30 Warren Condominium

Amendment 17 Apr 29, 2022

Seventeenth Amendment updates the offering plan with 2020 financial statements, 2022 budget, current board members, sponsor financial disclosures, and unit pricing.

• 2020 audited financial statements included; 2021 statements not yet available
• 2022 condominium budget adopted by board
• Working capital fund approximately $72,011 on deposit as of April 1, 2022
• Sponsor controls board; 7 residential units unsold, 2 retail units unsold
• Deposit requirement set at 10% of purchase price
• Schedule A updated with purchase prices for unsold residential and retail units
• Storage unit pricing: Units 1-3 priced $21,000-$25,000; Units 11-13 priced $42,000

Amendment 15 Nov 12, 2020

Amendment confirms first closing occurred September 9, 2020, establishes board, sets waiver period for common charges through March 31, 2021, and discloses sponsor ownership of 19 unsold units.

• First Closing occurred September 9, 2020 for Unit PH1
• Common Charges waived from September 9, 2020 to March 31, 2021; Operating Costs paid by Unit Owners proportionally
• Sponsor owns 19 unsold Residential Units as of February 1, 2021
• Working Capital Account of $12,788 established at People's United Bank
• Condominium Board controlled by Sponsor, will relinquish control on fifth anniversary of First Closing, closing of all units, or at Sponsor's discretion
• First Annual Meeting to be held approximately 30 days after later of: second anniversary of First Closing or closing of at least 50% of Residential Units
• Condominium Declaration recorded November 7, 2019; Floor Plans filed October 18, 2019
• Schedule A prices increased for 1 home (median +0.9%): 4A $3,255,000 → $3,285,000
• Schedule A prices decreased for 2 homes (median -4.5%): 5C $4,320,000 → $3,995,000; PH2 $6,800,000 → $6,495,000

Amendment 13 Jan 16, 2020

Updated Schedule A with current purchase prices for all residential units, retail spaces, and storage units.

• Schedule A updated with current purchase prices for residential units ranging from $1,820,000 to $7,750,000
• Retail space pricing updated (prices listed as N/A in Schedule A)
• Storage unit pricing provided, ranging from $21,000 to $45,000
• Projected common charges and real estate taxes updated for first year of condominium operation (November 1, 2019 - October 31, 2020)
• Twelfth Amendment noted as under Department of Law review as of January 8, 2020, not yet accepted for filing
• Schedule A prices decreased for 3 homes (median -8.8%): 4A $3,285,000 → $3,255,000; 5B $1,995,000 → $1,820,000; 6B $2,055,000 → $1,870,000

Amendment 12 Jan 8, 2020

Purchasers who signed before the Tenth Amendment (December 19, 2019) can rescind their agreements within 15 days of this amendment's presentation because the First Closing did not occur by December 31, 2019.

• Rescission right offered to purchasers with executed agreements and deposits paid before December 19, 2019
• Rescission period is 15 days from amendment presentation date
• First Closing did not occur by December 31, 2019 deadline

Amendment 11 Sep 10, 2019

Updated Schedule A with current purchase prices for unsold units.

• Schedule A updated with current purchase prices for units offered for sale
• Tenth Amendment under review by Department of Law, submitted August 27, 2019, not yet accepted as of this amendment date

Amendment 10 Aug 27, 2019

First Year of Condominium Operation moved to November 1, 2019; updated Schedule A with new purchase prices, common charges, and real estate taxes; updated floor plans and budget.

• First Year of Condominium Operation scheduled for November 1, 2019
• Schedule A updated with revised Purchase Prices, Real Estate Taxes, and Common Charges
• Real Estate Taxes based on 2019/2020 tax year assessment; may increase materially in 2020/2021
• Schedule B budget increased by 1.22% for year ending October 31, 2020
• Updated floor plans for Residential Units, Retail units, and Storage Locker Area
• Unit PH1 modifications performed at Purchaser request
• Retail Units A, B, and C reconfigured
• Rescission rights offered if first closing does not occur by December 31, 2019 (pre-Amendment purchasers) or October 31, 2020 (post-Amendment purchasers)
• Schedule A prices decreased for 2 homes (median -4.0%): 3A $3,175,000 → $2,995,000; 7B $5,600,000 → $5,375,000

Amendment 9 May 24, 2019

Amendment updates closing costs and tax rates, extends plan term, and adds FinCEN reporting disclosure.

• Closing Costs and Adjustments section revised for new NY State transfer tax and mansion tax rates (effective July 1, 2019)
• Title insurance premiums decreased 5% effective February 15, 2019 due to Regulation 208
• FinCEN Geographic Targeting Order disclosure added; reporting threshold $300,000; order in effect until May 15, 2019
• First Closing projected during First Year of Condominium Operation per Sixth Amendment; if not by June 30, 2019, Plan will be amended with updated Schedule B
• Sponsor Closing Fees: $3,000 for document preparation and closing attendance; $250 for ACRIS transfer documents; $1,250 for assignment/name changes; $750 per rescheduled closing

Amendment 8 2018

Plan declared effective after receipt of four purchase agreements representing 15% of units, and Curtis Bashaw removed as principal of sponsor.

• Plan declared effective based on four purchase agreements (15% of 26 residential units)
• Curtis Bashaw removed as principal of sponsor as of December 31, 2018
• Craig Wood and David Kronman remain as only principals of sponsor

Amendment 7 Sep 14, 2018

Amendment adds smoking policy restrictions, modifies deposit requirements, and extends the offering plan term.

