484,953.54 (8.65% increase from 2022)
• 2023 monthly commercial common charges increased to $3,631.41 (6.36% increase from 2022)
• 2023 operating budget totals $6,669,884
• Approximately 126 unsold residential units as of March 1, 2023
• Mortgage principal balance approximately $95,000,000 with maturity date in January 2025
• 102 unsold residential units occupied by tenants generating approximately $421,163.08 monthly rental income
• Sponsor common charges for unsold units approximately $272,965.72 monthly; real estate taxes approximately $442,635.72 monthly

Amendment 12 Jun 9, 2022

Budget updated for 2022, floor plans revised for certain units, 155 unsold residential units as of May 24, 2022, and transfer tax calculation method changed per New York State law.

• 2022 budget approved with monthly common charges of $446,328 (3.59% increase from 2021)
• 155 unsold residential units as of May 24, 2022
• Floor plans revised for certain unsold units; Department of Buildings approvals issued for Units 1012, 1015, 1017
• Purchase prices changed for certain residential units per Schedule A
• State transfer tax no longer grossed up in purchase price calculation per New York State Tax Law Section 1404(a)
• Sponsor's mortgage refinanced with ACREFI HOLDINGS J-I, LLC, maturity January 2025, principal balance approximately $207,987,346.78 as of January 1, 2022
• 2020 certified financials attached; 2021 certified financials not yet finalized
• Plan effective period extended for six months from filing date
• Schedule A prices increased for 6 homes (median +1.6%): M12 $3,790,000 → $3,795,000; 103 $7,570,000 → $7,650,000; 106 $6,250,000 → $6,350,000; 412 $4,000,000 → $4,150,000; ...
• Schedule A prices decreased for 25 homes (median -9.8%): M01 $11,750,000 → $10,895,000; 101 $6,750,000 → $6,100,000; 201 $9,292,257 → $9,250,000; 209 $6,440,000 → $6,250,000; ...

Amendment 11 Dec 31, 2020

Budget extended for 2021, sponsor's principals and managing agent updated, mortgage and financials disclosed as of December 1, 2020.

• 2021 budget: common charges $5,170,316 for residential units, $40,261 for retail owner; no change from 2020
• As of December 1, 2020: 173 unsold residential units of 209 total
• Ziel Feldman no longer principal of sponsor; Diego Rico remains principal
• Managing agent changed from HFZ Property Management LLC to Residential Management Group LLC (Douglas Elliman Property Management)
• HFZ Capital Group has no active role; only minority residual economic interest through affiliate
• Sponsor's address: 7121 Fairway Drive, Suite 410, Palm Beach Gardens, FL 33418
• HSBC mortgage principal balance approximately $237,124,894.52 as of October 31, 2020; maturity August 1, 2022
• 121 unsold units occupied by tenants with aggregate monthly rental income approximately $503,853.13

Amendment 10 Mar 3, 2020

Unit 806 gets an alternative floor plan option, Unit 905-906 is separated into two units, property description is revised, and certain purchase prices are changed.

• Alternative floor plan offered for Unit 806 (2,567 sq.ft., 4 bedrooms, 4 baths)
• Unit 905-906 separated into Unit 905 and Unit 906; total residential units increase from 210 to 211
• Description of Property revised (Part II)
• Purchase prices changed for certain residential units per Schedule A
• Department of Buildings approval pending for revised floor plans; no unit title transfer until approval obtained
• Schedule A prices increased for 1 home (median +12.4%): 217 $12,160,000 → $13,667,743
• Schedule A prices decreased for 5 homes (median -5.4%): M01 $12,662,500 → $11,750,000; 112 $7,350,000 → $6,950,000; 201 $10,800,000 → $9,292,257; 810 $7,500,000 → $7,250,000; ...

Amendment 7 Mar 7, 2019

Unit prices revised, Unit DPA removed reducing total to 212 units, Unit PHG designated as Resident Manager's Unit, and FinCEN cash purchase reporting requirements added.

