34 Prince Street Condominium

Amendment 8 2021

Amendment updates sponsor ownership information, board composition, 2021 budget, and financial disclosures including FinCEN reporting requirements.

• Sponsor owns 3 of 8 units (37.5%), with mortgage balance of $10,450,720.00
• Monthly common charges for sponsor units are $20,606.57 (3.5% increase effective January 1, 2021)
• Monthly rent collected by sponsor for unsold shares is $77,500
• 2021 operating budget adopted by Board of Managers
• Certified Financial Statements provided for periods ending December 31, 2019 and December 31, 2020
• FinCEN disclosure requirements explained for residential real estate transactions with $300,000+ threshold

Amendment 7 May 31, 2019

The Seventh Amendment updates sponsor financial information, board composition, 2019 budget, and escrow agent details.

• Sponsor owns 3 of 8 units (37.5%) with 37.6196% common element interest
• Monthly common charges for sponsor units: $19,909.79
• Monthly rent collected from unit 4B(PH): $30,000.00
• Monthly real estate taxes paid by sponsor: approximately $10,643.64
• Permanent Certificate of Occupancy issued; escrow funds released to sponsor
• Board of Managers: Abby Hamlin (President), Aaron Medeiros (Vice President), Roberta Axelrod (Secretary/Treasurer)
• 2019 operating budget adopted; no material changes from prior budget
• Sponsor Escrow Agent: Brody, Schwartzman, Feinberg, Cohan & Pastor PLLC; escrow account at M&T Bank with 1.00% interest rate

Amendment 6 Dec 20, 2018

Amendment documents the first unit closing on September 17, 2018, establishes condominium bank accounts and initial reserves, discloses a $34 million facility loan, provides an estimate for obtaining the Permanent Certificate of Occupancy, and adds supplemental heating cost estimates.

• First Unit Closing occurred September 17, 2018 for Residential Unit 3A
• Amended and Restated Declaration of Condominium filed August 29, 2018 with Office of City Register
• Reserve Fund budget line item of $43,363 with $7,000 currently held
• Total Common Charges for all seven units for budget year August 1, 2018 through July 31, 2019 are $504,669.00
• Sponsor pledged six unsold units to City National Bank as collateral for $34,000,000 facility loan closed September 14, 2018
• Temporary Certificate of Occupancy expires March 4, 2019; estimated cost of $100,000 to obtain Permanent Certificate of Occupancy
• $1,534,000 in down-payments held in escrow pending Permanent Certificate of Occupancy
• Supplemental baseboard heating cost estimates added for six unsold Residential Units

Amendment 5 Jul 3, 2018

Updated budget and common charges for 2018–2019 operations; revised unit prices and taxes; added architect's monitoring plan for cellar and vault moisture; anticipated first closing in August 2018; added smoking policy per Local Law 147.

• Updated Schedule B (projected budget August 1, 2018 through July 31, 2019) with no material change from prior disclosure
• Revised Schedule A with minor corrections to unit square footage, common interest, common charges, and real estate taxes
• Real Estate Tax Projection Opinion updated June 19, 2018
• Architect's addendum dated August 15, 2018 disclosing cellar dampness and vault moisture; areas to be monitored annually for three years at Sponsor's expense
• 1982 Landmarks violation rescinded by Notice of Compliance dated May 18, 2018
• Temporary Certificate of Occupancy issued June 21, 2018; first unit closing anticipated August 2018
• Building smoking policy added per Local Law 147 (effective August 28, 2018): smoking prohibited in all common areas and within 25 feet of building entrances

Amendment 4 2018

Fourth Amendment extends the offering period by six months, declares the plan effective as of April 24, 2018, and makes changes to storage lockers and unit square footage.

• Offering period extended for six additional months
• Plan declared effective April 24, 2018 with two executed purchase agreements (Units 3A and 2B)
• Storage Locker 4 (approximately 65 sq. ft.) assigned to Unit 3A; Storage Locker 7 (approximately 21 sq. ft.) assigned to Unit 2A
• Community Facility Unit square footage corrected from approximately 6,267 to approximately 6,237 square feet
• Temporary Certificate of Occupancy issued March 30, 2018
• First Unit Closing anticipated during July 2018
• Tax Cuts and Jobs Act of 2017 may affect purchaser tax information disclosed in plan

Amendment 3 Sep 19, 2017

Offering period extended six months, first closing moved to February 15, 2018, common charges and real estate taxes reduced, rescission rights added.

• Offering period extended six (6) months
• First unit closing expected February 15, 2018
• Common Charges and Real Estate Taxes reduced
• First Year aggregate real estate taxes estimated at $282,027.00
• Full building assessed real estate taxes estimated at approximately $325,000
• Purchasers may rescind within 15 days of presentation with deposits returned
• Updated Real Estate Tax Projection Opinion dated October 16, 2017
• One Purchase Agreement accepted to date

Amendment 2 2017

Amendment extends the offering period by 6 months and modifies floor plans and designs in 5 units and cellar areas.

• Offering period extended for additional 6 months from amendment date
• Unit 1B: fireplace design changed, stairs have added step, washer/dryer placed closer together
• Unit 2A: garden-level bathroom enlarged, linen closet changed to electrical closet, living room wall replaced by 42" glass guardrail, fireplace design changed
• Unit 3A: washer/dryer relocated to entry level, master bedroom enlarged, bathrooms reconfigured
• Unit 3C: fireplace and wet-bar placement changed, niche added, knee wall moved increasing room floor area and southeastern bedroom to 15'9"
• Unit 4B: master bedroom closet configuration changed, slight reduction in closet area and increase in bedroom area
• Cellar: one access stairway eliminated, refuse room and gas rooms enlarged, storage units ST1, ST6, ST7 reduced in size
• Temporary electrical conduit and sub-meter for adjacent townhouse construction at 233 Mott Street; Verizon telecommunication conduits installed through cellar

Amendment 1 2016

Reserve Fund contribution reduced by $10,602, Schedule A prices updated accordingly, and purchase agreement modified due to change in Interstate Land Sales Act applicability.

• Reserve Fund contribution reduced by $10,602 in Schedule B
• Schedule A (Purchase Prices) revised
• Purchase Agreement updated for Interstate Land Sales Act inapplicability
• Unit 3A floor plan revised with internal staircase shape change and linen closet addition
• Sponsor to arrange art work installations in lobby for up to 2 years from First Unit Closing
• Escrow Agent name changed to Brody, Schwartzman, Feinberg, Cohan & Pastor, PLLC
• Lead-Based Paint pamphlet (EPA 747-K-95-001) added to offering plan