Alcove Residences

Amendment 2 Nov 27, 2023

Amendment updates unit square footage, adds a fifth storage unit, restructures rooftop terraces with new licensing terms at $35/month, adjusts pricing for all units and storage, and grants purchasers a 15-day rescission right.

• Unit square footage updated across cellar, first, second, third, and fourth floors; Unit 4A penthouse removed
• Fifth storage unit added in cellar (15 SF); Storage 1 increased from 22 SF to 39 SF
• Building now contains six private rooftop terraces; Unit 4A terrace space converted to Terraces 2, 3, and portions of 4; public terrace reduced from 545 SF to 364 SF
• Rooftop terrace licenses available with $35.00 monthly fee offset against Common Charges; no additional purchase price
• Pricing: Unit 1A $995,000; 2A $1,395,000; 2B $1,050,000; 3A $1,425,000; 3B $1,080,000; 4A $1,450,000; 4B $1,495,000; Storage 1 $25,000; Storage 3 $33,000; Storage 5 $10,000
• Purchasers granted right to rescind Purchase Agreements within 15 days of amendment presentation; deposit refunded within 10 days if rescission exercised
• Exterior wall finishes updated to painted exterior stucco, painted concrete block, and wood veneer plastic panels
• Anticipated substantial completion date: 12/2023
• Schedule A prices increased for 4 homes (median +9.4%): 1A $895,000 → $995,000; 2A $1,295,000 → $1,395,000; 3A $1,325,000 → $1,425,000; 4A $1,325,000 → $1,450,000

Amendment 1 Oct 9, 2023

Plan declared effective, sponsor's attorney address changed, and escrow bank changed from Signature Bank to Flagstar Bank.

• Plan declared effective based on purchase of 2 units (approximately 22% of 9 units)
• Sponsor's attorney address: 2329 Nostrand Avenue, Suite 400, Brooklyn, NY 11210
• Escrow account bank changed from Signature Bank to Flagstar Bank