385 First Avenue Condominium (Coda)

Amendment 24 Nov 19, 2019

Updated Schedule A with current purchase prices for all units.

• Schedule A prices decreased for 6 homes (median -10.5%): 3A $1,190,000 → $1,065,000; 5A $1,221,000 → $1,145,000; 11E $1,995,000 → $1,900,000; 12E $2,200,000 → $1,920,000; ...

Amendment 17 Nov 13, 2018

Updated Schedule A with current offering prices for all units.

• Schedule A prices decreased for 2 homes (median -8.3%): 11E $2,175,000 → $1,995,000; 20A $2,375,000 → $1,930,000

Amendment 15 Sep 5, 2018

Updated Schedule A with current purchase prices for units at 385 First Avenue Condominium.

Amendment 14 Jun 6, 2018

Common Interest percentages for 11 units corrected due to a scrivener's error.

• Common Interest percentages corrected for units 15F through 21C
• First Amendment to Declaration recorded May 24, 2018 under CRFN# 2018000175111
• Tax Cuts and Jobs Act of 2017 warning: tax information in Plan may be inaccurate

Amendment 13 May 17, 2018

Updated Schedule A with current purchase prices and monthly common charges for all units.

• Schedule A updated with offering prices for all units ranging from $950,000 to $2,175,000
• Monthly common charges and estimated annual charges provided for each unit
• General and residential common interest percentages listed for all units
• Estimated monthly and annual real estate taxes included for each unit
• Schedule A prices increased for 9 homes (median +3.5%): 3A $1,150,000 → $1,190,000; 4G $1,115,000 → $1,154,000; 5A $1,180,000 → $1,221,000; 5G $1,130,000 → $1,170,000; ...
• Schedule A prices decreased for 7 homes (median -9.5%): 2F $1,085,000 → $995,000; 3E $1,975,000 → $1,715,000; 3G $1,100,000 → $995,000; 4A $1,165,000 → $1,118,000; ...

Amendment 12 Feb 26, 2018

Updated Schedule A with current purchase prices for residential units, commercial spaces, and storage units.

• Schedule A updated with current offering prices for all units
• Storage unit license fees set at $25.00 per month ($300.00 per year) for all 96 storage units at $28,000 purchase price each

Amendment 11 Oct 27, 2017

This amendment updates unit pricing, sponsor financial disclosures, board membership, and common charge resumption for unsold units at 385 First Avenue Condominium.

• Schedule A purchase prices for unsold units updated
• Sponsor financial position disclosed as of October 17, 2017: 47 units sold, 67 residential units unsold, 3 non-residential units unsold
• Working Capital Account of approximately $1,689,368 on deposit with Signature Bank
• Common Charges waiver period expired October 1, 2017; charges resumed
• Condominium Board members: Benjamin Shaoul (President), Stuart Marton (Vice President), Zachary Tendle (Secretary/Treasurer)
• First Annual Meeting timing tied to 5th anniversary of First Closing or 51% unit sale, whichever occurs earlier
• FinCEN Geographic Targeting Order extended through March 20, 2018 for covered transactions over $3,000,000 in Manhattan and $1,500,000 in other boroughs

Amendment 10 Nov 1, 2017

Updated Schedule A with current purchase prices for residential units and storage units for the projected first year of condominium operation (January 1, 2017 – December 31, 2017).

• Schedule A updated with current offering prices for residential units
• Storage unit license fees set at $25.00 per month ($300.00 per year) for all 98 storage units at $28,000 purchase price each
• Estimated monthly and annual common charges and real estate taxes provided for first year
• Estimated total monthly and annual charges for first year included

Amendment 9 Sep 15, 2017

Updated Schedule A with current purchase prices for units in the condominium.

Amendment 8 Jul 19, 2017

Updated Schedule A reflecting current purchase prices for units offered for sale.

Amendment 7 Jun 1, 2017

This amendment documents the First Closing on May 5, 2017 for Unit 12A and establishes condominium governance, financial disclosures, and updated unit pricing.

• First Closing occurred May 5, 2017 for Unit 12A
• Condominium Declaration recorded April 18, 2017; Floor Plans filed April 17, 2017
• Common Charges waived from First Closing until Board resumes them; Sponsor pays operating expenses during waiver period
• Working Capital Account of $14,192.60 established at Signature Bank
• Real Estate Tax escrow of $1,271,225.33 deposited April 27, 2017 for 1st half 2017/2018 taxes
• Reserve Fund of $1,683,856 to be established by June 5, 2017 per Local Law 70
• Sponsor owns 106 unsold residential units and 3 unsold non-residential units; 8 residential units sold
• Updated Schedule A attached with current purchase prices

Amendment 6 Dec 20, 2016

Amendment offers 3 commercial units for sale, combines 4 pairs of residential units reducing total from 118 to 114 residential units, increases storage lockers from 47 to 98, updates floor plans and budget, and changes selling agent to Corcoran Sunshine Marketing Group.

• 3 commercial units offered for sale at prices in updated Schedule A
• Residential units reduced from 118 to 114 through combinations: 15E+15F→15F, 16E+16F→16F, 17E+17F→17F, 18E+18F→18F
• Storage lockers increased from 47 to 98
• Updated floor plans and cellar layout reflecting combined units
• Updated Schedule B budget for first year of condominium operation
• Selling agent changed to Corcoran Sunshine Marketing Group (888 Seventh Avenue, 39th Floor, New York, New York 10106)
• Schedule A prices increased for 6 homes (median +5.2%): 14A $1,300,000 → $1,370,000; 14E $2,225,000 → $2,340,000; 14F $1,250,000 → $1,265,000; 18D $2,400,000 → $2,520,000; ...
• Schedule A prices decreased for 19 homes (median -6.9%): 7F $1,160,000 → $1,070,000; 8G $1,265,000 → $1,175,000; 8H $1,165,000 → $1,070,000; 9G $1,280,000 → $1,190,000; ...

Amendment 4 Nov 14, 2016

Purchase prices changed for four units.

• Unit 9A price changed to $1,265,000
• Unit 11A price changed to $1,295,000
• Unit 17H price changed to $1,230,000
• Unit 18H price changed to $1,260,000
• Schedule A prices increased for 2 homes (median +2.0%): 9A $1,240,000 → $1,265,000; 11A $1,270,000 → $1,295,000
• Schedule A prices decreased for 2 homes (median -3.1%): 17H $1,285,000 → $1,230,000; 18H $1,300,000 → $1,260,000

Amendment 3 Feb 12, 2016

Sponsor combined certain residential units, reducing total units from an unspecified number to 118, and disclosed two mortgage loans totaling $303,500,000.

• Building now contains 118 residential units due to unit combinations
• Sponsor mortgage loan of $215,500,000 from Bank of the Ozarks
• Additional financing of $88,000,000 from BREF IV SERIES A LLC
• Tenants have right to purchase at $800 per square foot until plan effectiveness
• Updated Schedule A with combined unit prices and common charges
• Updated floor plans and architect certification for combined units

Amendment 2 Dec 29, 2015

Updated Schedule A with current purchase prices for units.

• Schedule A revised with current unit purchase prices
• Storage unit license fees set at $28,000 per unit with $50.00 license fee and $600.00 annual fee