One Brooklyn Bridge Park Condominium

Amendment 42 May 19, 2023

Amendment updates financial statements, condominium budget, and Schedule A with revised PILOT payments and common charges.

• Financial statements for years ended December 31, 2020 and December 31, 2021 attached
• Condominium budget for January 1, 2023 to December 31, 2023 attached
• Schedule A revised to reflect 2022/2023 tax year PILOT payments and increased common charges
• Sponsor owns 53 parking spaces with monthly common charges of approximately $5,750.93
• Sponsor's monthly PILOT approximately $4,645.86
• Sponsor owns less than 10% of common interests in condominium
• Plan extended for 12 months following filing date

Amendment 41 May 16, 2022

New attorney and escrow agent for Sponsor, updated purchase agreement, financial statements and budget, revised Schedule A with updated PILOT and common charges, and new transfer tax provisions.

• New attorney for Sponsor and escrow agent: Seyfarth Shaw LLP at 620 Eighth Avenue, New York
• Escrow account moved to Wells Fargo Bank at 150 East 42nd Street, 35th Floor, New York, NY 10017
• Sponsor owns 54 Parking Spaces; owns less than 10% of Common Interests
• Monthly Common Charges for Sponsor's unsold units: approximately $5,662.56
• Monthly PILOT for Sponsor's unsold units: approximately $4,372.10
• Schedule A updated with 2021/2022 tax year PILOT payments and increased common charges
• New York State Transfer Tax: gross-up eliminated effective July 1, 2021 for residential units when Purchaser bears tax
• Plan extended 12 months from Filing Date

Amendment 40 Nov 17, 2020

Updated Schedule A with parking unit prices and common charges as of October 1, 2020.

• Sponsor address changed to c/o RAL Development Services LLC, 55 Broadway, 25th Floor, New York, New York 10006
• Schedule A updated reflecting closings through October 1, 2020
• Common charges and PILOT payments updated for 2020/2021 tax year
• All residential apartment units and cabana units marked sold out
• 39 parking units listed with prices ranging from $99,000 to $290,000

Amendment 39 Jun 24, 2020

Updated parking unit prices and added 2018-2019 financial statements and 2020 budget; clarified New York State transfer tax requirements effective July 1, 2019.

• Schedule A updated with new prices for 58 unsold parking spaces
• Audited financial statements for years ended December 31, 2018 and December 31, 2019 added
• 2020 Condominium Budget (January 1 – December 31, 2020) adopted
• New York State transfer tax and supplemental tax effective July 1, 2019 explained; affects closings after that date
• Mansion Tax rates and brackets for residential units over $1,000,000 disclosed
• Sponsor owns 58 parking spaces with monthly common charges of approximately $5,674.43
• Plan extended 12 months from filing date

Amendment 37 Nov 6, 2018

Parking space prices increased, attorney closing fees raised from $1,500 to $2,500, and smoking policy added per Local Law 147.

• Parking space offering prices increased
• Closing attorney fees increased from $1,500 to $2,500
• Smoking prohibited in all interior common areas, exterior courtyards
• Smoking permitted in dwelling units and private balconies, terraces, cabanas
• New smoking policy disclosure required in purchase agreements per Local Law 147

Amendment 36 Mar 20, 2018

Amendment adds tax law disclosure, updates Schedule A pricing and charges, provides 2016 financials and 2018 budget, and lists board members.

• New disclosure: Tax Cuts and Jobs Act of 2017 may affect purchaser tax deductions; consult tax expert
• Schedule A updated reflecting closings through March 1, 2018
• 2016 audited financial statements attached
• 2018 condominium budget adopted by board
• Sponsor owns 75 parking spaces and 6 commercial units
• Sponsor's monthly common charges: $38,108.89; PILOT: $11,588.67
• FinCEN reporting required for certain cash purchases over $1,500,000 in Brooklyn

Amendment 35 Oct 17, 2016

This amendment updates Schedule A prices, provides 2015 financial statements, establishes 2016 budget, identifies new sponsor and board members, and discloses sponsor's ownership of 76 parking spaces and 6 commercial units.

