475 Washington Avenue Condominium

Amendment 6 Feb 22, 2021

Sixth amendment removes Jesse Leon as sponsor principal and adds Louis V. Greco, Jr.; extends offering term six months; discloses Façade Inspection & Safety Program applicability and inspection costs.

• Jesse Leon removed as principal of sponsor; Louis V. Greco, Jr. added as principal
• Façade Inspection & Safety Program (Local Law 11/98) inspection completed; no repairs required; future inspection and repair costs estimated at approximately $5,000 to be common expense
• Offering term extended six months from amendment acceptance date

Amendment 5 Oct 14, 2020

Substantial completion date extended to March 1, 2021; offering plan term extended six months.

• Substantial completion and First Year of Operations now expected March 1, 2021 (previously July 1, 2020)
• Rescission deadline for pre-First Amendment purchasers extended to November 18, 2021 due to Executive Order 202.18/202.55
• Rescission deadline for post-Amendment purchasers set to February 28, 2022
• First Year Budget remains unchanged, covering March 1, 2021 – February 28, 2022
• Offering plan term extended six months from amendment acceptance date
• No units closed and condominium operations have not begun as of amendment submission

Amendment 4 Apr 15, 2020

Amendment declares the plan effective, updates transfer tax rates and mansion tax provisions, and modifies working capital and reserve fund contribution requirements.

• Plan declared effective as of April 6, 2020 with 9 bona fide purchase agreements representing 15% of units
• NYC Real Property Transfer Tax rates: 1% for consideration ≤$500,000; 1.425% for consideration >$500,000
• NYS Real Estate Transfer Tax: .4% for units under $3,000,000; .65% for units over $3,000,000
• Mansion Tax added for considerations $1,000,000 or more, ranging from 1.00% to 3.90% based on price tier
• Working capital and reserve fund contributions each set at one month's common charges at closing

Amendment 3 Feb 19, 2020

Price of penthouse unit PH1 increased to $1,751,874.00.

Amendment 2 Feb 18, 2020

Offering prices for 40 units have been updated.

• Prices changed for units 1A, 1B, 1C, 1D, 1E, 1F, 1G, 1H, 1I, 1J, 2A, 2B, 2C, 2E, 2F, 2G, 2H, 2I, 2J, 3A, 3B, 3C, 3E, 3F, 3G, 3H, 3I, 3J, 4A, 4B, 4C, 4G, 4H, 4I, 5A, 5G, 5H, 6B, 6H, PH2, and PH3
• Bona Fide Tenant purchase prices remain unchanged

Amendment 1 Jan 27, 2020

Prices for 27 units and all storage units and parking changed, with new tenant purchase prices, updated taxes and budget for fiscal year 2020/2021, extended tenant purchase rights, revised declaration provisions, and Compass added as selling agent.

• Prices changed for Units 2D, 2E, 2F, 3A, 3B, 3C, 3D, 3F, 3I, 4B, 4C, 4D, 4F, 4H, 4I, 5B, 5C, 5D, 5H, 5I, 6D, 6F, 6H, PH1, PH2, PH3, PH4
• Bona Fide Tenant purchase prices updated for all units
• All tenants granted new 30-day exclusive right to purchase
• Condominium operations commencement date updated to July 1, 2020
• Tax year 2020/2021 estimated property tax $399,646.15
• First Year Budget updated for fiscal year July 1, 2020 – June 30, 2021
• Declaration revised regarding mortgagee rights and board procedures
• Compass retained as additional selling agent