37 East 12th Street Condominium

Amendment 12 Jul 3, 2019

Amendment updates financial statements, budget, board composition, smoking policy, and closing costs information for unsold units.

• 2018 financial statements added; Sponsor paid remaining balance due on March 24, 2019
• 2019 budget adopted for year October 1, 2018 to September 30, 2019
• Working Capital Account approximately $46,638 on deposit with Signature Bank as of July 1, 2019
• Sponsor owns 2 unsold units with approximate monthly Common Charges of $27,950 and real estate taxes of $18,109
• Smoking policy adopted by Board and incorporated into Rules and Regulations
• New York State transfer tax and mansion tax increases effective July 1, 2019 affect closing costs
• Title insurance premiums decreased 5% effective February 15, 2019 per Regulation 208
• Offering prices and unit information provided in Schedule A

Amendment 11 Aug 15, 2018

Amendment adds audited financial statements for 2016-2017 and extends the plan term.

• Audited financial statements for years ended December 31, 2016 and December 31, 2017 now included
• Plan term extended

Amendment 10 Jun 8, 2018

This Tenth Amendment updates unit prices, provides the 2018 budget, discloses sponsor financial status, changes the selling agent, and adds required federal disclosures.

• Schedule A updated with new purchase prices for unsold units
• 2018 Condominium Budget adopted: total projected income and expenses of $605,744.00
• Working Capital Account balance as of June 1, 2018: approximately $45,971
• Sponsor owns 2 unsold residential units; 4 units sold
• Selling Agent changed to Core Group Marketing, LLC (104 Fifth Avenue, 17th Floor, New York)
• FinCEN Geographic Targeting Order disclosure for cash purchases over $3,000,000 in Manhattan
• Tax Cuts and Jobs Act of 2017 notice: tax information in Plan may be inaccurate

Amendment 9 Jul 18, 2017

Ninth amendment updates unsold unit prices, working capital balance, board members, and sponsor financial disclosures as of June 1, 2017.

• Four unsold residential units offered at prices: Townhouse $14,995,000, Unit 4 $7,150,000, Unit 6 $7,300,000, Penthouse $26,900,000
• Working Capital Account balance approximately $119,212.55 on deposit at Signature Bank as of June 1, 2017
• Sponsor loan with Capital One outstanding balance $13,282,999, expiration date October 22, 2017, interest rate 3.5%
• Sponsor owns 4 unsold residential units and received aggregate monthly common charges approximately $39,557
• Aggregate real estate taxes payable by sponsor approximately $16,125 monthly
• First Annual Meeting will be held approximately 30 days after later of: second anniversary of First Closing or closing with purchasers of at least 50% of units
• Sponsor will relinquish board control within 5 years from First Closing
• FinCEN Geographic Targeting Order applies to cash purchases over $3,000,000 in Manhattan or $1,500,000 in other boroughs

Amendment 8 Feb 8, 2017

Eighth amendment reports first closing occurred October 13, 2016, establishes condominium board, updates budget and financial disclosures, and confirms permanent certificate of occupancy.

• First Closing occurred October 13, 2016 for Unit 3
• Condominium Declaration recorded September 8, 2016
• Working Capital Account established at Signature Bank with balance of $21,844.12
• Sponsor deposited $114,235 for real estate taxes, released December 13, 2016
• Halstead Management LLC assigned as Managing Agent
• Sponsor sold 2 residential units, 4 units remain unsold
• Permanent Certificate of Occupancy issued June 22, 2016
• Outstanding loan balance $13,233,000 at 3.5% interest, expiration October 22, 2017

Amendment 7 Oct 18, 2016

First Year of Condominium Operation rescheduled to commence October 1, 2016 with updated Schedule A prices, budgets, and tax information.

• First Year of Condominium Operation now scheduled to commence October 1, 2016
• Updated Schedule A with new offering prices: Townhouse $14,995,000.00, Unit 3 $7,100,000.00, Unit 4 $7,150,000.00, Unit 5 $7,200,000.00, Unit 6 $7,300,000.00, Penthouse $26,900,000.00
• Schedule B budget period: October 1, 2016 through September 30, 2017
• Updated projected monthly common charges and real estate taxes for first year
• Updated real estate tax assessed valuation estimates for 2016/2017 tax year

Amendment 6 Sep 12, 2016

Updated Schedule A with current offering prices for all units in the building.

• Townhouse offering price: $14,995,000.00
• Unit 3 offering price: $7,100,000.00
• Unit 4 offering price: $7,150,000.00
• Unit 5 offering price: $7,200,000.00
• Unit 6 offering price: $7,300,000.00
• Penthouse offering price: $26,900,000.00
• Total building offering price: $70,645,000.00
• Projected common charges and real estate taxes for January 1, 2016 – December 31, 2016
• Schedule A prices decreased for 6 homes (median -23.2%): Townhouse $17,750,000 → $14,995,000; Unit 3 $9,250,000 → $7,100,000; Unit 4 $9,350,000 → $7,150,000; Unit 5 $9,450,000 → $7,200,000; ...

Amendment 5 Aug 19, 2016

Budget Expert recertifies that the Schedule B budget for the first year of condominium operation has not changed despite the delayed first closing.

• Schedule B budget for first year of operation confirmed unchanged from Second Amendment
• Updated Budget Expert certification provided by Penmark Management, LLC dated July 26, 2016

Amendment 4 Jun 3, 2016

Plan declared effective upon receipt of one purchase agreement representing 16% of the 6 units offered.

• Plan effective as of June 3, 2016
• One purchase agreement received from bona fide purchaser for Unit 3
• Purchase agreement dated 4/28/16

Amendment 3 Apr 13, 2016

Amendment updates the expected closing start date to on or about May 1, 2016, with a requirement to amend the budget if first closing does not occur by June 30, 2016.

• First closing expected to commence on or about May 1, 2016
• If first closing does not occur by June 30, 2016, Sponsor will amend the Plan to include an updated Schedule B - Budget

Amendment 2 Oct 16, 2015

Second amendment updates the first year of condominium operation start date to January 1, 2016, and revises Schedule A prices, Schedule B budget, property descriptions, and floor plans.

• First year of condominium operation scheduled to commence January 1, 2016
• Schedule A updated with offering prices: Townhouse $17,750,000, Unit 3 $9,250,000, Unit 4 $9,350,000, Unit 5 $9,450,000, Unit 6 $9,550,000, Penthouse $33,500,000
• Schedule B budget updated for year January 1, 2016 - December 31, 2016
• Schedule B-1 Projected Individual Energy Costs Budget updated
• Real Estate Tax Opinion Letter updated
• Description of Property and Specifications updated, dated September 18, 2015
• Revised Floor Plans for Townhouse Unit First Floor, PH-Roof and Cellar/Mechanical Area
• Certification of Architect provided

Amendment 1 Apr 9, 2015

Units 3, 4, 5, and 6 may now be purchased as three-bedroom units instead of only two-bedroom units, and dining room door hinge direction is corrected for Unit 3.

• Units 3, 4, 5, and 6 offered as alternate three-bedroom floor plans at same offering price and square footage
• Unit 3 dining room door hinged on right (instead of left) when approached from dining room side
• Sponsor pays for architectural, contractor, and filing fees for alternate floor plan conversions; purchaser pays material and labor costs as unit upgrade
• Schedule A prices increased for 1 home (median +12.2%): Penthouse $29,850,000 → $33,500,000