555 West End Avenue Condominium

Amendment 13 Jan 18, 2024

This thirteenth amendment reports seven of thirteen residential units sold, lowers three unit purchase prices, extends the plan by twelve months, and updates the budget, reserve funds, and sponsor financing.

• Purchase prices decreased: THN $10,850,000.00, 2W $9,900,000.00, 4W $7,495,000.00
• Seven unit closings completed: Units 6E, 4E, 3 W, THS, 3E, SW, and SE
• Six unsold units remain, none currently under contract
• Plan term extended for an additional twelve (12) months
• Budget updated: current budget attached as Exhibit A, with a 2024 expert certification from NMC Property Management LLC
• Reserve fund balance $2,644 and working capital fund balance $7,871, both as of January 2, 2024
• Sponsor's mortgage to be paid off from unit closing proceeds and rents from Units PHA and 2W
• Most recent certified financial statement attached as Exhibit B

Amendment 12 Mar 7, 2023

This amendment sets new purchase prices for two units, Unit 2W and Unit THN, and states there are no other material changes to the Plan.

• Purchase price of Unit 2W amended to $9,900,000.00
• Purchase price of Unit THN amended to $10,850,000.00
• No other material changes to the Plan

Amendment 11 Jan 30, 2023

This eleventh amendment reports that seven of 13 homes have closed, updates the 2023 budget and reserve balances, extends the plan's term by 12 months, and restates board control and sponsor disclosures.

• Seven of 13 residential units closed (Units 6E, 4E, 3W, THS, 3E, 5W, 5E); six unsold units not under contract
• Plan term extended by an additional twelve (12) months
• 2023 budget attached as Exhibit A, with budgeted surplus of 21,951.19 on total expenses of 787,767.81
• Reserve fund balance as of January 17, 2023: $2,624.00; working capital fund: 13,808.00
• Sponsor's lender has subordinated its mortgage and releases units as they close; the debt is paid from closing proceeds
• Board members named: Brendan Liang, Tomas Lajous, Shenyang Xiong; first annual meeting held September 13, 2022
• Sponsor keeps board voting control until 95% of residential units close or five years from the first TCO, whichever is earlier
• Financial statements for 2021 and 2020 attached as Exhibit B

Amendment 10 Sep 2, 2022

The Tenth Amendment lowers the purchase price of Unit 4W to $7,995,000.00 and confirms no other material changes to the Plan.

Amendment 9 2022

This amendment extends the plan by 12 months and updates the sponsor's loan, reserve balances, 2022 budget, and board control terms.

• Sponsor refinanced its loan with Bank of China, New York Branch on May 6, 2022, with a principal of $42,500,000, maturing May 6, 2025, secured by unsold Units THN, 2W, 4W, 6W, PHA and PHB
• Plan term extended for an additional twelve (12) month period
• Sponsor has closed on some units (the number is garbled in the text)
• Sponsor has not received a commitment for permanent mortgages to purchasers
• Reserve fund balance $67,607 and working capital fund $17,398 as of June 30, 2022
• 2022 budget attached as Exhibit A: total expenses $696,968.74, budgeted surplus $28,531.26, replacement reserve $35,000.00
• First annual meeting of Unit Owners currently scheduled for fall 2022; Board members Brendan Liang, Cece Liu and Shenyang Xiong
• Sponsor keeps voting control of the Board until 95% of Residential Units offered for sale have closed, or five years from the first TCO

Amendment 8 Sep 14, 2021

The amendment raises the purchase price of Unit 3W to $7,500,000.00 and makes no other material changes to the plan.

Amendment 7 Aug 9, 2021

This seventh amendment cuts the price of Unit 3W, lowers monthly common charges by 14.38% from July 1, 2021, extends the plan for 12 months, and updates unit sales status, the budget, and reserve balances.

• Purchase price for Unit 3W reduced to $7,300,000.00
• Common charges reduced 14.38% commencing July 1, 2021
• Plan term extended for an additional twelve (12) month period
• Six of thirteen Residential Units closed; Unit 4W under contract; six Unsold Units not under contract
• Sponsor's existing loan maturity extended to June 13, 2022
• Most recent certified financial statement not yet available, expected before September 30th
• Reserve fund balance $72,535.79 and working capital fund balance $57,352.40 as of June 30, 2021
• Current budget attached as Exhibit A

Amendment 6 Jan 11, 2021

The amendment lets the sponsor combine the two penthouse units, PHA and PHB, into one unit priced at $42,000,000, reports the building's permanent certificate of occupancy, and extends the plan's term by twelve months.

• Sponsor may combine penthouse units PHA and PHB into one Combined Penthouse Unit for a total Purchase Price of $42,000,000, if a buyer agrees
• Combination needs DOB, NYC Landmarks, and Department of Finance tax map approvals, each typically eight to ten weeks
• Permanent certificate of occupancy issued January 4, 2021
• PCO Escrow Amount to be released by Escrow Agent to Sponsor
• Plan extended for an additional twelve (12) month period

Amendment 5 Aug 24, 2020

This amendment updates the sales status, extends the plan's term by 12 months, and reports the temporary certificate of occupancy, escrow, reserve and working capital balances, common charges on unsold homes, and sponsor control of the board.

