Broad Exchange Building Condominium

Amendment 11 Jun 15, 2024

This amendment updates the 2024 operating budget and common charges, revises unit purchase prices, extends the plan term, and updates sponsor information.

• Operating budget for January 1 - December 31, 2024 updated; residential common charges increased 8.61% effective 1/1/2024
• Purchase prices revised for certain residential units shown on updated Schedule A
• Plan term extended twelve (12) months from filing of this amendment
• Sponsor's address changed to c/o LCOR Incorporated, 1325 Morris Drive, Suite 100, Chesterbrook, PA 19087
• Sponsor no longer controls condominium board; current board members listed
• Sponsor's loan unpaid balance approximately $17,700,000 as of March 31, 2024 with maturity date December 31, 2025
• Reuveni LLC remains exclusive selling agent; Christies International Real Estate Group LLC provides sales and marketing services under Reuveni's direction
• Common charges for unsold units approximately $185,943 monthly; real estate taxes approximately $234,454 monthly as of March 31, 2024
• Schedule A prices decreased for 5 homes (median -2.6%): T-018 $1,500,000 → $1,470,000; T-019 $1,525,000 → $1,485,000; T-020 $1,540,000 → $1,500,000; T-021 $1,600,000 → $1,550,000; ...

Amendment 10 Aug 9, 2023

Operating budget, common charges, and real estate taxes updated for 2023; plan term extended 12 months; selling agent changed to Reuveni Real Estate.

• Operating budget updated for January 1 – December 31, 2023
• Common charges and projected real estate taxes (July 1, 2023 – June 30, 2024) updated on Schedule A
• Unsold residential units: aggregate monthly common charges approximately $361,422; aggregate monthly real estate taxes approximately $258,920 (as of June 1, 2023)
• Sponsor's loan balance approximately $30,300,000 (secured by unsold units); maturity December 31, 2023
• Selling agent: Reuveni Real Estate, 654 Madison Avenue, New York
• Resident Manager's Unit (Unit 4J/J-004) purchase price $1,305,000; deposit approximately $195,750
• Plan term extended 12 months from filing date

Amendment 9 Sep 8, 2022

Operating budget updated for 2022, common charges adjusted, purchase prices modified, and plan term extended.

• Operating budget for January 1, 2022–December 31, 2022 established with total operating income of 4,116,654
• Common charges for residential units remain at current levels with 0.00% increase; commercial charges increase 35.56%–35.84%
• Purchase prices of certain residential units modified as shown in updated Schedule A
• Common charges projections updated reflecting fiscal year January 1, 2022–December 31, 2022 and real estate taxes for July 1, 2022–June 30, 2023
• Sponsor's unsold residential units aggregate monthly common charges approximately $212,943; aggregate monthly real estate taxes approximately $300,973 as of August 1, 2022
• Sponsor has mortgage debt of approximately $48,600,000 with AT Wildcats Finance LLC, maturing December 31, 2023
• Plan term extended twelve months from filing of this amendment
• No material changes to plan except as set forth in this amendment
• Schedule A prices increased for 22 homes (median +1.6%): A-010 $1,040,000 → $1,120,000; E-020 $1,585,000 → $1,595,000; F-011 $1,080,000 → $1,150,000; G-010 $940,000 → $950,000; ...

Amendment 8 Sep 14, 2021

Eighth amendment updates budget information, extends plan term, discloses board members and unsold units, changes selling agent to Corcoran Sunshine effective October 1 2021, and addresses New York State tax law changes.

• Selling agent changed to Corcoran Sunshine Marketing Group effective October 1, 2021 (except units PH2A, PH2B, PH2C, PH2D)
• Unsold residential units monthly common charges aggregate approximately $268,844; monthly real estate taxes approximately $372,174 as of September 1, 2021
• Sponsor's loan unpaid balance approximately $94,000,000 as of September 1, 2021 with maturity date December 31, 2023
• Schedule A updated to include real estate taxes assessed for twelve month period commencing July 1, 2021
• New York State Tax Law Section 1404(a) effective July 1, 2021 excludes NYS RETT from consideration calculation if paid by grantee
• Plan term extended twelve months from filing of this amendment
• First closing occurred March 4, 2021; condominium financial statements not yet available

Amendment 7 Mar 15, 2021

Amendment discloses first unit closings, establishes reserve and working capital funds, updates insurance coverage, and extends the plan term.

• First closing of 3 units (9N, 9O, 8R) occurred March 4, 2021
• Reserve Fund established April 2, 2021 and funded at $5,303,060
• Working Capital Fund established with balance of $23,268.00 as of March 15, 2021
• Excess/umbrella liability reduced from $150,000,000 to $50,000,000 per occurrence
• Commercial crime (fidelity) insurance increased from $1,050,000 to $1,100,000
• Sponsor's loan unpaid balance approximately $103,681,575 with maturity December 31, 2023
• 296 unsold units as of March 15, 2021
• Storage locker allocations corrected for units PH2A and PH2C
• Schedule A prices increased for 88 homes (median +2.6%): D-003 $1,055,000 → $1,065,000; D-004 $1,075,000 → $1,115,000; D-005 $1,095,000 → $1,135,000; D-006 $1,090,000 → $1,110,000; ...
• Schedule A prices decreased for 128 homes (median -4.9%): A-003 $1,040,000 → $1,020,000; A-004 $1,015,000 → $990,000; A-005 $1,080,000 → $1,030,000; A-006 $1,030,000 → $980,000; ...

Amendment 6 Nov 12, 2020

Amendment updates Unit T-PH1's common interest percentage, clarifies residential closing procedures pending DOF approval, and extends the plan term by six months.

• Unit T-PH1 common interest percentage corrected to 0.3713%
• Residential Unit Subdivision pending approval from New York State Department of Finance
• Closings of Residential Units will commence after DOF approves the Residential Unit Subdivision
• Plan term extended six months from amendment filing date
• No extension or renewal of Exclusive Purchase Period

Amendment 5 Jun 22, 2020

Plan declared effective with 50 units sold (16.23% of 308 units); Sponsor takes $2,651,530 reserve fund credit for capital improvements; Plan term extended six months from filing.

• Plan declared effective as of June 22, 2020
• 50 Purchase Agreements executed, representing 16.23% of 308 Residential Units
• Reserve Fund Credit of $2,651,530 for capital improvements: Amenity Space ($470,442), Building MEP ($462,655), Elevators ($1,110,580), Water Heater ($97,497), Façade and Windows ($795,277)
• Total Price for reserve fund calculation: $265,153,000
• Plan term extended six months from filing of this Amendment
• First closing shall not occur until Effectiveness Amendment accepted for filing by New York Department of Law