Corinthian Office Condominiums

Amendment 17 May 20, 2024

This amendment updates the Office Section budget and financial statements, lists 10 unsold units, changes the selling agent to Newmark, and extends the offering period by 12 months.

• Budget for Office Section updated for January 1, 2024 to December 31, 2024
• Real estate taxes on Schedule A updated to reflect actual 2023/2024 tax year amounts
• Financial statements provided for years ending December 31, 2022 and 2023
• 10 Unsold Office Units owned by Sponsor as of May 10, 2024
• Selling Agent changed to Newmark & Company Real Estate, Inc.
• Sponsor's Loan from Metropolitan Commercial Bank matures December 21, 2024 with outstanding balance of approximately $3,447,250
• Monthly Office Common Charges for unsold units approximately $21,022.27; monthly real estate taxes approximately $20,092.35
• Offering period extended 12 months from amendment filing date

Amendment 16 Jul 5, 2023

Purchase prices increased and/or decreased for three unsold office units.

• Unit 301 price set to $3,004,560
• Unit 317 price set to $1,889,940
• Unit 320 price set to $1,515,540

Amendment 15 Mar 7, 2023

This amendment updates financial information, real estate taxes, and extends the offering period by twelve months.

• Schedule A updated with actual real estate taxes for unsold office units using DOF tax year 2022/2023 amounts
• Budget for January 1, 2022 to December 31, 2022 remains in effect; certification dated March 2, 2023
• Financial statement for year ending December 31, 2021 attached; 2022 statement not yet available
• 11 unsold office units owned by sponsor as of February 22, 2023
• Sponsor's loan from Fortress Credit Co LLC matures September 9, 2023 with outstanding principal of approximately $4,330,900.41
• Monthly office common charges for unsold units approximately $23,600; monthly real estate taxes approximately $22,306
• 3 unsold units have tenants generating approximately $29,603.34 monthly rental income as of February 22, 2023
• Offering period extended for twelve months from filing of this amendment

Amendment 14 2022

Budget and financial disclosures updated for 2022 operating year, offering term extended 12 months, and unsold unit information provided as of January 14, 2022.

• 2022 budget adopted: $905,706 common charges income, $905,706 total expenses
• 13 unsold office units owned by sponsor as of January 14, 2022
• Monthly common charges for unsold units approximately $27,194; one-time special assessment approximately $41,688
• Monthly real estate taxes for unsold units approximately $22,454
• Sponsor's loan from Fortress Credit Co LLC matures September 9, 2022 with outstanding balance approximately $7,565,402
• Offering term extended 12 months from amendment filing date
• Schedule A updated with current common charges and 2021/2022 tax year real estate taxes

Amendment 13 Nov 5, 2020

Thirteenth amendment updates budget and financial information for the Office Section, extends the offering period, and discloses current operational status including unsold units and special assessments.

• Budget for Office Section fiscal year January 1, 2020 to December 31, 2020 updated to $859,888 in common charges and expenses
• 23 Unsold Office Units owned by Sponsor as of October 13, 2020
• Two special assessments imposed: approximately $222,714 for façade work and approximately $137,058 for shortfall in common charge collections
• 14 of Unsold Office Units have tenants generating approximately $171,180.97 in monthly rental income as of September 30, 2020
• Sponsor's Loan from Fortress Credit Co LLC outstanding principal balance approximately $21,232,127.86 as of October 2020, maturing September 9, 2021
• Monthly Office Common Charges for Unsold Office Units approximately $47,646 and real estate taxes approximately $47,059 as of October 13, 2020
• Offering period extended for 12 months from filing of this Amendment
• Real estate tax amounts calculated using actual tax year 2020/2021 (July 1, 2020 through June 30, 2021)

Amendment 12 Nov 5, 2020

Selling agent for office units changed from Avison Young New York LLC to direct sponsor sales.

• Avison Young New York LLC no longer selling agent for office units
• Sponsor will sell office units directly without third party selling agent
• Sponsor may engage brokers on limited basis to list individual unsold office units
• Any listing agent commission paid by sponsor
• Purchase agreements will disclose listing agent felony convictions and material judgments within 15 years

Amendment 11 Jan 9, 2020

Purchase prices of certain unsold office units are increased and/or decreased.

• Purchase prices of unsold office units revised per Exhibit A
• Projected common charges and real estate taxes for 2019 year of operation (January 1, 2019 – December 31, 2019)

Amendment 8 Jun 5, 2018

Amendment discloses the first office unit closing on May 4, 2018, updates regulatory information, and lists 30 unsold office units.

