48 Allen Street Condominium (HOME0001 @ 48 Allen)

Amendment 10 Oct 10, 2024

Sponsor changed its selling agent from HOME0001 International Inc. to acting as its own selling agent.

• Selling agent changed from HOME0001 International Inc. to Sponsor acting as its own selling agent
• Sponsor does not have relevant prior experience as a selling agent

Amendment 8 Mar 28, 2024

Amendment updates unsold unit count, provides 2024 budget, and discloses sponsor's financial condition and obligations.

• Sponsor owns 12 residential unsold units and 2 retail unsold units
• Five units (2A, 2B, 3C, 3D, 4B) have been sold
• Common Charges collection delayed until approximately 8 residential units sold
• 2024 Budget projects $243,042 in income and expenses
• Aggregate monthly common charges on unsold units approximately $15,987
• Aggregate monthly real estate taxes on unsold units approximately $11,973.00
• Two mortgages on unsold units: $3,000,000 to Properties Investment Fund I LLC and $3,500,000 to Nobilis Corredor de Bolsa S.A. LLC
• Andres Hogg is principal in 14 Clinton Street Condominium conversion

Amendment 7 2023

Seventh amendment reporting first closings, permanent certificate of occupancy issued, common charges collection delayed, and board designated.

• First closings completed for Units 2A and 2B on September 14, 2023
• Permanent Certificate of Occupancy issued October 23, 2023
• Condominium Declaration recorded June 22, 2023
• Common Charges collection delayed until approximately 8 units sold; Sponsor pays operating costs during delay
• Working Capital Fund contributions collected: $1,723.44 (Unit 2A) and $1,695.36 (Unit 2B)
• Initial Board designated: Andres Hogg and Gustavo Donnangelo
• 15 unsold units with prices ranging from $620,000 to $3,232,800

Amendment 6 Sep 21, 2023

Purchase prices decreased for 8 unsold units.

• Unit 2C price reduced to $630,000
• Unit 2D price reduced to $620,000
• Unit 3A price reduced to $652,500
• Unit 3B price reduced to $642,500
• Unit 4A price reduced to $670,000
• Unit 4C price reduced to $685,000
• Unit 4D price reduced to $658,000
• Unit 5B price reduced to $724,000

Amendment 5 2023

Amendment changes the Sponsor's Managing Agent to Jordan Cooper LLC, updates the budget and Schedule A/B with new utility and insurance projections, changes Sponsor's Attorney to Braverman Greenspun, and revises escrow procedures.

• Managing Agent changed from Century Management to Jordan Cooper LLC (440 Ninth Avenue, NY)
• Schedule B, B-1, and A updated; first year of operations changed to August 1, 2023–July 31, 2024
• Utility projection letter updated by AD Engineering dated August 1, 2023
• Insurance letter updated by Acrisure dated July 26, 2023
• Sponsor's Attorney and Escrow Agent changed from Ganfer Shore Leeds & Zauderer LLP to Braverman Greenspun effective August 16, 2023
• Escrow account established at Flagstar Bank (360 Hamilton Avenue, White Plains, NY) with $250,000 FDIC insurance limit per depositor
• Contract of Sale replaced with new form referring to Braverman Greenspun as Escrow Agent
• Purchasers offered 15-day rescission right due to updated budget

Amendment 4 Jun 15, 2023

Sponsor changed its selling agent and will now act as its own selling agent.

• Nicholas C. Abate Real Estate Broker removed as Selling Agent
• Sponsor will act as its own Selling Agent

Amendment 3 Jan 30, 2023

Plan declared effective after three purchase agreements executed for 17.65% of residential units.

• Plan declared effective January 25, 2023
• Three units (2A, 2B, 4B) counted toward effectiveness threshold
• Three units represent 17.65% of 17 residential units offered

Amendment 2 Jun 21, 2022

Selling Agent changed to Nicholas C Abate LREB.

Amendment 1 Oct 7, 2021

First Amendment updates the condominium commencement date to January 1, 2022, revises the first year operating budget, discloses sponsor loans and financial condition, updates the selling agent's brokerage firm, and clarifies transfer tax obligations for purchasers.

• Commencement date changed from July 1, 2021 to January 1, 2022
• First Year of Condominium Operations revised to January 1, 2022 to December 31, 2022
• Updated Schedule A and Schedule B: Projected Budget for First Year annexed
• Sponsor obtained second mortgage of $3,500,000 at 7% interest from Nobilis Corredor de Bolsa S.A., maturity June 22, 2022
• Sponsor's monthly common charge expenses on unsold units approximately $19,538.14
• Sponsor's monthly real estate taxes on unsold units approximately $14,820.17
• Selling Agent Richard Steinberg changed offices from Douglas Elliman to Compass
• NYC Real Property Transfer Tax and NYS Real Estate Transfer Tax rates updated effective July 1, 2021; purchasers required to pay these taxes at closing