538 Clinton Street Condominium

Amendment 4 Jun 5, 2023

Amendment discloses first unit closing on December 28, 2022, certificates of occupancy issued, declaration recorded, and updates sponsor's unsold units, board membership, and working capital fund balance.

• First unit closing occurred December 28, 2022
• Temporary certificate of occupancy issued November 9, 2022; final certificate issued December 30, 2022
• Declaration recorded November 25, 2022 in Kings County
• Units 1A and 1B remain unsold; aggregate common charges $1,398.02/month
• Working capital fund balance $4,923.42 as of April 10, 2023
• First unit owners' meeting held April 4, 2023; sponsor no longer controls board
• Plan declared effective July 21, 2022 based on 20% purchase agreement

Amendment 3 Aug 10, 2022

Roof terrace reassigned from Unit 4 to Unit 3, first closing projected for October 1, 2022, and Schedule A and Declaration exhibit updated accordingly.

• Roof terrace appurtenant to Unit 3, not Unit 4
• Unit 3 roof terraces: approx. 125 sq. ft. and 765 sq. ft.
• Unit 4 roof terraces: approx. 152 sq. ft. and 225 sq. ft.
• Projected first Unit Closing/condominium operations: October 1, 2022
• Rescission right if first closing delayed more than 12 months past October 1, 2022
• Schedule A updated with new offering prices and carrying costs
• Limited common elements revised to reflect terrace changes

Amendment 2 Jul 6, 2022

Offering prices amended for three units.

• Unit 2 price changed to $2,400,000
• Unit 3 price changed to $2,200,000
• Unit 4 price changed to $1,600,000
• Schedule A prices increased for 4 homes (median +29.4%): 1B $2,600,000 → $3,100,000; 2 $1,850,000 → $2,400,000; 3 $1,700,000 → $2,200,000; 4 $1,300,000 → $1,600,000

Amendment 1 Feb 7, 2022

First amendment updates completion and closing dates, converts parking unit to limited common element for Unit 1B, adjusts unit prices, revises first-year budget and utility costs, and updates real estate tax projections.

• Projected substantial completion moved to March 31, 2022; first unit closing/condominium operations to July 1, 2022
• Parking unit (Unit P1) converted to limited common element appurtenant to Unit 1B; no longer sold separately
• Unit prices changed: 1A to $1,650,000; 1B to $3,100,000; 2 to $2,100,000; 3 to $2,000,000; 4 to $1,455,000
• Electricity budget increased from $2,318 to $2,500 per year
• Water charges and sewer rents budget increased from $6,573 to $6,800 per year
• Unit utility cost estimates revised for electricity and gas across all residential units
• Estimated taxable assessed value set at $163,217; first year taxes estimated at $15,976; second year at $19,970
• Common interest percentages amended; Schedule A updated with revised projections