500 Waverly Condominium (Waverly Brooklyn)

Amendment 16 2017

Sixteenth amendment updates sponsor financial disclosure, board membership, construction status, and working capital fund balance.

• Sponsor owns 5 unsold units; 2 subject to executed purchase agreements
• Temporary Certificate of Occupancy issued November 8, 2017
• Permanent Certificate of Occupancy estimated cost approximately $16,000.00
• PCO estimated by architect to be issued by June 2018
• Working Capital Fund balance as of November 15, 2017 was $61,654.55
• Monthly common charges for unsold units approximately $5,336.87
• Monthly real estate taxes for unsold units approximately $372.39
• Corcoran Group is selling agent for unsold market-rate units

Amendment 15 Aug 8, 2017

Price of unsold residential unit PH1 reduced from $2,595,000 to $2,495,000.

• Unit PH1 price reduced from $2,595,000 to $2,495,000
• Price change does not affect existing Purchase Agreements

Amendment 14 Jun 27, 2017

Price of unsold unit 2G raised from $665,000 to $675,000.

• Price of unsold unit 2G raised from $665,000 to $675,000
• Price change does not affect existing Purchase Agreements

Amendment 13 Apr 19, 2017

Amendment clarifies closing procedures, financing contingencies for inclusionary units, and storage locker transfer tax obligations following the first unit closing on March 24, 2017.

• First Unit Closing held March 24, 2017; 16 residential units and 6 storage locker licenses sold as of May 16, 2017
• Temporary Certificate of Occupancy issued May 15, 2017; estimated $2,082,000.00 in outstanding work for Permanent Certificate of Occupancy
• Common Charges to begin June 1, 2017; Sponsor currently paying actual operating expenses
• Escrow account balance $2,383,073.60 as of April 19, 2017 for outstanding work deposits
• Working Capital Fund approximately $19,646.22 as of April 19, 2017
• Storage lockers deemed personal property; purchasers liable for any transfer taxes imposed
• Financing contingency for inclusionary units: 90% of purchase price maximum, 30-year term, 45-day period to obtain commitment with possible 15-day extension

Amendment 12 May 17, 2017

Offering prices of certain unsold residential units have been changed.

• Schedule A prices increased for 37 homes (median +2.5%): 2A $1,865,000 → $2,100,000; 2B $1,185,000 → $1,240,000; 2C $1,465,000 → $1,480,000; 2D $780,000 → $785,000; ...
• Schedule A prices decreased for 11 homes (median -2.6%): 2E $174,605 → $170,293; 2F $171,845 → $165,276; 3B $169,714 → $163,567; 3H $183,909 → $179,042; ...

Amendment 11 Mar 10, 2017

Offering prices of certain unsold residential units are changed.

Amendment 10 Dec 29, 2016

Tenth Amendment offers Garage and Retail Units for sale, updates Schedule A and ceiling heights, and adds resale restrictions for residential units purchased after this amendment.

• Garage Unit offered at $1,470,000.00
• Retail Unit offered at $15,000,000.00
• Schedule A updated to reflect retail unit square footage change from Post Approval Amendment
• Residential units purchased after this amendment cannot be advertised, listed, or sold for 12 months after acquisition (unless Sponsor has conveyed all residential units)
• Approximate ceiling heights in residential units revised
• Ground floor plan revised

Amendment 9 Feb 14, 2017

Offering prices of unsold residential units are changed as shown in the amended Schedule A.

Amendment 8 Jan 19, 2017

Offering prices of certain unsold residential units were changed.

Amendment 7 Oct 20, 2016

Seventh Amendment deletes one Special Risk, updates another regarding HPD Certificate of Completion requirements for Inclusionary Units, amends floor plans and storage locker square footages, corrects Schedule B footnote 10 on service contract allocations, adds insurance requirement limits to By-laws, and declares the Plan effective.

• Special Risk 1 (Post Approval Amendment to Department of Building Approved Plans) deleted
• Special Risk 2(i) replaced with new language regarding HPD Certificate of Completion requirement for Inclusionary Units before closing on market units
• Storage locker square footages changed in Schedule A-1
• Floor plan layout changes to Units 2C-6C (walk-in-closet), Units 2D-6D (kitchens), and Unit 5A (master bedroom closet removed and combined with hallway closet)
• Schedule B footnote 10 corrected: Retail and Garage Unit Owners do not share elevator, landscaping, flowers, supplies, gym equipment lease, telephone/internet/cable, HVAC service, affordable agent, and sub-metering electric expenses
• By-laws Section 5.4(F) amended to limit Garage Unit Owner insurance requirements to those comparable in mixed-use NYC metro buildings
• Plan declared effective with 11 Purchase Agreements representing approximately 23% of Units

Amendment 6 Nov 4, 2016

Offering prices of certain unsold residential units were amended.

Amendment 5 Sep 22, 2016

Offering prices of certain unsold residential units and storage units are changed.

• Offering prices amended for residential units as shown in updated Schedule A
• Storage unit prices amended as shown in updated Schedule A-1
• Price changes do not affect existing Purchase Agreements

Amendment 4 Jul 27, 2016

Monthly and yearly license fees for storage units are added to Schedule A-1.

• Storage unit license fees added to Schedule A-1 (omitted in original plan)
• 31 storage units with monthly fees ranging from $13.50 to $43.00
• 31 storage units with annual fees ranging from $162.00 to $516.00
• Storage unit square footages and purchase prices unchanged

Amendment 3 Aug 9, 2016

Offering prices of certain unsold residential units have been amended.

• Offering prices of unsold residential units changed per amended Schedule A
• Price changes do not affect existing Purchase Agreements

Amendment 2 Jul 22, 2016

Sponsor amended offering prices for certain unsold residential units.

• Offering prices of unsold residential units changed per amended Schedule A
• Price changes do not affect Purchase Agreements in effect as of amendment date

Amendment 1 May 31, 2016

Offering prices of unsold residential units were changed.