32 East 1st Street Condominium

Amendment 12 Dec 8, 2020

Corrects square footage, room count, and common interest percentages for Units 6D and PH 10A to conform with prior 7th Amendment disclosures.

• Unit 6D: square footage and common interest percentages corrected
• Unit PH 10A: room count and square footage corrected
• All corrections align Unit 6D and PH 10A information with 7th Amendment

Amendment 11 Nov 16, 2020

This amendment extends the offering period by 12 months, updates the 2020 budget and financial statements, adjusts unit prices, and provides current disclosures on finances, board control, and regulatory requirements.

• Offering period extended 12 months from filing date
• 2020 operating budget adopted with total estimated income of $629,127
• Purchase prices of certain residential units increased and/or decreased per updated Schedule A
• Common charges and real estate taxes updated; taxes based on 2020/2021 tax year
• 2019 financial statements attached
• Construction loan of $10,249,529.42 from Ladder Capital Finance LLC at 8.00% interest, maturing February 6, 2021
• Monthly common charges for unsold units total $27,623.41; monthly real estate taxes approximately $48,993.80
• FinCEN title company reporting requirements updated; order effective through May 4, 2021
• Schedule A prices decreased for 3 homes (median -4.9%): Apt 2D $2,550,000 → $2,500,000; Apt 7C $4,200,000 → $3,995,000; Apt 7E $1,375,000 → $1,295,000

Amendment 10 2019

Extends the offering period by twelve months and updates disclosures on budget, board control, unsold units, sponsor obligations, construction financing, and transfer taxes.

• Waiver Period terminated as of October 1, 2019; Common Charges collection commenced
• First closing occurred March 29, 2019 (Unit 3E)
• Monthly Common Charges for all Unsold Units $27,623.41 aggregate; monthly real estate taxes $38,474.68 aggregate
• Board members: Moshe Azogui (President), Yan Ouaknine (Vice President), Hillel Katz (Secretary), Rony Kravel (Treasurer)
• Construction loan of $11,266,323.00 from Ladder Capital Finance LLC at 8.00% fixed interest, maturing February 6, 2021
• New York State transfer tax and mansion tax increased for closings on or after July 1, 2019 with agreements after April 1, 2019
• Offering period extended twelve (12) months from filing date
• Schedule B budget remains materially unchanged since Seventh Amendment

Amendment 9 May 28, 2019

Ninth Amendment discloses first unit closing on March 29, 2019, establishes escrow and reserve funds, updates board designations, and extends the offering term.

• First closing of Unit 3E occurred March 29, 2019; temporary Certificate of Occupancy issued March 28, 2019
• Escrow Account balance $6,256,411.83 as of April 2, 2019; $1,065,380 estimated for permanent Certificate of Occupancy
• Reserve Fund balance $35,733.00 and Working Capital Fund balance $7,323.02 as of April 25, 2019
• Initial Board members changed: Hillel Katz and Rony Kravel replace Michael DiOrio and Robert Perelman
• Construction Loan refinanced with Ladder Capital Finance LLC for original principal amount $50,398,922.55; matures August 6, 2019
• Sponsor waives collection of Common Charges (Waiver Period) beginning at First Closing; $0 monthly Common Charges for unsold units
• New York State transfer tax and mansion tax increased for transfers on or after July 1, 2019

Amendment 8 Feb 20, 2019

Purchase prices increased for two unsold residential units.

• Unit 2B price increased to $1,450,000
• Unit 5A price increased to $3,275,000

Amendment 7 Jan 14, 2019

This amendment updates the projected First Year of Condominium Operation to February 1, 2019 through January 31, 2020, revises the budget and common charges, updates real estate taxes, and adds a smoking policy.