• Schedule A - Purchase Prices updated (Exhibit A)
• Audited financial statements for year ended December 31, 2015 provided (Exhibit B)
• 2016 condominium budget adopted for January 1 - December 31, 2016 (Exhibit C)
• New Sponsor: OBBP Commercial Owner LLC, c/o RAL Development Services LLC
• New Sponsor owns 76 parking spaces and 6 commercial units
• New Sponsor's monthly common charges approximately $35,108.00
• New Sponsor's monthly PILOT approximately $8,984.00
• Financial disclosure: New Sponsor owns less than 10% of common interests; no financial obligations to condominium beyond common charges

Amendment 34 Jun 15, 2016

OBBP Commercial Owner LLC becomes new sponsor for commercial units, garage unit, and unsold ancillary units as of March 10, 2016.

• New Sponsor: OBBP Commercial Owner LLC acquired Commercial Units, Garage Unit, and Unsold Ancillary Units from Original Sponsor on March 10, 2016
• New Sponsor principal: Robert A. Levine, founder/CEO/president of R.A.L. Companies & Affiliates
• New Sponsor assumes all obligations of Original Sponsor for New Sponsor Units
• New Sponsor also serves as Selling Agent
• Updated Schedule A — Purchase Prices and Related Information included as Exhibit A

Amendment 33 Nov 20, 2015

Updated Schedule A with current prices and common charges for unsold units, financial statements for 2014, and 2015 budget confirmation.

• Schedule A updated for unsold units: 2 Cabana Units, 76 Parking Spaces, 6 Commercial Units, 1 Garage Unit
• Sponsor's monthly Common Charges on unsold units: approximately $62,666
• Sponsor's monthly PILOT on unsold units: approximately $19,210
• Sponsor's monthly rents from unsold units: $28,047.59
• Financial statements for year ended December 31, 2014 included
• Condominium Budget for January 1, 2015 through December 31, 2015 adopted
• Sponsor current on all financial obligations to Condominium

Amendment 32 Dec 31, 2014

Amendment updates Schedule A pricing for unsold units, adopts 2013 financial statements with new calendar year-end, and approves 2015 condominium budget.

• Schedule A - Purchase Prices updated for unsold units
• Financial year-end changed from March 31 to December 31 effective January 1, 2014
• 2013 financial statements (nine months ended December 31, 2013) annexed
• 2015 condominium budget adopted for calendar year January 1 - December 31, 2015
• Condominium Board members listed; Sponsor has 5 affiliated members
• Sponsor owns 3 Cabana Units, 80 Parking Spaces, 6 Commercial Units, 1 Garage Unit unsold
• Plan extended for 12 months following filing date

Amendment 31 Apr 14, 2014

Watson Farley & Williams LLP replaces Lampiasi Law Firm LLP as the Escrow Agent, with deposits held at First Republic Bank.

• Escrow Agent changed from Lampiasi Law Firm LLP to Watson Farley & Williams LLP
• Escrow account location changed to First Republic Bank at 575 Madison Avenue, New York, NY 10022
• Nine authorized signatories named for escrow account withdrawals

Amendment 30 Apr 4, 2014

Unit 1114 price changed to $2,550,000.

Amendment 29 Jan 31, 2014

Updated Schedule A with current unsold unit prices, 2012/2013 financial statements, 2013/2014 budget, and board member list.

• Updated Schedule A - Purchase Prices and Related Information annexed
• 2012/2013 certified financial statements from Levy & Gold, LLP for year ended March 31, 2013 annexed
• 2013/2014 Condominium Budget for April 1, 2013 to March 31, 2014 annexed
• Board members listed including 5 sponsor-affiliated members; sponsor relinquished control June 17, 2013
• As of December 24, 2013: 10 apartment units, 4 cabana units, 104 parking spaces, 6 commercial units, 1 garage unit remain unsold
• Sponsor monthly common charges for unsold units approximately $88,744; PILOT approximately $18,596
• Plan extended for 12 months from filing date

Amendment 28 Aug 8, 2013

Super Storm Sandy disclosure regarding damage to common elements and building systems, insurance claims, and flood hazard designation.

• Sponsor no longer controls the Condominium Association as of June 2013
• FEMA Flood Hazard Map designation is AE (High Risk Area) and X (Moderate Risk Area)
• Significant damage to common elements, retail component, equipment rooms, and major mechanical systems from Super Storm Sandy
• All major building systems operational on temporary fixes within 14 days of Sandy impact
• Estimated total claims value between $6,000,000 and $8,000,000
• Two separate flood insurance policies in place; no special assessment or Common Charges increase anticipated
• No direct damage to Unsold Units
• Flood mitigation plan approved by Board and being implemented

Amendment 27 Apr 8, 2013

Offering prices changed for four units.

