Northern Residences Condominium

Amendment 5 May 6, 2025

This Fifth Amendment records the First Closing (February 10, 2025), replaces the managing agent with Century Condominium Management, and updates the sponsor's financial disclosures, loan details, and board information.

• Managing agent changed from CPRE Group LLC to Century Condominium Management
• First Closing took place February 10, 2025, with respect to Unit 12F
• Common Charges waived for all Unit Owners from February 10, 2025 to March 31, 2025
• Sponsor's unsold units: 5 Residential Units remain unsold; Loan with Maxim Credit Group LLC has outstanding balance $23,057,160, expiring May 9, 2025
• Working Capital Account approx. $21,434 and Reserve Fund Account approx. $15,101 established at Customers Bank
• Condominium Board members named: George Xu (President), Brent Li (Vice President), Qili Li (Secretary/Treasurer), all affiliated with Sponsor
• Permanent Certificate of Occupancy not yet issued
• Net closing adjustments anticipated in favor of Sponsor, with any net credit to Sponsor evidenced by a promissory note repayable on the first anniversary of the First Closing

Amendment 4 Nov 12, 2024

This Fourth Amendment extends the Plan's term, states that closings are expected to begin during the projected First Year of Condominium Operation (with an updated Schedule B if the First Closing does not occur by December 31, 2024), and adds a FinCEN disclosure for buyers paying without bank or other external financing.

• First closing expected during the projected First Year of Condominium Operation; if it does not occur by December 31, 2024, Sponsor will amend the Plan to include an updated Schedule B
• Adds FinCEN disclosure: buyers paying without a bank loan or other external financing in transactions over the reporting threshold of $300,000 must deliver required documents to the title company at closing, and failure to do so is an Event of Default
• FinCEN Geographic Targeting Order currently in effect until April 14, 2025, subject to further extension
• Extends the term of the Plan

Amendment 3 Jun 14, 2024

This amendment adds a federal money-laundering reporting notice for certain cash or non-loan purchases, sets a closing-timing update trigger, and extends the plan's term.

• Adds FinCEN Geographic Targeting Order disclosure for non-loan purchases over the $300,000 reporting threshold, in effect until October 15, 2024
• Buyers subject to the order must deliver required documents to the title company at closing, and failure is an Event of Default
• Sponsor expects closings to begin during the projected First Year of Condominium Operation
• If the First Closing does not occur by December 31, 2024, Sponsor will amend the Plan to include an updated Schedule B
• Extends the term of the Plan

Amendment 2 Feb 21, 2024

This second amendment declares the Northern Residences plan effective after 8 purchase agreements, names ACRE NY Realty Inc. as the new selling agent, adds a FinCEN all-cash reporting notice, and extends the plan term.

• Plan declared effective after 8 purchase agreements, representing 15% of the 52 residential units offered
• ACRE NY Realty Inc. named new Selling Agent, 28-07 Jackson Avenue, 5th Floor, Long Island City, NY 11101
• Plan term extended; no new end date is printed in this text
• FinCEN notice added: $300,000 reporting threshold; order in effect until April 18, 2024
• Schedule lists the 8 counted units: 10I, PHC, 11E, 12C, 11C, 10C, 12F, 12K

Amendment 1 Aug 7, 2023

This amendment combines some apartments in the Northern Residences building, which reduces the total to 48 homes, and updates the floor plans, unit price list, and related filings to match.

• Units 10M, 11N, 12M and PHL eliminated through combinations; total Residential Units now 48
• Floor plans replaced with updated plans showing combined units and reconfigured layouts, bedrooms and terraces
• Schedule A updated with new unit information and updated Purchase Prices, Common Interest percentages and real estate taxes for units offered for sale
• Addendum to Property Report changes section C(2)
• Updated Certification of Architect
• Updated Real Property Law Section 339-I Compliance Letter
• Updated Real Estate Tax Opinion Letter