41 Newel Street Condominium

Amendment 5 Apr 15, 2020

Unit 1B lower level reduced from 408 to 368 square feet, selling agent changed to Halstead Manhattan LLC, sponsor offering promotional credits for Units 1A and 1B, and offering plan term extended.

• Unit 1B lower level reduced from 408 square feet to 368 square feet
• Halstead Manhattan LLC retained as new Selling Agent
• Sponsor promotion: Unit 1A buyers get common charges over $200/month and property taxes over $399/month paid for 12 months (credit of $8,364.00)
• Sponsor promotion: Unit 1B buyers get common charges over $500/month and property taxes over $499/month paid for 12 months (credit of $12,456.00)
• First unit closing occurred February 28th, 2020
• Temporary Certificate of Occupancy issued January 31, 2020 (renewed April 2, 2020 and June 25, 2020)
• Final Certificate of Occupancy anticipated within two years of first closing
• Offering plan term extended by six months

Amendment 4 Jan 16, 2020

Amendment updates utility costs, reduces first-year operating budget by 26.15%, adjusts common charges, and extends the offering plan term by six months.

• Gas estimated annual cost decreased to $3,619.00
• Unit electric estimated annual costs decreased to $2,079.00
• Water and sewer estimated annual costs increased to $4,624.00
• Service Contracts decreased from $13,110.00 to $9,150.00 due to new janitorial contract with Top Quality Management Inc.
• Legal and Audit Fees decreased from $2,500.00 to $1,800.00
• Reserve Fund decreased to $3,410.00
• Contingency was removed
• Offering plan term extended by six months
• Schedule A prices decreased for 3 homes (median -7.0%): 1A $995,000 → $899,000; 2B $765,000 → $755,000; 3A $795,000 → $739,000

Amendment 3 Oct 23, 2019

Plan declared effective after sponsor obtained purchase agreements for two units constituting 28% of the building.

• Plan declared effective
• Sponsor accepted purchase agreements for 2 units (28% of units in building)
• No outstanding rescission rights on counted purchase agreements

Amendment 2 Oct 18, 2019

Prices for two units were changed.

• Unit 1A price changed to $899,000.00
• Unit 4A price changed to $819,000.00

Amendment 1 Jun 4, 2019

Amendment updates construction timeline, floor plans with reduced unit square footages, identifies code compliance issues with winder stairs, updates tax disclosures, and extends the offering plan term.

• Substantial completion of construction projected by October 1, 2019; First Unit Closing expected by November 1, 2019
• Unit square footages reduced (ranging from 1 to 116 sq ft per unit); total unit area decreased from 5553 to 5249 sq ft
• Common Interest Percentages and Common Charges modified due to floor plan changes
• Winder stairs in duplex units 1A, 4A, and 4B are non-compliant with 2014 Building Code (tread depth less than 6 inches)
• Partial stop work order issued due to exterior wall construction difference; amendment filed and approved by DOB pending inspection
• One outstanding ECB violation from 1999 will be cured upon acquisition of new certificate of occupancy
• New York State transfer tax and mansion tax rates disclosed effective March 31, 2019
• Offering plan term extended by six (6) months from filing date