368 Third Avenue Condominium A/K/A "Vu" (VU New York)

Amendment 12 Mar 18, 2025

Prices of three residential units increased, raising the total offering price to $216,298,600.00.

• Unit 8A price raised to $2,595,000
• Unit 12A price raised to $2,895,000
• Unit 31A price raised to $3,695,000
• Total Purchase Price now $216,298,600.00
• Schedule A prices decreased for 3 homes (median -3.9%): 8A $2,695,000 → $2,595,000; 12A $3,095,000 → $2,895,000; 31A $3,845,000 → $3,695,000

Amendment 11 May 31, 2024

Prices increased for 6 units; 18 residential and 1 commercial unit remain unsold as of May 28, 2024; sponsor principal Keren Harris removed.

• Unit prices raised: 12A to $2,995,000, 19C to $2,195,000, 22B to $2,245,000, PHA to $8,995,000, 30A to $3,650,000, PHB to $9,499,000
• Total Purchase Price now $216,648,600.00
• 18 residential units and 1 commercial unit unsold as of May 28, 2024
• 23 storage space units unsold
• Sponsor refinanced mortgage on March 21, 2024 with Mishmeret Trust Company LTD.; principal balance $10,613,452.96, maturity December 31, 2026
• Keren Harris no longer a principal of Sponsor; Lior Carucci remains
• 7th Amendment promotion expired
• Common Charges collection began July 1, 2023 after waiver through June 30, 2023

Amendment 10 Jan 30, 2024

Permanent Certificate of Occupancy issued, sponsor principals changed, and sponsor address updated.

• Permanent Certificate of Occupancy issued December 13, 2023
• Yehuda Mor removed as principal of Sponsor
• Keren Harris added as principal of Sponsor
• Sponsor address changed to 124 Grove Avenue, Unit 546, Cedarhurst, NY 11516

Amendment 9 Nov 28, 2023

Prices of 6 residential units increased.

• Unit 8A: $2,695,000
• Unit 11A: $2,795,000
• Unit 11C: $1,939,000
• Unit 12C: $1,969,000
• Unit 16C: $1,989,000
• Unit 29A: $3,529,000
• Total Purchase Price now $218,519,600.00
• Schedule A prices decreased for 6 homes (median -7.3%): 8A $2,895,000 → $2,695,000; 11A $3,049,000 → $2,795,000; 11C $2,265,000 → $1,939,000; 12C $2,125,000 → $1,969,000; ...

Amendment 8 Oct 26, 2023

Unit 5E price changed to $895,000.00; total purchase price of offering now $219,712,600.00.

• Unit 5E offering price: $895,000.00
• Total purchase price of offering: $219,712,600.00

Amendment 7 Aug 2, 2023

Prices for 19 units are reduced, and a $50,000 closing credit is offered for two-bedroom and three-bedroom units.

• Prices reduced for 19 units (units 32A, 31A, 30A, 29A, 14A, 12A, 11A, 9A, 8A, 26B, 25B, 24B, 25C, 20C, 19C, 18C, 16C, 14C, 12C)
• Total Purchase Price of Offering now $219,762,600.00
• $50,000 closing credit offered to purchasers of unsold two-bedroom and three-bedroom units
• Schedule A prices decreased for 19 homes (median -5.7%): 8A $2,999,500 → $2,895,000; 9A $3,159,000 → $2,995,000; 11A $3,295,000 → $3,049,000; 12A $3,325,000 → $3,095,000; ...

Amendment 6 Apr 17, 2023

Prices of 10 residential units adjusted; 32 residential units and 1 commercial unit remain unsold as of June 7, 2023; operating budget and financial obligations updated.

• Prices of 10 units changed: 8A to $2,925,000.00, 11C to $2,095,000.00, 16C to $2,224,500.00, 20C to $2,300,000.00, 21C to $2,325,000.00, 22C to $2,349,500.00, 23C to $2,450,000.00, 29A to $3,795,000.00, PHA to $9,995,000.00, PHB to $9,995,000.00
• Total offering price now $221,960,100.00
• 32 residential units and 1 commercial unit unsold as of June 7, 2023; 26 storage spaces unsold
• New permanent certificate of occupancy obtained May 23, 2023
• PCO cost certified at $25,000.00; PCO anticipated within 2 years of first unit closing
• Outstanding mortgage principal balance $34,731,469.60 as of March 22, 2023; maturity February 15, 2024
• Sponsor counsel name changed to D'Agostino, Lederman, Landesman, Rivera & Miraglia, LLP
• Counsel address moved to 9 East 40th Street, 5th Floor, New York, New York 10016

Amendment 5 Sep 13, 2022

Price of unit 12C raised to $2,199,500.00, increasing total offering price to $223,113,200.00.

