Nine 52nd Condominium

Amendment 25 Nov 1, 2024

Twenty-Fifth Amendment updates unit prices, condominium financial statements through June 2023, 2024 budget, and working capital fund balance.

• Schedule A unit prices updated for 8 unsold units ranging from $1,150,000 to $1,750,000
• Audited financial statements included for fiscal years ended June 30, 2021 through June 30, 2023
• 2024 condominium budget adopted by non-Sponsor controlled board
• Working Capital Account balance as of September 1, 2024 is approximately $509,613
• Plan extension approved

Amendment 24 Oct 19, 2023

Twenty-Fourth Amendment updates 2023 budget with 15% Common Charges increase, lists unsold unit prices, and reports Working Capital Fund balance.

• 2023 Condominium Budget reflects approximately 15% increase in annual Common Charges
• Working Capital Account balance approximately $568,261 as of October 1, 2023
• Unit TH323 designation changed to Unit 323
• Unsold unit prices listed on Schedule A
• Board composition: Danielle Ziri (Vice President), Ilya Kiblitsky (Treasurer), Yvonne Sun (President)
• Sponsor owns fewer than 10% of units
• FinCEN reporting threshold $300,000 for residential real property purchases

Amendment 23 Oct 17, 2022

Twenty-Third Amendment updates unit prices, 2022 condominium budget, working capital fund balance, and board membership.

• Schedule A unit prices updated for 11 residential units ranging from $1,295,000 to $2,645,000
• 2022 Condominium Budget adopted for fiscal year commencing July 1, 2022
• Working Capital Account balance of approximately $292,727 as of October 11, 2022
• Condominium Board now includes Danielle Ziri (Vice President), Ilya Kiblitsky (Treasurer), and Yvonne Sun (President)
• Permanent Certificate of Occupancy included
• Storage spaces available for purchase at prices ranging from $10,000 to $36,300
• Sponsor owns fewer than 10% of units and is not required to make financial disclosures

Amendment 22 Sep 22, 2021

Twenty-Second Amendment updates unsold unit prices, financial statements, board composition, and tax law changes for the condominium.

• 17 Residential Units remain unsold with new prices on Schedule A
• 2020 Condominium Financial Statements included; 2021 budget not yet available
• Working Capital Account balance approximately $182,609 as of September 17, 2021
• Sponsor has outstanding loan of $13,096,571 with First Republic Bank expiring September 1, 2022 at 4.75%
• Permanent Certificate of Occupancy escrow amount $70,818.91; anticipated within 12 months
• New York State Tax Law Section 1404(a) amended effective July 1, 2021 changes tax calculation for Purchase Agreements after April 1, 2021
• Condominium Board members: President Elena Chisniceanu (Sponsor-affiliated), Vice President Danielle Ziri, Treasurer Ilya Kiblitsky
• Schedule A prices decreased for 5 homes (median -8.6%): 513 $1,599,000 → $1,450,000; 515 $1,850,000 → $1,690,000; 612 $2,699,000 → $2,450,000; 613 $1,675,000 → $1,599,000; ...

Amendment 21 May 19, 2020

This amendment updates Schedule A unit prices, includes 2019 financial statements and 2020 budget, and provides sponsor financial disclosures as of September 1, 2020.

• Schedule A prices updated for unsold units
• 2019 financial statements attached (fiscal year ended June 30, 2019)
• 2020 budget adopted by Condominium Board (fiscal year commencing July 1, 2020)
• Working Capital Account balance: $169,666 as of September 1, 2020
• Sponsor owns 25 unsold residential units (130 units sold)
• Outstanding loan balance with First Republic Bank: $21,717,271 (expiration April 1, 2021, interest rate 5.25%)
• $170,273.03 held in escrow for Permanent Certificate of Occupancy; anticipated within 12 months
• Temporary Certificate of Occupancy to be renewed until Permanent Certificate issued

Amendment 20 Jan 7, 2020

Updates purchase prices and common charges for all units and storage spaces.

