Westly

Amendment 7 Nov 15, 2024

Units 15B and 15C may now be marketed and sold as a combined unit, two unit prices changed, and the offering term extended six months.

• Units 15B and 15C now marketed as option to combine into single unit; closing contingent on NYC Department of Buildings approval (estimated 30-45 days)
• Unit 17B price: $4,475,000.00
• Unit 19A price: $7,500,000.00
• Superintendent's Unit costs charged to unit owners as rent paid to Sponsor until unit transferred to condominium
• Offering term extended six months from amendment filing date

Amendment 6 Jul 16, 2024

Amendment updates tax assessments, escrow arrangements, selling agents, and closing cost provisions.

• Property tax assessment reduced from 27,075,601 to 21,167,108; estimated total tax benefits approximately $2,216,040
• Real estate taxes updated to 2024/2025 tax year; Schedule A reflects actual taxes and expected refunds
• Deposits moved to escrow account at Marans Newman Tsolis & Nazinitsky LLC at BHI, 1120 Avenue of the Americas
• REUVENI LLC and Christies International Real Estate Group LLC named as Selling Agents
• Temporary Certificate of Occupancy renewed; set to expire December 23, 2024; permanent occupancy expected by end of 2024
• Purchase Agreement Section 8.4(b) revised: buyer pays interest on entire purchase price for closing delays, not just unpaid balance
• Schedule A prices decreased for 4 homes (median -5.3%): 8A $4,675,000 → $4,375,000; 8B $4,325,000 → $3,950,000; 9D $2,950,000 → $2,795,000; PHB $12,000,000 → $11,995,000

Amendment 5 May 1, 2023

Fifth Amendment updates post-closing disclosures, modifies floor plans for two units, revises architect report with construction details, adds a selling agent, and extends the offering term.

• First Unit Closing occurred October 25, 2022; Temporary Certificate of Occupancy issued August 3, 2022
• Unit 8C: wall removed between living room and bedroom, reducing to 1 bedroom
• Unit 18A: smaller bedroom and bathroom removed to enlarge living room
• Substantial completion date changed from first quarter 2022 to last quarter 2022
• Residential unit count reduced from 57 to 52 units on floors 2 through PH
• Roof terrace fencing changed from perforated steel mesh to metal panels
• Serhant LLC added as additional exclusive selling agent
• Offering term extended by 6 months from amendment filing date

Amendment 4 May 3, 2022

Plan declared effective, condominium renamed to The Westly, and term extended by six months.

• Plan declared effective with 8 units (15% of total) under purchase agreements
• Condominium name changed from 2461 Broadway Condominium to The Westly
• Plan term extended by 6 months from amendment date

Amendment 3 Mar 7, 2022

Amendment lists five units with N/A pricing but does not specify what prices changed or to what amounts.

Amendment 2 Oct 12, 2021

Amendment combines units on floors 3-7, reduces building from 57 to 52 units, updates floor plans and property taxes, and extends condominium operation commencement date by 554 days due to executive order tolling.

• Units 3A/3B combined into 2,916 SF Unit 3A; Unit 3C renamed 3B (same on floors 4-7)
• Building reduced from 57 to 52 residential units
• Common interest percentages modified; 339-i certification updated
• Property tax estimates for 2022/2023: $1,435,543.00 total; 2023/2024: $2,063,593.00 total
• Condominium operation commencement date tolled 554 days per Executive Order 202.18
• Gas expenses decreased to $29,675.10 annually
• Electricity expenses decreased to $101,726.00 annually
• Water and sewer expenses decreased to $78,904.00 annually
• Schedule A prices increased for 2 homes (median +4.3%): 15A $13,100,000 → $13,500,000; PHB $11,500,000 → $12,000,000

Amendment 1 Jul 16, 2021

Purchase prices updated for 21 units across multiple floors.

• Unit 3A price: $4,492,372.88
• Unit 3B price: $1,707,627.12
• Unit 4A price: $4,567,863.11
• Unit 4B price: $1,722,136.89
• Unit 5A price: $4,643,338.82
• Unit 5B price: $1,736,661.18
• Units 6A-7B and penthouses PHA, PHB also repriced
• Revised Schedule A attached reflecting pricing changes
• Schedule A prices increased for 21 homes (median +4.9%): 3A $4,275,000 → $4,492,373; 3B $1,625,000 → $1,707,627; 4A $4,350,000 → $4,567,863; 4B $1,640,000 → $1,722,137; ...