347 Bowery Condominium

Amendment 11 Aug 15, 2019

Sponsor changed the purchase price for Unit R-5.

Amendment 10 May 1, 2019

The amendment updates the 2019 budget, changes unit purchase prices, adds a smoking policy, addresses new FinCEN reporting requirements, updates the architect's report for lobby flooring modifications, and clarifies new New York State transfer tax obligations.

• 2019 Budget and certified financial statements updated
• Purchase prices for certain units revised
• Smoking policy adopted and added to purchase agreement
• FinCEN geographic targeting order requirements for certain purchasers (legal entities, units over $300,000, no external financing, cash payments)
• Architect's report updated for lobby flooring modifications
• New New York State transfer tax rates effective for contracts on or after April 1, 2019 and closings on or after July 1, 2019
• 3 unsold residential units owned by Sponsor as of March 6, 2019: Units R5, R7, and R9
• Condominium Board members identified: Ira Weidhorn (President), Sam Eisner (Vice President), Josh Lubov (Secretary)

Amendment 9 Apr 3, 2018

Sponsor's address and principal changed; Condominium Board membership updated.

• Sponsor's address changed to c/o H.I.G. Realty Partners, 600 Fifth Avenue, New York, New York 10020
• Ira Weidhorn substituted as principal of Sponsor, replacing Glauco Lolli-Ghetti
• Condominium Board members: Ira Weidhorn (President), Sam Eisner (Vice President), Josh Lubov (Secretary); Justin Martin no longer a member

Amendment 8 2018

The amendment updates the 2018 budget, reduces the PCO escrow account based on architect certification, confirms three unsold units remain, and discloses new FinCEN reporting requirements and Tax Cuts and Jobs Act implications.

• 2018 common charges increased 3.20% overall to $369,436 per annum
• PCO escrow account reduced from $60,000.00 to $20,310.00 based on architect certification
• Three unsold units owned by Sponsor as of March 5, 2018: R5, R7, R9
• FinCEN geographic targeting order now requires certain purchasers to file Form 8300
• Tax Cuts and Jobs Act of 2018 may affect tax information in the offering plan
• Temporary certificate of occupancy issued; permanent certificate not yet issued

Amendment 7 Aug 10, 2017

Seventh Amendment updates budget, prices, and property description; confirms first closing occurred and temporary certificate of occupancy issued.

• First Closing occurred on June 28, 2017 for Unit R3
• Temporary Certificate of Occupancy issued; permanent not yet issued
• $60,000.00 held in PCO Escrow Account to secure permanent certificate
• Three unsold residential units remain: R5, R7, R9 (as of July 15, 2017)
• Working Capital Fund of $18,112 held at Citibank (as of August 1, 2017)
• Updated Budget provided
• Updated Schedule A with purchase prices provided
• Updated Description of Property with mechanical and plumbing equipment and terrace paver clarifications

Amendment 6 Aug 18, 2017

Purchase prices for four residential units increased; total offering price raised by $2,325,000.

• Unit R-9 price increased from $8,000,000 to $8,800,000 (+$800,000)
• Unit R-7 price increased from $7,750,000 to $8,525,000 (+$775,000)
• Unit R-5 price increased from $7,500,000 to $8,250,000 (+$750,000)
• Total offering price increased from $46,750,000 to $49,075,000
• Units PH and R-3 prices unchanged

Amendment 5 Mar 15, 2017

Updated budget, Schedule A prices, and real estate tax opinion reflecting decreased taxes.

• Budget updated for first year June 1, 2017 to May 31, 2018 with total projected income and expenses of $350,011
• Schedule A purchase prices updated
• Real estate tax opinion updated showing decrease in taxes
• Plan effective period extended six months from filing date of this amendment

Amendment 4 Jan 6, 2017

Plan declared effective upon execution of purchase agreements for two units representing 40% of five units offered for sale.

• Plan declared effective based on two executed purchase agreements (40% of units)
• Effective period extended six months from filing date of this amendment

Amendment 3 Nov 8, 2016

This amendment updates the Condominium Declaration with revised easement rights, commercial unit privileges, board governance rules, and extends the plan's effective period.

• Commercial Unit Owners may alter, improve, repair, change layout, and combine units without Board consent
• Easement rights clarified for all Unit Owners to use Common Elements and emergency egress
• Unit Owner of C-1 grants easement to residents for storage access via PE2 in cellar only
• Unit Owner of C-2 has easement through residential lobby to access unit during doorman's working hours
• Declarant's Permitted Mortgagee consent required for Declaration or By-Laws amendments while Declarant owns Unsold Units
• Condominium termination requires 80% vote of Unit Owners plus consent of Mortgage Representatives, Declarant's Mortgagee, and Declarant
• Board quorum set at 51% of Common Interest; one representative from each Commercial Unit required for Commercial Unit business
• Plan effective period extended six (6) months from Filing Date of this Amendment

Amendment 2 May 3, 2016

Second Amendment updates working capital fund contribution, special risks related to construction and common charges, and plan effectiveness terms.

• Working Capital Fund set at $45,186 funded by two months' common charges from residential unit purchasers at closing
• Special Risk 17 deleted; Special Risk 5 deleted and language added to Special Risk 19 regarding renovations before final certificate of occupancy
• New Special Risk on Construction: systems may need more than one year to complete after unit closing; lobby and corridor decoration delayed until floors fully occupied
• New Special Risk on Waiver Period: Sponsor may delay collection of common charges for initial period; Sponsor pays all operating expenses during waiver period, excluding contingency for repairs
• New Special Risk on Superintendent: no on-site superintendent unit; minimum staffing by law only
• New Special Risk on Effectiveness: Plan effective when 15% of units have signed agreements; Sponsor may rent units and owner-occupants may never gain control
• New Special Risk on Abandonment: Plan may be abandoned before or after effectiveness under specified conditions
• Payment terms: Initial Option Payment of at least 10% due upon signing; Second Option Payment of 10% due within six months

Amendment 1 Jan 12, 2016

Corrected mathematical errors in Schedule A common charges calculation and reallocated common charges between residential and commercial units in Schedule B.

• Schedule A revised to correct mathematical error in total annual projected common charges
• Schedule B reallocated common charges between residential and commercial units to match Schedule A
• Revised Certification by Expert on Adequacy of Budget attached
• Revised Certification of Adequacy of Common Charges for Commercial Unit Owners attached