• Unit 942: new price $825,000
• Unit 523: new price $855,000
• Unit 924: new price $1,375,000
• Unit 1103: new price $810,000
• Schedule A prices increased for 4 homes (median +10.3%): 523 $775,000 → $855,000; 924 $1,175,000 → $1,375,000; 942 $750,000 → $825,000; 1103 $750,000 → $810,000

Amendment 26 Mar 14, 2013

Offering prices changed for four units.

• Unit 1016 price set to $550,000
• Unit 1103 price set to $750,000
• Unit 1110 price set to $1,125,000
• Unit 1119 price set to $855,000
• Schedule A prices increased for 4 homes (median +14.0%): 1016 $545,000 → $550,000; 1103 $695,000 → $750,000; 1110 $925,000 → $1,125,000; 1119 $750,000 → $855,000

Amendment 25 Feb 28, 2013

Amendment updates Schedule A prices, financial statements, budget, board members, escrow procedures, and terms for unsold units being sold as-is.

• Schedule A - Purchase Prices and Related Information updated (Exhibit A)
• 2011/2012 Financial Statements added, certified by Levy & Gold, LLP for year ended March 31, 2012
• 2012/2013 Condominium Budget adopted for April 1, 2012 through March 31, 2013
• Condominium Board composition listed with 5 sponsor-affiliated members
• Sponsor relinquishes board control upon 95% closing or June 17, 2013, whichever is earlier
• Escrow regulations updated; new Master Escrow Account at Citibank with Lampiasi Law Firm as Escrow Agent
• Unsold units sold 'AS IS' with no repair obligations; Special Assessment for Security Fund now closing cost
• Plan extended 12 months from filing date unless further extended or amended

Amendment 24 Jan 15, 2013

Price of one unit changed.

Amendment 23 Feb 27, 2012

Updated Schedule A with current pricing for unsold units, new financial disclosures, and new selling agent.

• 148 Apartment Units, 7 Cabana Units, 110 Parking Spaces, 6 Commercial Units and 1 Garage Unit remain unsold
• TDG-TREGNY, LLC d/b/a MNS appointed as new Selling Agent
• Sponsor's monthly Common Charges on unsold units: approximately $207,979
• Sponsor's monthly PILOT on unsold units: approximately $19,907
• Outstanding loan balance: approximately $9,500,000 (as of February 10, 2012)
• Plan extended for 12 months following amendment filing date
• Financial statements provided for year ended March 31, 2011

Amendment 22 Mar 23, 2011

This amendment updates Schedule A prices, provides financial statements and budget information, and corrects storage locker numbering errors.

• Schedule A updated with current offering prices for unsold units
• Financial statement for year ended March 31, 2010 included
• Condominium budget adopted for April 1, 2011 through March 31, 2012
• Storage locker numbering corrected: units 720-733 labeled as 520-533 on 7th floor
• 229 apartment units, 12 cabana units, 114 parking spaces, 6 commercial units, and 1 garage unit remain unsold
• Sponsor monthly common charges approximately $379,487.00 for unsold units
• Loan outstanding balance $122,500,000.00 as of February 18, 2011 with Deutsche Bank
• Plan extended for 12 months from filing date

Amendment 21 Aug 4, 2010

Offering prices for 15 units are changed effective immediately.

• Unit 203: $1,750,000.00
• Unit 214: $2,675,000.00
• Unit 220: $1,650,000.00
• Unit 223: $2,450,000.00
• Unit 334: $1,075,000.00
• Unit 342: $895,000.00
• Unit 407: $550,000.00
• Schedule A prices increased for 14 homes (median +23.6%): 203 $1,225,000 → $1,750,000; 214 $2,195,000 → $2,675,000; 220 $1,395,000 → $1,650,000; 223 $1,995,000 → $2,450,000; ...
• Schedule A prices decreased for 1 home (median -5.0%): 805 $1,500,000 → $1,425,000

Amendment 20 Apr 1, 2010

Twentieth Amendment updates Schedule A pricing, adds 2008-2009 audited financial statements, establishes reserve fund budget for April 1, 2010 to March 31, 2011, converts Condominium to corporation status, and discloses Sponsor's ownership of 295 unsold apartments and other units.

