441 West 37th Street Condominium (The Westerley)

Amendment 1 Aug 17, 2021

First amendment extends construction completion date by 554 days due to executive order tolling, revises unit designations and floor plans, updates transfer tax treatment, and discloses sponsor litigation and preferred lender requirement.

• First Unit Closing projected date extended to September 1, 2022 (from January 1, 2021)
• All residential units except Unit 1 renumbered (Unit 2 becomes Unit 3, etc.; Unit 9 becomes PH2)
• Balcony configurations updated: Units 3, 5, 7 have rear balconies only; Units 4, 6, 8 have rear and front balconies
• Winder stairs in Unit 1 and Unit PH1 flagged as non-code-compliant (tread depth less than 6 inches)
• New York State Real Estate Transfer Tax calculation revised effective July 1, 2021 to exclude transfer taxes from consideration
• Sponsor in pending litigation with EQR-Mantena, LLC over license agreement and construction practices; settlement being negotiated
• All non-cash purchasers required to obtain financing preapproval through Sponsor's Preferred Lender
• Plan declared effective with 2 units (22%) accepted
• Schedule A prices increased for 2 homes (median +3.1%): 1 $3,250,000 → $3,350,000; 7 $2,250,000 → $2,300,000
• Schedule A prices decreased for 4 homes (median -2.3%): 3 $1,975,000 → $1,925,000; 4 $2,025,000 → $1,975,000; 5 $2,150,000 → $2,125,000; 6 $2,200,000 → $2,150,000