• Six of 13 residential units closed (6E, 4E, THS, 3E, 5W, 5E); Unit 4W under contract; remaining six unsold units not under contract
• Plan term extended by an additional twelve (12) months
• Sponsor keeps voting control of the board until 95% of residential units close or five years from first TCO, whichever is earlier; may designate two of three board members
• PCO Escrow Amount of $29,850.00 held in escrow; permanent CO anticipated within two years after TCO
• Text says TCO issued December 12, 2019; Exhibit A shows effective date 05/29/2020 and expiration 08/27/2020
• Reserve fund $31,280.18 and working capital fund $56,591.82 as of June 30th, 2020; no certified financial statement yet
• Aggregate monthly common charges for unsold units $34,585.61; sponsor pays from sale proceeds, not rents
• First annual meeting about 30 days after the earlier of the second anniversary of First Closing or closing of Units representing at least 50% of residential units

Amendment 4 2020

This amendment reports that the first unit closing happened in December 2019, gives the status of the remaining units and the escrow held for the permanent certificate of occupancy, and extends the Plan's term by six months.

• First Unit Closing occurred December 16, 2019; 3 of 13 Residential Units sold (4E, THS, 3E)
• Units 4W, SW and SE in contract, expected to close in February 2020
• 6 Unsold Units not currently under contract
• PCO Escrow Amount of $29,8SO.OO held; permanent CO anticipated within two years after TCO
• Plan term extended six (6) months
• Sponsor keeps voting control of Condominium Board until 95% of units sold or five years from first TCO
• First annual meeting about 30 days after the earlier of second anniversary of First Closing or 50% of units closed
• Declaration recorded December 10, 2019; reserve fund $1495.23 and working capital fund $29,904.78 as of January 13, 2020

Amendment 3 Sep 11, 2019

This amendment lowers the estimated first-year real estate taxes to $679,087, raises Common Charges from $736,809 to $754,219.19, moves the projected First Closing to December 1, 2019, and adds a real estate tax risk disclosure.

• Estimated first-year real estate taxes for all units decreased to $679,087
• Common Charges increased from $736,809 to $754,219.19
• Projected First Closing date set to December 1, 2019
• Purchasers who signed before filing get a rescission right if First Closing does not occur by December 31, 2019, with at least 15 days to exercise
• Estimated real estate taxes for the second year of condominium operation approximately $1,120,983
• New Special Risk No. 56 added on real estate taxes, noting taxes may increase materially after reassessment
• Real Estate Taxes section restated and new Real Estate Tax opinion (Exhibit 2) replaces the prior one
• Schedule B budget updated for first year of operation, December 1, 2019 through November 30, 2020; common charges increased by $17,410.19

Amendment 2 2019

This second amendment lets buyers purchase storage bins separately from their homes, replaces FirstService Residential with NMC Property Management, LLC as managing agent, and updates the floorplans, service availability date, and related plan terms.

• Storage Bins can now be bought separately by particular Unit Owners at prices on revised Schedule A; if unsold, Sponsor may offer them to other Unit Owners, but not renters or non-residents
• Storage shown as "optional" on the updated Unit Floorplans
• NMC Property Management, LLC replaces FirstService Residential as Managing Agent, initial term 1 year
• Managing Agent stated annual fee of $36,000.00, payable in equal monthly installments, with annual increases
• Unit Owner usage fees: Sale, Lease or Sublease $300.00; Renewal of Lease (same tenant) $300.00; Transfer of Title (related party) $500.00; Move in/out coordination $300.00; Alteration coordination $1,000.00
• Fidelity bonds of $1,000,000.00 required for Board members, officers, employees and Managing Agent staff
• Services expected to be fully available on or about August 1, 2019
• Exterior area of PHA clarified; "Common Elements" definition revised

Amendment 1 Oct 31, 2018

This amendment updates the unit floorplans and finish schedule, expands the wood and stone care warning, revises the air rights reservation and smoking policy, changes the sponsor address in the storage bin license, and extends the plan's term by six months.

• Plan term extended for an additional six (6) month period
• Air rights reservation rewritten: Sponsor reserves 26,963 square feet of excess Air Rights (Residential at 10 FAR) / 43,105 square feet of excess Air Rights (Residential Inclusionary Housing (at 12 FAR)), keeps 100% of sale proceeds, and reserved air rights will not add floors to the Building
• Smoking prohibited in all common areas, indoor and outdoor; not prohibited in Units or Terraces
• Updated floorplans for townhouses and residences, including flipped entry door swings, removed foyer closets, window and wall changes, and 'Great Room' relabels
• Wood floor and millwork warning expanded: wood expands and contracts, humidity should follow manufacturers' recommendations, wood should not be washed with water; stone not sealed by Sponsor must be sealed and resealed by the Unit Owner, with cleaning products listed
• Architect's Report finish schedule updated (pages 28-29 materials) and footer date changed
• Sponsor address in Storage Bin License Agreement changed to SHS Upper City NY II LLC c/o Cheer Land Investments Group Limited, 152 West 57th Street, Suite 3901, New York, New York 10019