• First closing of Unit 212 occurred May 4, 2018
• Working Capital Fund established with balance of $5,124 as of May 10, 2018
• Office units separately assessed for 2018/2019 tax year
• Initial board members: Kevin Chisholm (President), Bastien Broda (Vice-President), James Estreich (Secretary/Treasurer)
• Department of Law address updated to 28 Liberty Street, New York, New York 10005
• First Annual Meeting shall be held no later than 30 days after earlier of: second anniversary of May 4, 2018 or closing of units representing 50% of all units

Amendment 7 Mar 30, 2018

Seventh amendment updates the selling agent for office units, revises Schedule A with new common interest allocations, adds tax law risk disclosure, and extends the plan term.

• Selling agent for office units changed from Cushman & Wakefield Realty of Manhattan, LLC to Avison Young New York LLC
• Schedule A amended to reflect common interest allocation following office subdivision amendment recordation
• Notes to Schedule A amended and restated to capture unit measurement methodology changes
• Tax law risk warning added: Tax Cuts and Jobs Act of 2017 may affect condominium unit tax deductions
• Plan effective period extended six months from amendment filing date

Amendment 6 Jan 17, 2018

Managing agent changed to 60G MGMT, LLC; unit measurement methodology updated; floor plans and square footages corrected for six units; plan declared effective.

• Managing agent changed from Jeffrey Management Corporation to 60G MGMT, LLC at 370 7th Avenue, Suite 1400, New York, New York 10001
• Unit measurement methodology updated to conform with floor plans previously disclosed
• Square footages of Office Units 203, 207, 211, 303, 305, and 316 corrected for calculation errors
• Office Units 203 and 204 configuration changed with updated floor plans
• Common Interest of certain Unsold Office Units updated to reflect square footage changes
• Plan declared effective as of December 8, 2017 with five of thirty-two Office Units under agreement
• Effective period of Plan extended for six months from filing of this Amendment

Amendment 5 Sep 11, 2017

Amendment updates sponsor financing details and establishes a new escrow bank account at Citibank.

• Sponsor's loan assigned from M&T to TH Commercial Mortgage LLC on August 25, 2017; loan amount $32,750,000 with maturity date September 9, 2020
• New escrow account established at Citibank, N.A., 153 East 53rd Street, 23rd Floor, New York, with FDIC insurance up to $250,000 per deposit
• All prior deposits transferred to new escrow account at Citibank
• Escrow agent remains Kramer Levin Naftalis & Frankel LLP
• Interest rate on escrow deposits as of August 30, 2017 was 0.10%
• Sponsor bears all costs of escrow account maintenance; no fees may be deducted from account

Amendment 4 Aug 29, 2017

Purchase prices of certain unsold office units are increased and/or decreased as set forth in the revised Schedule A.

• Purchase prices of unsold office units revised
• Revised Schedule A effective with projected first year of operation January 1, 2018 - December 31, 2018
• Common charges and real estate taxes updated in Schedule A

Amendment 3 Aug 21, 2017

Cushman & Wakefield Realty of Manhattan LLC replaces Rudder Property Group as the Selling Agent for Office Units.

Amendment 2 Jul 20, 2017

Amendment extends the offering plan term, updates the First Year of Office Section Operation to January 1–December 31, 2018, revises the budget with a 3.8% increase in Office Common Charges, increases projected electrical costs by 3%, and provides financial updates.

• First Year of Office Section Operation changed to January 1, 2018 – December 31, 2018
• Office Common Charges budget increased by approximately 3.8% to $854,443
• Projected Individual Unit Electric Costs increased by estimated 3%
• Updated Schedule A attached
• Offering plan term extended 6 months from filing date
• Sponsor's Loan unpaid balance as of July 13, 2017 was approximately $32,750,000 with maturity date September 1, 2019
• Approximately 25 Office Units leased or occupied as of June 30, 2017 with aggregate monthly rental income of approximately $250,269

Amendment 1 Jan 18, 2017

Adds Jason Hart as an additional principal of the sponsor.

• Jason Hart added as individual principal of the Majority Member (Carlyle Group investment funds)
• Kevin Chisholm and Bastien Broda identified as principals of the Operating Member
• All three (Chisholm, Broda, Hart) now listed as principals of Sponsor
• Hart's business address: c/o The Carlyle Group, 299 Park Avenue, New York, New York 10171
• Hart is Managing Director of The Carlyle Group with 15+ years real estate experience
• All three principals involved with 20 West 33rd Street Condominium (CD16-0129)