Avant

Amendment 8 Apr 28, 2025

Eighth Amendment updates the 2025 budget, financial accounts, board composition, and unsold unit pricing for The Avant condominium.

• 2025 Condominium Budget adopted by Board
• Working Capital Account balance approximately $33,970 as of February 1, 2025
• Reserve Fund Account balance approximately $509,195 as of February 1, 2025
• Condominium Board includes 2 Sponsor-affiliated members and 3 non-affiliated members; Co-Sponsor does not control the Board
• Co-Sponsor owns fewer than 10% of all Units
• Plan term extended
• FinCEN reporting threshold for residential real property purchases is $300,000

Amendment 7 Mar 14, 2024

Seventh Amendment updates the 2024 budget, financial statements, board composition, and sponsor financial disclosures for unsold units.

• 2024 Condominium Budget adopted by Board
• Working Capital Account: approximately $14,470 as of February 1, 2024
• Reserve Fund Account: approximately $394,100 as of February 1, 2024
• 3 Residential Units and 1 Community Facility Unit remain unsold
• Loan with Republic Bank & Trust Company: $1,614,000 maximum, maturity November 1, 2024
• Board now includes 2 Co-Sponsor members and 3 non-affiliated members
• Plan term extended

Amendment 6 Apr 25, 2023

Sixth amendment updates unit prices, 2023 budget, board composition, and escrow bank name change from Signature Bank to Flagstar Bank.

• Escrow Bank name changed to Flagstar Bank, N.A.; deposits held at 261 Madison Avenue, New York, NY 10016; interest rate approximately 0.20%
• 2023 Condominium Budget adopted by Board
• Working Capital Account balance approximately $116,895 as of March 1, 2023
• Common Charges payment commenced September 1, 2022; Waiver Period no longer extended
• 6 Residential Units and 1 Community Facility Unit remain unsold by Co-Sponsor
• Loan with Republic Bank & Trust Company outstanding balance $6,111,088; Maturity Date November 1, 2023
• Condominium Board members identified; Co-Sponsor does not control Board
• First Closing took place October 26, 2021; audited financial statements not yet available

Amendment 5 Feb 25, 2022

Fifth Amendment to The Avant offering plan modifies sponsor loan terms, establishes co-sponsor entity, confirms first closing, updates board and financial disclosures.

• Sponsor refinanced loan on April 21, 2022 with Republic Bank & Trust Company; new loan maximum $16,240,000, maturity November 1, 2023
• Co-Sponsor Units transferred to DS Avant 531 LLC; Original Sponsor Units 6D, 7A, 2C released from mortgage lien
• First Closing occurred October 26, 2021 for Unit 7D
• Condominium Declaration recorded October 7, 2021; First Amendment recorded April 25, 2022 reflecting unit reconfigurations
• Working Capital Account established at Signature Bank with $15,809
• Reserve Fund of $732,700 established at Signature Bank per Local Law 70
• Board members are Josephine Campeau (President), Patrick McCann (Vice President), Bonni Lipman (Secretary/Treasurer); all affiliated with Sponsor
• Common Charges waived during Waiver Period; Sponsor pays operating expenses

Amendment 4 Nov 1, 2021

Amendment updates first closing deadline due to COVID-19 tolling, and modifies tax calculation rules for purchases after April 1, 2021.

• First closing deadline extended to July 9, 2023 (from December 31, 2021) due to COVID-19 Executive Order tolling
• Exclusive Purchase Period for tenants tolled until March 31, 2022 (from September 22, 2020)
• State Transfer Tax and Mansion Tax calculation changed effective July 1, 2021 for Purchase Agreements entered after April 1, 2021
• RPT Tax calculation policy remains unchanged

Amendment 3 Jul 8, 2021

Selling agent changed to Sotheby's International Realty

Amendment 2 May 19, 2021

Plan declared effective based on four purchase agreements representing over 15% of 26 residential units, with updated Schedule A reflecting vacancy and rent regulatory status.

• Plan declared effective upon receipt of four bona fide purchase agreements (Units 7C, 7A, 2C, 4C)
• Updated Schedule A with vacancy and rent regulatory status column

Amendment 1 Apr 28, 2021

Amendment extends first closing deadline due to COVID-19 Executive Order tolling period, changes selling agent to Brown Harris Stevens, and adds real estate tax abatement information to Schedule A.

• First closing deadline extended to June 10, 2023 (from December 31, 2021)
• Plan effectiveness deadline extended to February 20, 2023 (from September 12, 2021)
• Exclusive Purchase Period tolled until March 2, 2022 (from September 22, 2020)
• Selling agent changed to Brown Harris Stevens Development Marketing, LLC (BHS), located at 445 Park Avenue, 10th Floor, New York
• Schedule A updated with projected real estate taxes with and without 17.5% Coop/Condo Abatement
• Real estate tax opinion letter from Marcus & Pollack LLP included regarding cooperative/condominium abatement eligibility