Abi Chelsea Condominium

Amendment 5 2020

Fifth Amendment updates the offering plan for construction delays, changes selling agents, raises the commercial unit price, and modifies escrow arrangements.

• First Closing delayed from July 1, 2019 to April 1, 2020 due to construction delays
• Commercial Unit price increased from $12,000,000 to $14,000,000
• Selling agent changed: CORE Group Marketing LLC terminated effective October 1, 2019; Douglas Elliman retained for residential and commercial units
• First Year's Budget revised for April 1, 2020 through March 31, 2021 period; Common Charges increased less than 10%
• Right of rescission offered if First Closing does not occur by June 30, 2020
• Sponsor may waive Common Charges collection from First Unit Closing until sponsor determines
• Plan declared effective based on 3 residential unit purchase agreements executed
• Deposits moved to Interaudi Bank escrow account per sponsor's lender requirement
• Schedule A prices decreased for 1 home (median -10.5%): 7 $7,650,000 → $6,850,000

Amendment 4 Nov 19, 2019

Prices increased for 2 units.

• Unit 5N price raised from $2,940,000 to $3,132,000
• Unit 5S price raised from $2,970,000 to $3,160,000
• Schedule A prices increased for 2 homes (median +6.5%): 5N $2,940,000 → $3,132,000; 5S $2,970,000 → $3,160,000

Amendment 1 Dec 11, 2018

Amendment corrects floor plan measurement methods, delays first closing to July 1, 2019, updates budget and schedules, adjusts two unit prices, clarifies declaration language, adds corridor incorporation rights, establishes smoking policy, and updates FinCEN filing requirements.

• Floor plans corrected: units now measured to outside of exterior walls instead of midpoint
• First closing delayed from July 1, 2018 to July 1, 2019 due to construction delays
• First Year's Budget period changed to July 1, 2019 through June 30, 2020
• Unit 65 price increased from $3,060,000 to $3,606,000
• Unit 7 price decreased from $7,800,000 to $7,650,000
• Declaration corrected: 5th and 6th floor corridors reassigned to proper unit owners
• New right added: owners of both units on 4th-6th floors may incorporate hallway into combined unit
• Smoking prohibited in indoor common areas; permitted only in units and outdoor terraces/balconies
• Schedule A prices increased for 1 home (median +17.8%): 6S $3,060,000 → $3,606,000
• Schedule A prices decreased for 1 home (median -1.9%): 7 $7,800,000 → $7,650,000