• FinCEN Geographic Targeting Order requirements for cash purchases over $300,000 in Manhattan
• Revised purchase prices for certain residential units
• Unit DPA removed from the plan
• Total residential units reduced to 212
• Unit PHG designated as Resident Manager's Unit
• Plan may not be used after six months from filing unless extended
• Schedule A prices decreased for 6 homes (median -3.5%): M16 $5,300,000 → $4,995,000; M17 $5,100,000 → $4,995,000; 112 $7,620,000 → $7,350,000; 207 $6,380,000 → $5,750,000; ...

Amendment 6 Oct 24, 2018

Plan declared effective with 35 units under contract, and usage period extended by six months from filing date.

• Plan declared effective as of October 23, 2018
• 35 units (16% of total) have executed Purchase Agreements
• Plan may not be used after six months following the Filing Date of this Amendment unless further extended or amended
• First closing not fixed until amendment is accepted for filing by Department of Law
• Purchasers entitled to at least 30 days notice of closing date, waivable in writing

Amendment 5 Aug 28, 2018

Amendment grants tenants exclusive 30-day purchase rights at discounted insider prices, updates building amenities and services, establishes a $11,499,266 Reserve Fund credit, and adds smoking restrictions.

• Tenants have 30-day exclusive period to purchase their units at Insider Purchase Price with 10% deposit
• Sponsor pays NYC and NY State transfer taxes on tenant purchases
• Total offering price to tenants set at $1,149,926,587
• Reserve Fund Credit of $11,499,266 for capital improvements including lobby renovations, elevator upgrades, HVAC, security desks, and masonry work
• Building amenities and services description amended; revised Description of Property and Architect Certification provided
• Smoking prohibited in Common Elements; Unit Owners cannot permit smoke to escape to other units or common areas
• Plan validity extended for six months from filing date

Amendment 4 Jun 28, 2018

Purchase prices for certain residential units are revised.

• Schedule A prices increased for 3 homes (median +9.2%): 307 $6,440,000 → $7,050,000; 614 $6,500,000 → $7,100,000; 910 $6,325,000 → $6,500,000
• Schedule A prices decreased for 36 homes (median -7.7%): M11A $3,790,000 → $3,000,000; M16 $5,580,000 → $5,300,000; 101 $7,150,000 → $6,750,000; 106 $6,750,000 → $6,250,000; ...

Amendment 3 Mar 20, 2018

Amendment updates tax law information following the 2018 Tax Cuts and Jobs Act, adds P9 Member LLC and Diego Rico as sponsor principals, updates financing details, revises tenant protections, describes property changes, and provides revised floor plans and Schedule A pricing.

• Tax section replaced to reflect Tax Cuts and Jobs Act of 2017 changes to mortgage interest and property tax deductions
• P9 Member LLC (Westbrook Partners affiliate) added as sponsor member; Diego Rico added as principal
• Mortgage financing updated: Wells Fargo Bank mortgage with maturity date March 12, 2019
• Tenant eviction protections expanded; existing tenants cannot be evicted for failure to purchase
• Unit purchasers cannot evict non-purchasing tenants solely to occupy the unit themselves
• Property description and floor plans revised, submitted to NYC Department of Buildings for approval
• Tenant Protection Plan included in amendment
• Schedule A offering prices and related information provided in revised form

Amendment 2 Feb 27, 2018

Tenants receive a new 30-day exclusive purchase period at discounted insider prices.

• Tenants in occupancy get exclusive 30-day purchase period from amendment date
• Tenant purchase price set to 'Insider Purchase Price' on Schedule A (discounted from Offering Price)
• 10% deposit required with Purchase Agreement
• Tenants with prior Purchase Agreements receive benefits of more favorable amendment terms

Amendment 1 Feb 21, 2018

Purchase prices for certain residential units are revised.

• Schedule A prices increased for 36 homes (median +7.5%): 101 $6,920,000 → $7,150,000; 204 $8,300,000 → $8,500,000; 304 $8,000,000 → $8,600,000; 306 $6,870,000 → $6,900,000; ...
• Schedule A prices decreased for 23 homes (median -5.0%): 106 $6,760,000 → $6,750,000; 107 $6,330,000 → $6,200,000; 110 $6,160,000 → $5,650,000; 111A $3,840,000 → $3,775,000; ...