• Unit prices range from $949,000 to $2,699,000
• Monthly common charges range from $693.17 to $2,334.67
• Monthly real estate taxes range from $750.16 to $1,779.19
• 52 units total with 36,760 gross square feet
• Storage spaces priced from $10,000 to $110,000, some licensed
• Schedule A prices decreased for 6 homes (median -2.8%): TH323 $2,795,000 → $2,450,000; 512 $2,499,000 → $2,450,000; 605 $1,799,000 → $1,749,000; 619 $1,820,000 → $1,795,000; ...

Amendment 19 Oct 18, 2019

Nineteenth amendment updates unit prices, 2018 financial statements, 2019 budget, board members, sponsor financial disclosures, and New York State tax rates effective July 1, 2019.

• Schedule A unit prices updated with 26 unsold residential units remaining
• 2018 condominium financial statements annexed (fiscal year ended June 30, 2018)
• 2019 condominium budget adopted for fiscal year commencing July 1, 2019
• Working capital fund approximately $165,714 on deposit as of September 1, 2019
• Condominium board: Elena Chisniceanu (President), Danielle Ziri (Vice President), Yvonne Sun (Treasurer)
• Sponsor loan with First Republic Bank: $24,120,901 outstanding, 5.25% interest, expires April 1, 2021
• State Transfer Tax and Mansion Tax rates increased effective July 1, 2019; purchasers liable for taxes as additional consideration
• Temporary Certificate of Occupancy expires December 30, 2019

Amendment 18 Jul 3, 2019

Updated Schedule A with current purchase prices for all units.

• Unit TH209: Monthly common charges $11,926.31, real estate tax $993.86, total $2,912.60
• Unit TH213: Monthly common charges $19,184.69, real estate tax $1,598.72, total $4,685.28
• Unit TH219: Monthly common charges $19,878.13, real estate tax $1,656.51, total $4,854.63
• Unit TH220: Monthly common charges $14,505.39, real estate tax $1,208.78, total $3,542.54
• Unit TH221: Monthly common charges $11,907.84, real estate tax $992.32, total $2,908.09
• Unit TH226: Monthly common charges $28,016.10, real estate tax $2,334.67, total $6,842.09
• Unit TH323: Monthly common charges $15,780.01, real estate tax $1,315.00, total $3,853.76
• Multiple units show new common charges and tax amounts for previously listed units

Amendment 17 Apr 16, 2019

Updated Schedule A with current offering prices and common charges for unsold units.

• Unit TH209: Monthly common charges $11,926.31, real estate tax $993.86, total $1,918.74
• Unit TH213: Monthly common charges $19,184.69, real estate tax $1,598.72, total $3,086.58
• Unit TH219: Monthly common charges $19,878.13, real estate tax $1,656.51, total $3,198.12
• Unit TH220: Monthly common charges $14,505.39, real estate tax $1,208.78, total $2,333.76
• Unit TH221: Monthly common charges $11,907.84, real estate tax $992.32, total $1,915.77
• Unit TH226: Monthly common charges $28,016.10, real estate tax $2,334.67, total $4,507.42
• Unit 306: Monthly common charges $12,996.31, real estate tax $1,083.03, total $2,090.93
• Unit 312: Monthly common charges $18,087.69, real estate tax $1,507.31, total $2,910.10
• Schedule A prices increased for 1 home (median +27.3%): TH323 $2,195,000 → $2,795,000
• Schedule A prices decreased for 2 homes (median -3.1%): 512 $2,595,000 → $2,499,000; 513 $1,650,000 → $1,599,000

Amendment 16 Feb 12, 2019

Selling agent changed to Douglas Elliman Real Estate; FinCEN disclosure updated.

