488 4th Avenue Condominium A/K/A The Bentyn Condominium (Bentyn)

Amendment 5 Jun 28, 2019

Corrects the escrow account name and updates transfer tax and mansion tax disclosure rates and calculation methodology.

• Escrow Account name corrected from 'The 67 Livingston Street Condominium Escrow Account' to 'The 488 4th Avenue Condominium Escrow Account'
• NYC Real Property Transfer Tax rates: 1% if consideration $500,000 or less; 1.425% if over $500,000
• NY State Real Estate Transfer Tax: $2.00 per $500 (.4%) for units under $3,000,000; $3.25 per $500 (.65%) for units over $3,000,000
• Mansion Tax rates updated ranging from 1.00% ($1,000,000-$1,999,999) to 3.90% ($25,000,000 or more)
• Transfer tax calculation formula provided for determining total consideration and individual tax amounts

Amendment 4 May 10, 2019

Advertised prices updated for three units.

• Unit 2 price: $1,325,000.00
• Unit 3 price: $1,395,000.00
• Unit 10 price: $1,325,000.00
• Schedule A prices decreased for 3 homes (median -9.9%): 2 $1,495,000 → $1,325,000; 3 $1,549,000 → $1,395,000; 10 $1,449,000 → $1,325,000

Amendment 3 May 7, 2019

Price of Unit 2 changed to $1,445,000.00

Amendment 2 Apr 16, 2018

Amendment adds preferred lender financing requirements, updates first closing date to March 1, 2019, changes selling agent, clarifies closing costs, adds smoking policy, and includes FinCEN disclosure requirements.

• Non-cash purchasers must obtain financing preapproval from Wells Fargo (Abe Chen or Shimon M. Rosenberg) before submitting offer
• First Closing projected for March 1, 2019; rescission available only if First Closing delayed past February 29, 2020
• Selling Agent changed to Halstead Property Development Marketing, LLC at 445 Park Avenue, 10th Floor, New York
• Sponsor's counsel fees: $2,500.00 per unit; $500.00 travel fee if closing outside counsel's office; $750.00 additional if outside NYC; $500.00 for assignment
• Smoking and electronic cigarettes prohibited in all enclosed common areas; permitted in units and outdoor areas
• FinCEN disclosure requirements for cash purchases over $300,000.00
• Schedule A prices decreased for 10 homes (median -16.9%): 1 $1,250,000 → $1,199,000; 2 $1,955,408 → $1,495,000; 3 $1,955,408 → $1,549,000; 4 $1,955,408 → $1,595,000; ...

Amendment 1 Jan 29, 2019

Prices for 10 units are updated.

• Unit 1: $1,199,000.00
• Unit 2: $1,495,000.00
• Unit 3: $1,549,000.00
• Unit 4: $1,595,000.00
• Unit 5: $1,625,000.00
• Unit 6: $1,649,000.00
• Unit 7: $1,669,000.00
• Unit 8: $1,695,000.00