• Unit 12C price changed to $2,199,500.00
• Total Purchase Price of Offering now $223,113,200.00

Amendment 4 Apr 26, 2022

This amendment updates unit pricing, reserve fund balance, working capital fund status, and lists unsold residential units and storage spaces as of July 12, 2022.

• First unit closing occurred December 10, 2021 (Unit 7A)
• Temporary certificate of occupancy issued November 26, 2021; permanent certificate expected within 2 years of first closing
• Escrow account balance as of July 12, 2022: $1,485,397.55
• Cost to obtain permanent certificate of occupancy reduced to $75,000.00 (from initial estimate of $957,000.00)
• Reserve Fund balance: $133,245.42
• Working Capital Fund balance: $60,000.21
• 42 residential units and 1 commercial unit remain unsold; 33 storage spaces unsold
• Outstanding loan principal balance: $50,847,521.95; loan maturity date February 15, 2023

Amendment 3 Jun 25, 2021

Plan declared effective after 15% of units purchased; three unit prices raised; unit definition clarified; offering term extended six months.

• Unit 15B price raised to $2,099,900.00
• Unit 16C price raised to $2,349,500.00
• Unit 21B price raised to $2,249,500.00
• Total Purchase Price now $223,112,600.00
• Plan declared effective with 15 units purchased (15% threshold met)
• Legal definition of residential and commercial units revised for square footage calculation
• Offering term extended six months from Department of Law acceptance date
• Schedule A prices decreased for 3 homes (median -1.2%): 15B $2,125,000 → $2,099,900; 16C $2,399,500 → $2,349,500; 21B $2,275,000 → $2,249,500

Amendment 2 Mar 23, 2021

Amendment updates unit prices, projects first year of condominium operation as October 1, 2021, and revises real estate tax estimates and rescission rights.

• 5 units repriced: 6D to $1,335,000, 7D to $999,000, 10A to $3,499,900, 10C to $2,099,900, 20A to $1,299,900
• Total Purchase Price now $223,213,200.00
• First Year of Condominium operation projected to commence October 1, 2021
• Real estate tax projections updated by Paul J. Korngold; post-construction assessed valuation projected at $16,784,740.00
• 2022/2023 real estate taxes for all residential units projected at approximately $2,148,448.00
• Rescission right available if first unit closing does not occur within 12 months of October 1, 2021
• Schedule A revised to reflect updated prices, first year operation date, and carrying charges
• Schedule A prices increased for 2 homes (median +3.0%): 6D $1,299,500 → $1,335,000; 10A $3,399,500 → $3,499,900
• Schedule A prices decreased for 3 homes (median -4.5%): 7D $1,100,000 → $999,000; 10C $2,199,500 → $2,099,900; 20A $1,325,000 → $1,299,900

Amendment 1 Oct 9, 2020

Changes selling agent to Brown Harris Stevens Development Marketing LLC, updates force majeure provisions in purchase agreement, and clarifies real estate tax escrow procedures.

• Selling Agent changed to Brown Harris Stevens Development Marketing LLC at 445 Park Avenue, 10th Floor, New York, NY 10022
• Force majeure language expanded to excuse Sponsor from timely performing obligations for pandemics, epidemics, outbreaks, shelter-in-place orders, quarantine measures, and similar events beyond Sponsor's control
• Sponsor's time to perform delayed obligations tolled for length of time performance was excused
• Sponsor liability remains limited to return of deposited money for failure to complete
• Real estate tax escrow at First Closing: Sponsor may elect instead to charge Unit Owners pro rata share of real estate taxes as Common Charge until separate assessment
• No material changes to Projected Budget for First Year of Condominium operation
• No lawsuits, administrative proceedings, or other proceedings materially affecting the offering
• First Unit Closing has not yet occurred; financial statements will be provided in future amendment