• Selling agent changed to Douglas Elliman Real Estate at 1995 Broadway, New York, NY 10023
• FinCEN Geographic Targeting Order disclosure added for cash/cashier's check purchases of $300,000+ in NYC
• FinCEN Order noted as in effect until May 15, 2019

Amendment 15 Jan 17, 2019

Updated Schedule A with current offering prices for units in The Nine 52nd Condominium.

• Schedule A prices updated as of January 17, 2019
• Most units marked as Sold
• Nine units show active common charges and real estate tax information: TH213, TH219, TH220, TH221, TH226, 306, 312, TH323, 406, 512, 513, 515, 519
• Schedule A prices increased for 4 homes (median +5.0%): 406 $1,950,000 → $1,970,000; 517 $1,418,000 → $1,495,000; 616 $1,115,000 → $1,145,000; 617 $1,448,000 → $1,520,000
• Schedule A prices decreased for 26 homes (median -13.4%): 218 $895,000 → $775,000; 306 $2,268,000 → $1,945,000; 312 $3,015,000 → $2,545,000; 313 $1,958,000 → $1,525,000; ...

Amendment 14 Apr 17, 2018

Fourteenth Amendment updates floor plans for minor kitchen and closet changes, subdivides Unit PH825 into two units, corrects Schedule A storage bin square footages and building financials, and adds smoking policy disclosure.

• Unit PH825 subdivided into PH825 and PH826; building unit count increased from 155 to 156
• Updated floor plans for certain residential units reflecting minor kitchen alterations and closet changes
• Schedule A corrected for storage bin square footages, real estate taxes, and operating expenses
• 2017 Condominium Financial Statements included (fiscal year ended June 30, 2017)
• 2018 Condominium Budget adopted by Board
• Working Capital Fund balance approximately $117,367 as of May 31, 2018
• Sponsor owns 40 unsold units; 115 units sold
• Permanent Certificate of Occupancy expected by August 31, 2018

Amendment 13 Jun 11, 2018

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

• Schedule A prices updated for multiple units across floors 2–5
• Common charges and real estate taxes listed for remaining unsold units

Amendment 12 Apr 12, 2018

Updated Schedule A with current purchase prices for unsold units.

Amendment 11 Apr 3, 2018

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

• Schedule A updated with revised offering prices for unsold units
• Common charges and real estate tax estimates provided for available units
• Multiple units marked as sold

Amendment 10 Mar 23, 2018

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

Amendment 9 Jan 29, 2018

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

Amendment 8 Jan 12, 2018

New attorneys and escrow agent replace previous ones; updated purchase agreement and escrow procedures; disclosure requirements for cash purchases and tax law changes.

• Starr Associates LLP replaces prior attorneys for Sponsor and becomes new Escrow Agent
• New escrow account established at Starr Associates LLP with four authorized signatories
• Updated Purchase Agreement form attached with new Escrow Rider
• FinCEN disclosure: cash purchases over $3,000,000 in Manhattan and $1,500,000 in other boroughs require reporting
• Tax Cuts and Jobs Act of 2017 may affect tax information in Plan; purchasers advised to consult tax expert

Amendment 7 Aug 10, 2017

Revised offering prices for certain units in the condominium.

Amendment 6 Jun 16, 2017

This amendment updates the condominium budget for fiscal year July 1, 2017 through June 30, 2018, revises Schedule A pricing and unit descriptions, adds a co-selling agent, and clarifies floor plans and property details.

• New condominium budget adopted for fiscal year July 1, 2017 through June 30, 2018
• Schedule A revised with updated common charges, real estate taxes for unsold units, and storage bin pricing
• Reuveni Real Estate LLC added as co-selling agent with Park-River Properties
• Floor plan for Unit TH323 revised to show additional window and one bedroom designation
• Floor plans for Units TH208, TH210, TH220, TH226, TH227 revised to clarify cellar space as accessory recreation space
• Unsold units subject to mortgage with outstanding balance approximately $63,910,576 as of June 1, 2017
• Building to undergo inspections for boiler, elevators, cooling tower, fire systems, and Local Laws 87, 84, and 11

Amendment 5 Apr 7, 2017

Offering prices revised for 9 units.

