Office Condominiums At 32 West 39th Street

Amendment 5 Jul 9, 2025

Fifth amendment updates sponsor bankruptcy status, receiver role, unsold unit prices on Schedule A, 2025/2026 budget, board members, and financial disclosures as of July 1, 2025.

• Sponsor filed Chapter 11 Bankruptcy on December 27, 2024; Receiver remains in control
• 8 Office Units remain unsold; prices listed on Schedule A
• 2025/2026 budget adopted; Working Capital Fund balance approximately $36,493
• Board members: David Wallace (President), Lawrence Smoler (Vice President), Ian Lagowitz (Secretary/Treasurer)
• Sponsor owns 8 unsold office units, 3 unsold retail units, 1 unsold storage unit
• Loan outstanding balance: $43,758,173 as of July 7, 2025
• First Annual Meeting approximately 30 days after second anniversary of First Closing or 50% unit closings

Amendment 4 Jun 20, 2024

A receiver was appointed to manage unsold unit sales and condominium operations due to sponsor foreclosure, and the managing agent and board were replaced.

• Receiver (TriGild LLC) appointed to conduct sales of unsold office units and operate retail and storage units
• Managing Agent changed to Resolution Real Estate Partners at 29 West 38th Street, 8th Floor, New York, NY 10018
• Condominium Board replaced with new members affiliated with Receiver: David Wallace (President), Lawrence Smoler (Vice President), Ian Lagowitz (Secretary/Treasurer)
• Sponsor in non-judicial foreclosure by CRE Credit Line JV LLC; loan balance $46,304,997.71 as of September 4, 2024
• Sponsor has sold 3 office units; 10 office units remain unsold
• Common Charges waived from first closing (September 7, 2023) through waiver period; unit owners will be notified 30 days before expiration
• Working Capital Account balance approximately $16,439 as of September 1, 2024
• First Annual Meeting to be held approximately 30 days after later of: (i) second anniversary of first closing, or (ii) closing of 50% of office units

Amendment 3 Oct 10, 2023

Third Amendment records the First Closing on September 7, 2023, establishes the Condominium Board, and discloses Sponsor's ownership of 11 unsold office units, 3 retail units, and 1 storage unit.

• First Closing occurred September 7, 2023 for Office Unit 10
• Condominium Declaration recorded July 13, 2023 in CRFN 2023000174724
• Condominium Board members: Aron Rosenberg (President), Shelby Rosenberg (Vice President), Mathew Rosenberg (Secretary/Treasurer); all affiliated with Sponsor
• Common Charges waived September 7, 2023 to December 31, 2023; Sponsor pays operating expenses during this period
• Working Capital Account of approximately $7,775 established at Flagstar Bank
• Sponsor owes $50,043,027 on loan to CRE Credit Line JV LLC, expiring December 31, 2023
• Sponsor owns 11 unsold office units, 3 unsold retail units, 1 unsold storage unit
• Managing Agent: R&B Realty Group, LLC (affiliated with Sponsor)

Amendment 2 Jun 2, 2023

Plan declared effective upon receipt of two purchase agreements representing 15% of the 13 office units, escrow bank changed to Flagstar Bank, and FinCEN disclosure added.

• Plan declared effective based on two purchase agreements
• Escrow bank changed to Flagstar Bank at 261 Madison Avenue with 0.30% interest rate
• FinCEN Geographic Targeting Order disclosure added for purchases over $300,000
• Plan term extended

Amendment 1 Apr 6, 2023

Escrow bank changed from former bank to Citibank, N.A.

• Deposits now held at Citibank, N.A., 399 Park Avenue, New York, New York 10022
• Escrow interest rate approximately 0.05% at New Escrow Bank
• All prior deposits transferred to new escrow bank before amendment filing