• Schedule A updated with current offering prices as of 04/01/2010
• Audited financial statements for 2008 and 2009 calendar years included (Levy & Gold LLP)
• Budget revised with new Reserve Fund line item for capital reserves and replacements
• Condominium converted from unincorporated association to corporation
• Sponsor controls 295 unsold Apartment Units, 13 unsold Cabana Units, 116 unsold Parking Spaces, 6 unsold Commercial Units, and 1 unsold Garage Unit as of March 5, 2010
• Outstanding mortgage: $207,000,000 from Deutsche Bank at LIBOR plus 3.5%, term 1 year expiring September 1, 2010
• Sponsor current on all financial obligations; Condominium Board to relinquish control by June 17, 2013 or when 95% of units close
• Schedule A prices increased for 111 homes (median +5.4%): 206 $3,675,000 → $3,850,000; 207 $2,700,000 → $2,750,000; 208 $2,900,000 → $3,000,000; 209 $2,575,000 → $2,625,000; ...
• Schedule A prices decreased for 82 homes (median -5.0%): 217 $3,300,000 → $2,800,000; 325 $1,700,000 → $1,650,000; 334 $895,000 → $860,000; 340 $1,400,000 → $1,395,000; ...

Amendment 19 Aug 14, 2009

New offering prices set for 26 unsold units.

• Unit 203: $1,225,000
• Unit 220: $1,075,000
• Unit 334: $585,000
• Unit 342: $645,000
• Unit 413: $585,000
• Unit 423: $540,000
• Unit 425: $645,000
• Unit 430: $925,000
• Schedule A prices decreased for 6 homes (median -15.8%): 203 $1,750,000 → $1,225,000; 413 $695,000 → $585,000; 519 $2,295,000 → $1,995,000; 528 $1,750,000 → $1,195,000; ...

Amendment 18 May 27, 2009

Offering prices for 52 units are changed effective immediately.

• Offering prices for 52 units changed effective immediately
• Unit 214: $2,195,000
• Unit 216: $2,595,000
• Unit 407: $470,000
• Unit 420: $420,000
• Unit 526: $415,000
• Unit 1016: $545,000
• Schedule A prices decreased for 47 homes (median -16.4%): 214 $2,675,000 → $2,195,000; 216 $2,775,000 → $2,595,000; 220 $1,650,000 → $1,395,000; 223 $2,450,000 → $1,995,000; ...

Amendment 17 Apr 3, 2009

Updated Schedule A with current purchase prices and unit information as of February 28, 2009.

• 365 unsold Apartment Units, 17 unsold Cabana Units, 124 unsold Parking Spaces, 7 unsold Commercial Units, and 1 unsold Garage Unit as of February 28, 2009
• Sponsor's aggregate monthly Common Charges approximately $480,075
• Sponsor's aggregate monthly PILOT approximately $231,515
• Outstanding mortgage balance $250,500,000 with Deutsche Bank, expiring March 1, 2010
• Plan extended for twelve (12) months following the Filing Date

Amendment 16 Oct 8, 2008

Amendment offers 7 commercial and garage units for sale, combines 3 apartment units reducing total to 438 units, documents first closing completed June 17, 2008, and extends the plan for 6 months.

• 7 Commercial Units and 1 Garage Unit offered for sale at prices ranging from $380,000 to $37,200,000
• First Closing occurred June 17, 2008 for Apartment Unit 417
• Condominium Declaration recorded June 3, 2008 under CRFN: 2008000223792
• Apartment Units combined: 218/219, 734/735, 1220/1221 reducing total apartment units to 438
• Condominium Board established with Robert A. Levine as President; Sponsor controls until 95% apartment closings or June 17, 2013
• Managing Agent: Spandrel Property Services, Inc.
• As of September 9, 2008: approximately 410 unsold Apartment Units, 18 unsold Cabanas, 135 unsold Parking Spaces, 6 Commercial Units, 1 Garage Unit
• Plan extended 6 months from filing date

Amendment 15 Jul 10, 2008

Purchase prices increased for 10 apartment units.

• Unit 401: $745,000
• Unit 424: $1,055,000
• Unit 505: $1,115,000
• Unit 511: $740,000
• Unit 523: $775,000
• Unit 542: $720,000
• Unit 543: $1,090,000
• Unit 606: $610,000
• Schedule A prices increased for 2 homes (median +7.1%): 734 $1,050,000 → $1,125,000; 735 $1,050,000 → $1,125,000
• Schedule A prices decreased for 8 homes (median -6.9%): 401 $800,000 → $745,000; 424 $1,350,000 → $1,055,000; 505 $1,280,000 → $1,115,000; 511 $800,000 → $740,000; ...

Amendment 14 Apr 29, 2008

Seven apartment units are combined, parking spaces and storage lockers are added, and common charges and real estate taxes are updated for the first year of operations beginning April 1, 2008.

