27 Kossuth Place Condominium

Amendment 4 Jun 21, 2019

Amendment discloses post-closing events, extends offering term, and adds tax disclosures for March 2019 transfer tax changes.

• First unit closing occurred April 9, 2019
• Temporary Certificate of Occupancy issued June 14, 2019; $7,500.00 posted to secure permanent certificate
• Units 2A, 2B, 2C, 2D, 3B, 4A, 4C remain unsold and held by Sponsor
• Working capital fund contains $2,525.00 at Chase Bank
• Board of managers named: Nadav Homo (President), Ortal Asis (Secretary), Shai Kolberg (Treasurer)
• Offering term extended six months from amendment filing date
• New York transfer tax rates effective March 31, 2019: RPT 1%-1.425%, NYS Tax .4%-.65%, Mansion Tax 1%-3.90% for $1M+ purchases

Amendment 3 Jan 8, 2019

Amendment adds smoking policy, updates construction completion to April 1, 2019, revises unit floor plans and square footages, adjusts first-year budget items, and discloses FinCEN reporting requirements.

• Construction completion projected to April 1, 2019 (previously September 1, 2018)
• Smoking prohibited in enclosed common areas; permitted in units and outdoors
• Multiple units increased in square footage: Unit 2B to 593 sq ft, Unit 2C to 811 sq ft, Unit 3A to 625 sq ft, Unit 4A to 720 sq ft, Unit 4B to 907 sq ft, Unit 4C to 872 sq ft
• First Year Budget revised: Repairs reduced to $3,500, Legal and Audit to $1,500, Labor increased to $7,800, Reserve Fund to $3,385
• Temporary Certificate of Occupancy expected April 2019, Final Certificate expected June 2019
• FinCEN disclosure requirements for cash purchases over $300,000 effective November 17, 2018
• Building mortgage outstanding principal approximately $2,231,000 with monthly interest payments of approximately $18,592
• Property tax notice dated January 15, 2019 shows assessed value $402,692 and annual taxes $50,787.52
• Schedule A prices increased for 4 homes (median +53.8%): 2A $400,000 → $610,000; 2B $400,000 → $610,000; 3A $400,000 → $620,000; 3B $400,000 → $615,000

Amendment 2 June 2018

Plan declared effective with two units sold, construction completion pushed to September 1, 2018, and first year budget updated.

• Plan declared effective; two units sold (20% of building)
• Construction completion projected for September 1, 2018 (previously March 1, 2018)
• First Unit Closing rescission deadline: February 28, 2019 for prior purchasers, August 31, 2019 for new purchasers
• First Year of Operations start date: September 1, 2018
• First Year Budget total: $30,969.00 income and expenses

Amendment 1 Mar 22, 2018

Purchase prices for 10 units have been updated.

• Unit 1A: $945,000
• Unit 2A: $610,000
• Unit 2B: $610,000
• Unit 2C: $660,000
• Unit 2D: $660,000
• Unit 3A: $620,000
• Unit 3B: $615,000
• Unit 4A: $655,000
• Schedule A prices increased for 6 homes (median +35.0%): 1A $700,000 → $945,000; 2C $500,000 → $660,000; 2D $500,000 → $660,000; 4A $500,000 → $655,000; ...