5 River Park Condominium

Amendment 8 Apr 9, 2021

Amendment addresses wind noise from balcony railings, updates architect's description with construction completion timeline and appliance/fixture changes, and discloses pending litigation.

• Wind noise from balcony railings caused by high winds; two remedial approaches proposed (aluminum rails or transparent panels) with mock-ups installed as of April 9, 2021
• Assessment of remedies anticipated by approximately May 9, 2021
• Installation timeline: approximately 4 weeks for aluminum rail remedy or approximately 12 weeks for panel remedy, depending on which is successful
• First temporary certificate of occupancy obtained January 25, 2021; anticipated actual completion date August 31, 2021
• Balcony railings changed to aluminum for better durability
• Multiple appliance and fixture model number changes in residential units (equal or better quality)
• Cellar floor common elements increased to 13,070 SF (space added under pool at cellar level)
• Three pending lawsuits by unit purchasers (Units 14A, 8B, 6A) seeking return of downpayments based on claimed failure to close by Outside Closing Date; Sponsor asserts force majeure provision extends deadline

Amendment 7 2021

Sponsor will cover overassessed real estate taxes caused by NYC Department of Finance erroneously including basement and parking square footage in the assessment.

• NYC Department of Finance overassessed taxes at $920,103 for 2020/2021 (vs. $513,589 estimate) and $1,006,698 for 2021/2022 due to including 72,604 sq ft instead of actual 49,199 residential sq ft
• Sponsor will pay the difference between projected taxes in Schedule A and actual assessed taxes for the First Year of Condominium Operation
• Sponsor will advance litigation costs and pay overassessed taxes until Tax Protest Proceedings conclude
• Sponsor filed Supreme Court petition for 2020/2021 tax year and will file NYC Tax Commission application for 2021/2022 tax year
• Sponsor's Real Estate Tax Counsel projects taxes will be approximately 13.3% above original estimate
• At First Closing, Sponsor will deposit $510,785 with Managing Agent to cover 2021/2022 overassessed taxes ($1,024,374 - $513,589)
• Purchasers will pay real estate taxes based on Original Tax Estimate at closing, with Managing Agent covering overassessed portion from deposit
• These provisions apply only to Purchasers who executed Purchase Agreements before amendment acceptance

Amendment 6 Oct 14, 2020

Amendment declares the offering plan effective, clarifies sponsor control rights, extends the plan timeline, and tolls the projected operation date due to New York Executive Order 202.18.

• Plan declared effective with 19 of 25 residential units (76%) in contract
• Sponsor retains right to designate one board member so long as it owns any residential unit
• Sponsor control period ends on earlier of: fifth anniversary of First Closing or 30 days after sponsor owns less than 75% of common interests
• Projected commencement of condominium operation extended by 202 days (duration of Executive Order 202.18) plus 120 additional days
• Plan extended for six (6) months from amendment date
• Sponsor may not veto expenditures within approved Schedule B budget or capital repairs required for operation and maintenance

Amendment 4 Dec 31, 2019

Prices increased for six units.

• Unit 12 price set to $4,325,000
• Unit 5A price set to $3,725,000
• Unit 3A price set to $3,625,000
• Unit 3B price set to $2,475,000
• Unit 4B price set to $2,500,000
• Unit 4C price set to $1,295,000
• Schedule A prices increased for 5 homes (median +4.2%): 3A $3,525,000 → $3,625,000; 3B $2,375,000 → $2,475,000; 4B $2,400,000 → $2,500,000; 4C $1,250,000 → $1,295,000; ...

Amendment 3 Jul 19, 2018

Purchase prices increased for four units.

• Unit 6B price: $2,525,000
• Unit 9B price: $4,125,000
• Unit 10B price: $4,150,000
• Unit 11 price: $4,500,000
• Schedule A prices increased for 3 homes (median +1.2%): 6B $2,450,000 → $2,525,000; 9B $4,075,000 → $4,125,000; 10B $4,100,000 → $4,150,000

Amendment 2 Mar 29, 2018

Price increased for one unsold unit.

Amendment 1 2019

The First Amendment updates the Architect's Description of Property with changes to building systems, landscaping, fenestration, and LPC-approved alterations; adds disclosure of FinCEN reporting requirements and new New York State transfer taxes.

• Landmarks Preservation Commission Certificate of Appropriateness issued April 24, 2019 for Southeast Yard fence, storage shed, and evergreen shrubs required to be maintained in perpetuity
• New York State additional transfer tax of $3.25 per $500 for purchases $3,000,000 or more (versus $2.00 per $500 for less); applies to transfers after July 1, 2019
• New York State supplemental tax of 0.25%-1.25% on purchases $2,000,000 or more, depending on price tier
• FinCEN Geographic Targeting Order reporting requirements for entity purchasers with purchase price $300,000 or more using cash or check
• Changes to electrical system location in Architect's Report; relocation of elevator control room at cellar level
• Exterior windows by Reynaers or equal; brass-clad entrance doors at lobby on Henry Street by Reynaers or approved equal
• Addition of crawl space below outdoor pool; changes to swimming pool specifications
• Changes to lighting in Game Room Lounge and Spa; changes to Kitchen Appliance Schedule and Plumbing Fixture Schedule; upper penthouse roof access via caged ladder for maintenance only