• Smoking banned in all residential units and common areas; permitted on terraces/balconies only if smoke does not annoy other residents; banned within 25 feet of building entrances and air intakes
• Initial Deposit changed to 10% of purchase price; Additional Deposit 5% due at earlier of 6 months after Purchase Agreement execution or 15 days after amendment effective date
• Purchasers executing agreements after Plan declared effective must deliver full 15% Deposit immediately
• First Closing projected during First Year of Condominium Operation; if not by June 30, 2019, Sponsor will amend Plan with updated Schedule B
• Smoking Policy Rider added to Purchase Agreement form per NYC Administrative Code §17-506.1

Amendment 6 Feb 27, 2018

First Year of Condominium Operation rescheduled to January 1, 2019, with updated schedules, floor plans, and disclosures regarding lot-line windows, parking, tax law changes, and FinCEN reporting requirements.

• First Year of Condominium Operation projected to commence January 1, 2019
• Updated Schedule A with purchase prices and unit information
• Updated Schedule B budget for January 1, 2019 - December 31, 2019
• Updated floor plans pending Department of Buildings approval
• Lot-line window disclosure added: Warren Curtain Wall Windows protected from loss by Article 18.5 restriction; Light and Air Restrictive Declaration to be recorded over Chambers Building at or before First Closing
• Excess Development Rights cannot be transferred to adjoining premises if it would result in lot-line window closure
• Parking Options through third-party valet services or nearby garages; no guarantee of availability
• Tax Cuts and Jobs Act of 2017 effective January 1, 2018; purchasers advised to consult tax expert regarding impact on deductions

Amendment 5 Mar 19, 2018

Updated purchase prices and common charges for residential units, retail spaces, and storage lockers.

• Residential unit purchase prices range from $1,995,000 to $7,750,000
• Penthouse prices: PH3 $7,360,000, PH2 $6,800,000, PH1 $7,750,000
• Projected monthly common charges for residential units range from $1,300.66 to $4,062.71
• Projected annual common charges for residential total $644,604.00
• Projected annual real estate taxes for residential total $642,193.00
• Storage locker purchase price $30,000 each (18 units available)
• First year of condominium operation projected July 1, 2018 – June 30, 2019
• Schedule A prices increased for 4 homes (median +1.5%): 5C $4,300,000 → $4,320,000; 6C $4,350,000 → $4,395,000; 9A $5,500,000 → $5,650,000; PH3 $7,250,000 → $7,360,000
• Schedule A prices decreased for 11 homes (median -5.5%): 3A $3,425,000 → $3,175,000; 4A $3,500,000 → $3,285,000; 5A $3,575,000 → $3,350,000; 5B $2,350,000 → $1,995,000; ...

Amendment 4 Oct 30, 2017

Updated Schedule A with revised purchase prices and projected common charges and real estate taxes for the first year of condominium operation.

• Schedule A purchase prices updated for all residential units
• Projected common charges and real estate taxes set for July 1, 2018 - June 30, 2019
• First closing expected on or about October 15, 2018
• Sponsor will amend Plan to include updated Schedule B if first closing does not occur by December 31, 2018
• Plan term extended
• Storage bin prices set at $30,000 each for 18 storage units

Amendment 3 2017

Third amendment updates unit measurements, floor plans, budgets, and property descriptions, and adds disclosures about building facade materials, fire safety systems, and landscaping.

• First Year of Condominium Operation scheduled to commence July 1, 2018
• Updated Schedule A with revised purchase prices and common charges
• Updated Schedule B budget for July 1, 2018 to June 30, 2019
• Revised floor plans for certain residential units
• Unit measurement method redefined to exclude columns, mechanical pipes, shafts, and certain corridors
• Building facade constructed with Ductal-Concrete Panel Wall System; inconsistencies and cracks are aesthetic only
• Penthouse units PH1, PH2, PH3 have fire doors in intervening corridors that unlock during fire alarm
• Sponsor installing 3 trees on roofs and terraces with irrigation, no warranty on longevity

Amendment 2 Dec 22, 2016

This amendment extends the offering plan and updates the expected first closing date to on or about January 1, 2018, with a commitment to amend Schedule B if closing has not occurred by June 30, 2018.

• First closing expected on or about January 1, 2018
• If First Closing does not occur by June 30, 2018, Sponsor will amend the Plan to include an updated Schedule B - Budget
• Plan extended

Amendment 1 May 11, 2016

Amendment updates real estate tax projections, Schedule A prices, property descriptions, architect certification, and mortgage recording tax provisions for partial assignment of sponsor's construction loan.

• Real estate tax projection updated in Schedule A
• Mortgage recording tax: sponsor's mortgage may be partially assigned to purchaser's lender to avoid mortgage recording tax
• Purchaser receives credit for mortgage tax that would be payable if mortgage were not assigned
• Partial mortgage assignment has no impact on purchase price or mortgage payment
• Purchaser must make good faith effort to cooperate with sponsor and sponsor's lender on partial mortgage assignment
• Construction financing from Bank of the Ozarks and mezzanine financing from Terra Property Trust, Inc.
• Updated architect certification and property description exhibits
• Schedule A prices increased for 1 home (median +0.4%): 4C $4,235,000 → $4,250,000
• Schedule A prices decreased for 20 homes (median -1.5%): 2B $2,132,000 → $1,985,000; 2C $4,082,000 → $3,980,000; 3A $3,532,000 → $3,425,000; 3B $2,157,000 → $2,125,000; ...