• Projected First Year of Condominium Operation: February 1, 2019 through January 31, 2020
• Updated Schedule B (Projected Budget) with new Sponsor's Expert certifications dated December 20, 2018
• Schedule A revised with updated common charges and actual real estate taxes effective January 1, 2019
• Real estate taxes for February 1, 2019 through June 30, 2019 are actual; taxes for July 1, 2019 through January 31, 2020 based on tentative 2019/2020 assessment roll
• Smoking Policy adopted as Rule and Regulation #46: smoking permitted in individual units and private terraces only if smoke does not escape to common areas or other units
• Michael DiOrio designated as initial Board member in place of Aaron Welsh
• FinCEN Title Company Reporting requirement updated: applies to Manhattan closings after November 17, 2018 until May 15, 2019 for entity purchases over $300,000 with certain payment methods
• Filing period extended for six (6) months from amendment filing date

Amendment 6 Jul 31, 2018

Sixth Amendment reconfigures seven units, updates floor plans and Schedule A pricing, extends the offering period, and reports construction progress toward August 2018 closings.

• Unit 7A: half-height wall removed from master bathroom shower/sink area
• Unit PH8A: half-bath, kitchen, living room, closets reconfigured; washer-dryer relocated
• Unit PH8B: half-bathroom on 9th floor reconfigured; linen closet added
• Unit PH10A: bathroom and bedroom removed to expand master suite; full bath converted to half bath; now 3 bedrooms/3.5 bathrooms
• Units 6C and 6D: approximately 182 square feet transferred from 6C to 6D; 6C reduced to 2 bedrooms/2.5 bathrooms; pricing and common interest percentages updated
• Retail Unit: slight square footage decrease due to mailbox insertion
• DOB post-approval amendment approved July 9, 2018 for most reconfigurations; subsequent PAA for PH8B pending
• Offering period extended six (6) months from amendment filing date; construction work expected to permit closings beginning in or about August 2018
• Schedule A prices increased for 2 homes (median +3.5%): Apt 3A $2,900,000 → $2,950,000; Apt 3B $1,425,000 → $1,475,000

Amendment 5 May 17, 2018

Price of Residential Unit 3A increased to $2,950,000.

Amendment 4 May 1, 2018

Purchase price for Residential Unit 3B increased to $1,475,000.

Amendment 3 Feb 28, 2018

Schedule A revised to extend unit percentages to four decimal places and adjust for rounding.

• Schedule A percentages of interest in Common Elements extended to four decimal places
• De minimis changes to Common Charges and real estate taxes reflected in revised Schedule A

Amendment 2 Jan 24, 2018

Plan declared effective, two units combined, schedule and property descriptions updated.

• Plan declared effective as of January 1, 2018 with 8 executed agreements
• Residential Units 6A and 6B combined into modified Unit 6A; total units reduced from 31 to 30
• Schedule A revised to reflect updated First Year Budget and Aggregate Real Estate Taxes
• Floor plans updated for combined Unit 6A
• Private Entry Foyers corrected to include Floor 8 in addition to Floors 9 and 10
• Property Description and Building Conditions updated for fixture and finish changes
• Tax Cuts and Jobs Act of 2017 added as Special Risk disclosure
• Plan filing period extended six months from amendment filing

Amendment 1 Oct 26, 2017

This amendment updates floor plans, property specifications, budget, real estate tax projections, and offering timeline for the condominium.

• Projected First Year of Condominium Operation changed to April 1, 2018 through March 31, 2019
• Residential Unit 10A's terrace space decreased by 12 square feet (from 1970 sf to 1958 sf)
• Floor plans modified: double-leaf entry doors replaced with single-leaf doors; closet and kitchen reconfigurations
• Real estate taxes for Residential Units estimated at approximately $651,426 for First Year
• Real estate taxes for Retail Unit estimated at approximately $130,074 for First Year
• Douglas Elliman retained as new Selling Agent, replacing Capital Realty Investors Inc.
• Sponsor address updated to 6 Bond Street, New York, New York 10012
• FinCEN title company reporting requirements added as special risk to purchasers