350 Butler Condominium (The Butler Collection)

Amendment 8 Nov 14, 2024

Offering price amended for Unit 9A.

Amendment 6 Apr 30, 2024

Offering prices for two units are amended.

• Unit 8B price raised to $2,495,000.00
• Unit PH1 price raised to $4,325,000.00

Amendment 5 Feb 9, 2024

First unit closing occurred on December 12, 2023 with temporary certificate of occupancy; $6,500 escrowed for final certificate work.

• First unit closing occurred December 12, 2023
• Temporary certificate of occupancy issued November 29, 2023
• $6,500 deposited in escrow for final certificate of occupancy work
• Declaration recorded September 13, 2023
• Working capital fund balance $51,645.12 as of February 3, 2024
• Unit real estate tax assessment begun by NYC Department of Finance
• First unit owner meeting has not yet occurred; Sponsor controls Board of Managers

Amendment 4 Sep 28, 2023

This amendment extends the offering plan term for six months and provides updated financial information as of the filing date.

• Term of offering plan extended for six (6) months from filing date
• All 30 units remain unsold; no closings have occurred
• Estimated aggregate monthly Common Charges for unsold units: $33,352.17 ($400,226.00 annually)
• Estimated aggregate monthly real estate taxes for unsold units: $36,794.17 ($441,530.00 annually)
• Declaration and Floor Plans recorded September 13, 2023
• No unit owner meetings held; Sponsor controls Board of Managers
• No financial statements available; condominium will operate under Budget from Second Amendment

Amendment 3 2023

The plan is declared effective after securing purchase agreements for ten residential units representing approximately 30% of the thirty-four units offered.

• Plan declared effective
• Ten residential units (approximately 30% of 34 units) have accepted purchase agreements
• Sponsor affirms all counted purchasers are bona fide and independent of sponsor
• No material changes to first-year budget since plan was accepted for filing on May 2, 2022

Amendment 2 Jan 30, 2023

This Second Amendment changes the managing agent, updates unit prices and tax projections, adjusts the first closing date to July 1, 2023, and increases the first-year budget by approximately 49.50%.

• Managing Agent changed from First Class Management, Inc. to Monarch Realty Group
• Amended offering prices for units
• First closing date projected as on or about July 1, 2023
• Assessed value of building decreased from $5,048,247 to $4,692,936
• First year real estate taxes increased from $329,416 to $441,530 (approximately 34% increase)
• Budget increased approximately 49.50%; labor costs increased from $113,600 to $222,482 per year
• Unit PH2 area corrected to include bulkhead square footage
• Common interest percentages amended for Units PH1 and PH2
• Schedule A prices increased for 7 homes (median +2.5%): 7A $2,499,000 → $2,625,000; 7B $2,630,000 → $2,675,000; 8A $2,400,000 → $2,415,000; 8B $2,515,000 → $2,575,000; ...
• Schedule A prices decreased for 17 homes (median -6.5%): 1C $850,000 → $795,000; 2A $1,400,000 → $1,275,000; 2B $1,345,000 → $1,285,000; 2C $995,000 → $895,000; ...

Amendment 1 2022

Amendment updates offering prices, unit specifications, first closing date to January 1, 2023, real estate tax projections, and first-year budget.

• Offering prices amended
• First unit closing/commencement of condominium operations projected for on or about January 1, 2023
• Real estate tax projections updated: first year taxes decreased from $432,357 to $329,416; second year increased from $617,653 to $619,269
• Estimated assessed value of building remains $5,048,247; tax rate increased from 12.235% to 12.267%
• Schedule A budget increased approximately 15.44%
• Shared amenities income increased from $7,000 to $8,050 per year
• Unit 1D and PH2 areas corrected; Unit 9A terrace and PH1 balconies corrected; Unit 1D bedroom count corrected
• Percentage of common interest for units unchanged
• Schedule A prices increased for 29 homes (median +10.9%): 2A $1,295,000 → $1,400,000; 2B $1,280,000 → $1,345,000; 2C $960,000 → $995,000; 2D $1,595,000 → $1,699,000; ...