• Seven apartment units combined: 436/437→436, 636/637→636, 836/837→836, 922/923→922, 1125/1126→1125, 1129/1216/1217→1216, 1214/1215→1214
• Total apartment units reduced to 441 including Resident Manager's Unit
• First closing expected on or about April 1, 2008
• Three new parking spaces created on mezzanine level (P-A, P-B, P-C), not for sale
• Storage lockers appurtenant to units 201-224, each 16 square feet on mezzanine level
• Updated real estate taxes and common charges reflected in Schedule A
• Ground lease closed February 29, 2008; memorandum recorded March 19, 2008
• Private Letter Ruling obtained December 13, 2007 confirming PILOT payments are deductible as real property taxes

Amendment 13 Mar 11, 2008

The plan is declared effective based on receipt of 86 purchase agreements representing 19.2% of the 448 apartment units.

• Plan declared effective with 86 purchase agreements (19.2% of 448 units)
• Plan extended for six months from filing date of this amendment

Amendment 12 Feb 4, 2008

Amendment sets first closing date to April 1, 2008, updates first-year budget, adds lease-related amendment procedures, and modifies right of first refusal rules.

• First Closing expected on or about April 1, 2008
• First Year Budget period April 1, 2008 to March 31, 2009
• Total projected expenses $7,129,470 (residential $6,698,689, commercial $430,781)
• Sponsor must submit proposed amendments to condominium documents to Landlord for approval
• Landlord approval required for amendments affecting lease provisions
• Right of first refusal exception added for transfers to/from Landlord or foreclosure by Landlord
• Plan extended for six months from filing date
• Payroll budget $1,539,200 including 24/7 doormen, concierge, handyman, engineer, and porter coverage

Amendment 11 Oct 18, 2007

Eleventh Amendment updates offering prices for certain residential units in the building.

• Offering prices increased for 48 residential units (201-224, 301-324, 326-443)
• Schedule A purchase prices and common charges updated
• Projected first-year and second-year common charges and real estate taxes revised

Amendment 10 Aug 24, 2007

Purchase prices of certain residential apartment units increased.

Amendment 9 Aug 15, 2007

Purchase prices of certain apartment units increased.

• Schedule A prices increased for 144 homes (median +5.5%): 205 $4,000,000 → $4,250,000; 218 $3,650,000 → $3,850,000; 325 $1,675,000 → $1,700,000; 326 $2,000,000 → $2,150,000; ...
• Schedule A prices decreased for 18 homes (median -4.0%): 501 $995,000 → $850,000; 509 $850,000 → $675,000; 543 $1,370,000 → $1,115,000; 601 $995,000 → $900,000; ...

Amendment 8 Jun 27, 2007

Purchase prices of certain residential apartment units increased.

• Offering prices updated for multiple units (201-508)
• First year of condominium operation: July 1, 2007 to June 30, 2008

Amendment 7 Jun 19, 2007

The Seventh Amendment updates offering prices for certain apartment units at One Brooklyn Bridge Park Condominium.

• Updated Schedule A with new purchase prices for residential units
• Price increases reflected for certain apartment units

Amendment 6 Jun 1, 2007

Offering prices changed for 31 apartment units.

• Unit 429: $1,975,000
• Unit 430: $1,475,000
• Unit 439: $1,450,000
• Unit 533: $1,500,000
• Unit 536: $1,425,000
• Unit 539: $1,475,000
• Unit 629: $2,075,000

Amendment 5 Apr 24, 2007

Offering prices changed for two apartment units.

• Unit 1124 price changed to $2,025,000
• Unit 1125 price changed to $2,325,000

Amendment 4 Apr 17, 2007

Offering prices for 60 apartment units are changed effective immediately.

• Offering prices changed for 60 apartment units (Units 325, 428–433, 528–533, 628–633, 719, 728–733, 819, 828–833, 919, 928–933, 1015, 1024–1029, 1124–1129)
• Price range spans from $925,000 (Unit 432) to $2,950,000 (Unit 1015)

Amendment 3 Apr 12, 2007

Offering prices changed for 61 apartment units.

• Offering prices changed for 61 apartment units effective immediately
• Amendment does not extend the Plan

Amendment 2 Apr 10, 2007

Offering prices changed for five apartment units.

• Unit 506: $625,000
• Unit 507: $625,000
• Unit 509: $675,000
• Unit 516: $650,000
• Unit 517: $650,000

Amendment 1 Apr 4, 2007

Offering prices increased for 56 apartment units.