• Unit 319 price set to $1,820,000
• Unit 412 price set to $2,525,000
• Unit 406 price set to $1,950,000
• Unit 413 price set to $1,595,000
• Unit 523 price set to $1,625,000
• Unit 325 price set to $1,395,000
• Unit 709 price set to $1,425,000
• Unit 218 price set to $895,000
• Schedule A prices increased for 1 home (median +9.3%): 218 $819,000 → $895,000
• Schedule A prices decreased for 8 homes (median -11.1%): TH202 $1,335,000 → $1,075,000; 319 $1,978,000 → $1,820,000; 325 $1,480,000 → $1,395,000; 406 $2,293,000 → $1,950,000; ...

Amendment 4 Dec 23, 2016

Fourth Amendment adds 20 new storage bins, deposits $1,287,755 for permanent certificate of occupancy completion, revises Schedule A real estate taxes, and updates financial disclosures as of December 2016.

• 20 new storage bins added (67 total instead of 47)
• $1,287,755.00 deposited for permanent certificate of occupancy work
• Permanent certificate of occupancy anticipated by August 2018
• Schedule A revised to better reflect real estate taxes for each unit
• First unit closing occurred September 21, 2016 (Unit TH214)
• First meeting of unit owners anticipated April 18, 2017
• Working Capital Fund balance: $35,389.75 as of November 22, 2016
• $750 fee for storage bin license agreements prepared after unit closing

Amendment 3 Jun 23, 2016

Amendment corrects Schedule A percentage calculations, revises floor plans and storage agreements, changes managing agent to Pinnacle City Living LLC, and designates Unit TH209 as the Resident Manager's Unit to be purchased for $1,342,000.00.

• Schedule A: Percentages of Common Interest adjusted to four decimal places due to Excel rounding error; Unit PH825 corrected to 1.5655%; Unit TH209 offering price decreased
• Revised Floor Plans provided for certain Units and Common Elements
• Storage Bin License Agreement revised to be executed trilaterally by Sponsor, Purchaser, and Board
• Managing Agent changed from New Bedford Management Corp. to Pinnacle City Living, LLC at 230 Park Avenue, 19th Floor, New York
• Managing Agent annual fee: $60,000.00 ($5,000.00 monthly); one-year term from First Closing, renewable unless terminated with 30 days notice
• Unit TH209 designated as Resident Manager's Unit (replacing Unit TH210); to be purchased by Condominium Board for $1,342,000.00
• Resident Manager's Unit purchase financed by Note at no more than 4.5% per annum with 5-year maturity and balloon payment; loan prepayable without penalty
• All Common Charges and costs for Resident Manager's Unit, including debt service and financing, borne by all Unit Owners as Common Expense

Amendment 2 May 23, 2016

Plan declared effective after 24 units sold, representing at least 15% of 155 units offered.

• Plan declared effective with 24 Purchase Agreements executed
• Plan may not be used after the later of 12 months from Filing Date or 6 months from acceptance of this Amendment

Amendment 1 Mar 10, 2016

Amendment revises floor plans, storage bin prices, yoga room finishes, and extends plan usage date; adds FinCEN disclosure requirements for certain cash purchases over $3 million.

• Revised floor plans for certain units and common areas
• Storage bin offering prices changed
• Yoga room will not have storefront glass system, will use existing glass panels
• Title companies must collect and report information on purchases by business entities over $3,000,000 paid in cash or cashier's checks (March 1 - August 27, 2016)
• Certain penthouse and townhouse units (TH202, TH205, TH208, TH209, TH210, TH212, TH213, TH214, TH215, TH219, TH220, TH221, TH223, TH225, TH226, TH227, PH217, PH720, PH825) have stairs with winder treads not meeting current code standards
• Plan usage extended to later of 12 months from filing or 6 months from amendment acceptance