554 4th Avenue Condominium

Amendment 8 Oct 9, 2019

Eighth Amendment updates the substantial completion date to December 1, 2019, extends the offering plan term by six months, and adds new transfer tax disclosures.

• Substantial completion date moved from June 1, 2019 to December 1, 2019
• First Unit Closing rescission deadline is May 31, 2020 for agreements signed between Sixth Amendment and this Amendment; November 30, 2020 for agreements signed after this Amendment
• First Year Budget attached with total common charges of $278,533.00, unchanged except for commencement date
• Building has three loans totaling approximately $27,850,250.00, maturity December 31, 2019, with monthly interest payments of approximately $250,000
• New York State transfer tax rates disclosed: RPT 1% or 1.425% depending on price; NYS Tax 0.4% or 0.65% depending on price
• Mansion Tax and Supplemental Tax rates disclosed for purchases $1,000,000 and above, ranging from 1.00% to 3.90%
• Offering plan term extended six months

Amendment 7 May 30, 2019

Prices for 19 units were updated.

• Unit 4C: $725,000.00
• Unit 4D: $850,000.00
• Unit 5B: $680,000.00
• Unit 5C: $750,000.00
• Unit 5D: $740,000.00
• Unit 6A: $700,000.00
• Unit 6B: $695,000.00
• Schedule A prices increased for 1 home (median +3.0%): 4D $825,000 → $850,000
• Schedule A prices decreased for 17 homes (median -3.5%): 4C $765,000 → $725,000; 5B $700,000 → $680,000; 5C $760,000 → $750,000; 5D $756,000 → $740,000; ...

Amendment 6 Apr 17, 2019

Sponsor changed from 4 AVE BU LLC to 550 4TH AVE INVESTOR LLC with new principals Joshua Crane and Robert Schwartz; construction completion delayed to June 1, 2019; property tax projections updated.

• Sponsor transferred to 550 4TH AVE INVESTOR LLC; new principals Joshua Crane and Robert Schwartz
• Previous principal Boaz Gilad removed
• Substantial completion date moved from March 1, 2018 to June 1, 2019
• First Unit Closing rescission deadline: May 31, 2020
• Architect changed to Andrew Fredman Architect LLC
• Sponsor's Loan maturity extended to July 31, 2019
• Residential property tax projected at $439,045.79 for first tax year after completion
• Commercial property tax projected at $54,925.66 for first tax year after completion

Amendment 5 Oct 9, 2018

Price of Unit 8D changed to $825,000.00.

Amendment 4 Aug 24, 2018

Fourth amendment extends the offering plan term, updates the first-year operations budget with a December 1, 2018 commencement date, revises floor plans for two units, adds Wells Fargo as a preferred lender, and incorporates smoking policies.

• First year budget revised with December 1, 2018 commencement date; total common charges $278,533.00
• Unit 4C: 86 SF terrace added
• Unit 4D: terrace reduced from 707 SF to 621 SF (remains unsold)
• Wells Fargo Home Mortgage added as preferred lender (Brian Scott Cohen, 718.780.9132)
• Smoking prohibited in all enclosed common areas; permitted in dwelling units and outdoor areas
• Declaration and By-Laws revised including reference to Real Property Law 339-m and commercial/residential governance
• Offering plan term extended by six months from filing date
• Building subject to two loans totaling approximately $25,000,000 held by S3 550 4th Ave Funding LLC; maturity January 31, 2019

Amendment 3 Feb 9, 2018

Floor plans revised for Unit 3E washer/dryer relocation and limited common element corrections for Units 6C, 6D, 8C, and 8D; plan declared effective with eleven units under purchase agreement.

• Unit 3E washer/dryer closet relocated from living room to bedroom with no ventilation
• Units 6C and 8C limited common elements corrected from 0 SF to 39 SF
• Units 6D and 8D limited common elements corrected from 0 SF to 52 SF
• Plan declared effective with 11 residential units (27% of building) under purchase agreement
• Cover page corrected: 38 of 40 units offered for sale (not all 40)

Amendment 2 Nov 3, 2017

Prices set for 14 units including residential and commercial spaces.

• Unit 4C priced at $765,000.00
• Unit 4D priced at $950,000.00
• Unit 4E priced at $670,000.00
• Unit 5C priced at $760,000.00
• Unit 5D priced at $756,000.00
• Unit 6D priced at $775,000.00
• Unit 7C priced at $785,000.00
• Unit 7D priced at $790,000.00
• Schedule A prices increased for 11 homes (median +3.1%): 4C $755,000 → $765,000; 4E $650,000 → $670,000; 5C $745,000 → $760,000; 5D $589,000 → $756,000; ...

Amendment 1 Oct 5, 2017

Purchase prices are set for 31 units across the condominium.

• Schedule A prices increased for 35 homes (median +28.9%): 3A $539,000 → $650,000; 3B $525,000 → $660,000; 3E $515,000 → $625,000; 4A $549,000 → $670,000; ...