Style Condominium

Amendment 11 May 2018

Amendment updates temporary certificates of occupancy, sponsor ownership and financial obligations, board officers, and budget for fiscal year beginning July 1, 2018.

• Temporary certificate of occupancy for 51 East 131st Street expires June 27, 2018; for 48 East 132nd Street expires August 6, 2018
• Sponsor owns units 2A at 51 East 131st Street and units #1C, PHC, S1, S2 at 48 East 132nd Street
• Sponsor's total monthly common charges: $1,584.52; total monthly real estate taxes: $3,199.52
• PCO Escrow Account balance: $18,786.41
• Board officers: Daria Fane (President), Wayne Dewald (Secretary), Ceida Polezel (Treasurer)
• Budget for year beginning July 1, 2018 with total estimated income and expenses of $194,505.00
• Real estate tax rate for 2018/2019 tax year: $12.719 per $100.00 of assessed valuation for class 2

Amendment 10 Mar 2, 2017

Purchase prices decreased for three units at The Style Condominium.

• Unit 2A at 51 East 131st Street price reduced to $535,000.00
• Unit 1C at 48 East 132nd Street price reduced to $869,000.00
• Unit PHC at 48 East 132nd Street price reduced to $819,000.00

Amendment 9 December 2017

Amendment reports first closing, temporary certificates of occupancy, Declaration filing, working capital deposit, unsold units held by Sponsor, Board members, revised budget with reduced net items added to reserves, PCO Escrow Account funding, absence of liens, escrow agent details, and escrow account balance.

• First unit closed on June 21, 2017
• Temporary certificates of occupancy issued and renewed for both buildings; expire January 10, 2018 and February 20, 2018
• Declaration filed June 13, 2018 CRFN #2017000217885
• Working Capital Fund balance $18,010.06 as of November 1, 2017
• Sponsor holds unsold units: 2A, 2B at 51 East 131st Street and 1C, 5C, PHC, S1, S2 at 48 East 132nd Street
• Board members are Jason Fane and Daria Fane
• Revised budget with net reduction added to Reserve for Contingencies
• Escrow account balance $18,750.00

Amendment 8 May 2017

First year of operation changed to July 1, 2017 – June 30, 2018; budget increased 9.87%; construction substantially completed with TCO received; real estate taxes and Schedule A updated.

• First year of operation: July 1, 2017 to June 30, 2018
• Budget increased by 9.87%
• Construction substantially completed; TCO received for 51 East 131st Street
• First unit closing expected on or before June 30, 2017; purchasers offered rescission if not closed by then
• Estimated first year real estate tax liability: $198,588.00
• Real estate tax rate estimated at $13.00 per $100 of assessed valuation for 2017/18
• Co-op/Condo Property Tax Abatement eligibility explained with abatement percentages up to 28.1%
• Schedule A pricing and common charges updated for 18 units across two buildings
• Schedule A prices increased for 30 homes (median +3.8%): 1A $349,000 → $365,000; 2A $503,000 → $555,000; 2B $565,500 → $611,000; 3A $520,500 → $556,000; ...

Amendment 7 2017

Total cash purchase prices increased for seven units across both buildings.

• Unit 2A at 51 East 131st Street: $555,000.00
• Unit 2B at 51 East 131st Street: $611,000.00
• Unit 5A at 51 East 131st Street: $585,000.00
• Unit 2E at 48 East 132nd Street: $418,000.00
• Unit 3D at 48 East 132nd Street: $408,000.00
• Unit 4E at 48 East 132nd Street: $430,000.00
• Unit PHF at 48 East 132nd Street: $623,317.00

Amendment 6 2017

Purchase prices increased for four units across the two buildings.

• Unit 2A at 51 East 131st Street: $548,000.00
• Unit 5A at 51 East 131st Street: $579,000.00
• Unit 2C at 48 East 132nd Street: $385,000.00
• Unit 3F at 48 East 132nd Street: $439,800.00

Amendment 5 Nov 7, 2016

Escrow account moved to Bank Leumi, plan declared effective with six units sold, and storage unit ownership restricted to residential unit owners.

• Escrow account transferred from Signature Bank to Bank Leumi, 579 Fifth Avenue
• Plan declared effective based on six Purchase Agreements executed (20% of 31 units offered)
• Storage units may only be owned by residential unit owners, not the Sponsor
• Interest rate on escrow account at Bank Leumi is 0.10% per annum as of November 1, 2016

Amendment 4 2016

Prices of 11 unsold units at The Style Condominium have been increased.

• Unit 1A at 51 East 131st Street: $365,000.00
• Unit 2A at 51 East 131st Street: $539,000.00
• Unit 2B at 51 East 131st Street: $599,800.00
• Unit 3A at 51 East 131st Street: $556,000.00
• Unit 3B at 51 East 131st Street: $624,000.00
• Units 2D, 2E, 3D, 4D, 4E, 5E at 48 East 132nd Street: prices increased
• Sponsor confirms all material changes affecting property or offering included in amendment

Amendment 3 2016

Purchase prices increased for four units at 48 East 132nd Street.

• Unit 2D price raised to $385,000.00
• Unit 2E price raised to $399,600.00
• Unit 2F price raised to $423,800.00
• Unit 4D price raised to $395,000.00

Amendment 2 September 2016

Amendment corrects Unit 3C bedroom count, updates cellar common areas, revises terraces and storage square footage, removes BBQ grill, establishes preferred lender terms, and adjusts management fees and closing procedures.

• Unit 3C corrected from two bedrooms two baths to Studio with one bath
• Gym decreased; additional bicycle storage room added; janitors closet replaced by pet spa; common laundry eliminated at 51 East 131st Street cellar
• Gas room relocated; building storage room replaced by bicycle storage room; common laundry eliminated at 48 East 132nd Street cellar
• Square footage of private terraces for Units 1B and 1C changed; Storage 1 and Storage Unit 4 square footage changed
• BBQ Grill Station in rear yard removed
• Wells Fargo Bank designated as Preferred Lender; 12 units must be in contract to close loan; maximum 50% investor units; financing up to 75% of Purchase Price available
• Managing agent cost set at $9,700.00 for first year, not $7,400.00
• Closing Date provisions amended based on when Plan declared effective

Amendment 1 2016

Purchase prices of 27 units across both buildings have been increased.

• Unit prices increased at 51 East 131st Street (units 2A-6B)
• Unit prices increased at 48 East 132nd Street (units 1C, 2D-2E, 3C-3E, 4C-4E, 5C-5E, PHC-PHF)