301 East 80th Street Condominium (Beckford Tower)

Amendment 13 Dec 9, 2021

Sponsor owns 7 unsold residential units and 1 commercial unit; paid off construction loan and obtained $50.6M financing from First Republic Bank; sold resident manager unit to board; temporary certificate of occupancy issued October 26, 2021.

• Sponsor owns 7 unsold residential units and 1 unsold commercial unit (3B, 15A, 19B, 28B, PH29, PH30, PH31, Commercial Unit)
• Construction loan paid off August 21, 2021; $50,610,947.00 First Republic Bank mortgage obtained October 29, 2021
• Resident Manager's Unit (3C) sold to Condominium Board October 21, 2021 for $2,650,000
• Temporary Certificate of Occupancy issued October 26, 2021
• Estimated $100,000 cost remaining for Permanent Certificate of Occupancy; anticipated January 2022
• Condominium Board members: Terrence Lowenberg (President/Treasurer), Todd Cohen (Vice President/Secretary)
• Aggregate monthly common charges for unsold units approximately $40,999.66; aggregate real estate taxes approximately $34,114.04
• Escrow bank confirmed as Signature Bank, 200 Park Avenue South, Suite 501

Amendment 10 Jul 27, 2020

Prices of 11 residential units were changed.

• Unit 5A: $5,975,000
• Unit 5B: $4,250,000
• Unit 6A: $6,495,000
• Unit 10B: $3,625,000
• Unit 11B: $3,850,000
• Unit 12C: $5,125,000
• Unit 14C: $5,495,000
• Unit 16B: $8,250,000
• Schedule A prices decreased for 11 homes (median -6.3%): 5A $6,575,000 → $5,975,000; 5B $4,475,000 → $4,250,000; 6A $6,675,000 → $6,495,000; 10B $3,925,000 → $3,625,000; ...

Amendment 9 Apr 29, 2020

Plan declared effective after 14 unit purchase agreements executed; Schedule B budget confirmed; mortgage tax credit terms and unit floor plans added.

• Plan declared effective based on 14 executed purchase agreements (19.7183% of 71 residential units)
• Mortgage recording tax credit to benefit Sponsor; purchaser pays full tax with reimbursement for any credit allowed
• Sponsor's mortgage may be partially assigned to purchaser at closing if requested
• Floor plans added for units 4B, 4C, 4D, 5B, 5C, 5D, 5E, 6B, 6C, 6D, 6E, 7B, 7C, 7D
• First year budget April 1, 2021 - March 31, 2022: $2,939,152 projected income and expenses
• If first year commencement delayed more than 6 months, budget will be revised; if revised common charges exceed prior budget by 25% or more, purchasers may rescind

Amendment 7 Jan 9, 2020

Offering prices of certain unsold residential units were changed.

• Schedule A prices increased for 2 homes (median +20.0%): PH29 $25,000,000 → $29,000,000; PH30 $25,000,000 → $30,000,000
• Schedule A prices decreased for 39 homes (median -7.7%): 3A $7,250,000 → $6,900,000; 3D $2,450,000 → $2,250,000; 3E $3,375,000 → $3,350,000; 4A $6,825,000 → $5,750,000; ...

Amendment 6 Dec 16, 2019

Offering prices increased for two residential units.

• Unit 10A price raised to $5,875,000.00
• Unit 25A price raised to $6,475,000.00
• Price changes do not affect existing Purchase Agreements

Amendment 5 Nov 20, 2019

Amendment modifies residential units and common areas, changes managing agent to Allied Partners Residential Management LLC, and adds provisions for amenity license fees for adjacent building residents.

• Managing agent changed to Allied Partners Residential Management LLC at 770 Lexington Avenue
• Minor modifications to residential units and common areas with revised floor plans
• Special Risk 22 modified to include lot line windows in Unit A on 5th through 19th and 21st through 28th floors
• ACRIS transfer documents preparation moved from Section (g)(1) to Section (g)(2) of Closing Costs
• Board authorized to charge amenity license fees to 301 East 81st Street Condominium residents: no fee for first 2 years, $300/month for years 3-5, then board-determined fees capped at budget ÷ 71 ÷ 12

Amendment 4 Nov 14, 2019

Prices of three residential units were increased.

• Unit 9C price raised to $4,750,000
• Unit 17B price raised to $7,950,000
• Unit 24A price raised to $6,250,000
• Price changes do not affect existing Purchase Agreements

Amendment 3 Oct 8, 2019

Amendment changes offering prices for unsold residential units.

Amendment 2 Sep 13, 2019

Amendment updates Schedule A and B with new tax projections and common charges, clarifies FFE in marketing materials, updates transfer and mansion tax rates effective July 1, 2019, and changes the budget expert address.

• First Year of Condominium Operation moved to April 1, 2021
• Schedule A updated with revised real estate tax projections and common charges
• Purchaser payment toward Resident Manager's Unit plus closing costs added to Schedule A
• Utility projections updated in Schedule B-1
• FFE (furniture, furnishings, finishes) in model units and marketing materials clarified as illustrative only
• New York State Transfer Tax and Mansion Tax rates updated for closings on or after July 1, 2019 with contracts after April 1, 2019
• Mansion Tax rates now range from 1% ($1,000,000+) to 3.9% ($25,000,000+)
• Budget expert changed to Penmark Property Advisors, LLC

Amendment 1 Jul 17, 2019

Amendment updates offering prices for unsold residential units.