561 Pacific Street Condominium (561 Pacific)

Amendment 8 Sep 10, 2020

Amendment updates property taxes, corrects Unit 602 square footage, adds preferred lender, adjusts prices for three residential units and four storage bins, and updates sponsor's attorney firm information.

• Unit 602 square footage corrected from 1,028 to 1,032 square feet
• Property taxes updated for 2021/2022 tax year (approximately 4% increase from 7th Amendment)
• Residential unit prices: Unit 605 at $1,995,000.00, Unit 802 at $1,450,000.00, Unit 805 at $1,525,000.00
• Storage bin prices: Unit 1 at $27,000.00, Unit 8 at $40,000.00, Unit 9 at $40,000.00, Unit 21 at $17,000.00
• Citibank, N.A. added as Sponsor's Preferred Lender alongside Wells Fargo Home Mortgage
• Sponsor's attorney firm name changed from Marans Weisz & Newman LLC to Marans Newman Tsolis & Nazinitsky LLC
• Sponsor refinanced with Bank Leumi USA: $21,800,000 Residential Loan (maturity August 27, 2023, extendable to August 27, 2024) and $8,500,000 Retail Loan (maturity August 27, 2026)
• First unit closing occurred September 22, 2020; temporary Certificate of Occupancy issued September 8, 2020
• Schedule A prices decreased for 2 homes (median -3.3%): 802 $1,500,000 → $1,450,000; 805 $1,625,000 → $1,525,000

Amendment 7 Feb 11, 2020

Substantial completion date moved to July 1, 2020; floor plans revised with unit count and layout changes; property tax projections updated; plan declared effective.

• Substantial completion date moved from January 1, 2021 to July 1, 2020
• 12th Floor reduced from 3 penthouse units to 2 (PH1201 and PH1202); PH1203 eliminated
• Residential units reduced from 63 to 62; Retail units reduced from 2 to 1
• Retail unit total sellable area decreased from 12,173 to 11,928 square feet
• Public roof area increased from 1,368 to 1,442 square feet
• Property tax projections updated: First Year assessed values $6,430,140 (residential), $39,315 (commercial), $1,030,545 (retail)
• Kitchen countertops changed to Brazilian Quartzite; terraces 5th-12th floors changed from porcelain to concrete pavers
• Plan declared effective with 10 units (15%) sold to bona fide purchasers
• Schedule A prices increased for 23 homes (median +3.4%): 201 $725,000 → $750,000; 209 $2,325,000 → $2,350,000; 307 $1,450,000 → $1,475,000; 308 $1,650,000 → $1,700,000; ...
• Schedule A prices decreased for 7 homes (median -3.4%): 205 $1,400,000 → $1,350,000; 206 $1,375,000 → $1,325,000; 501 $1,650,000 → $1,595,000; 502 $1,450,000 → $1,400,000; ...
• Schedule A prices set for 2 homes the plan listed without one: 802 $1,500,000; 805 $1,625,000

Amendment 1 Aug 13, 2018

Amendment adds required lender pre-approval, updates budget allocations, changes escrow bank, increases deposits, adds offering plan copy fee, and establishes smoking policy.

• Non-cash purchasers must obtain pre-approval from Wells Fargo Home Mortgage (Brian Scott Cohen, 718.780.9132)
• Common Charges reallocated: Residential Units $761,550.32, Community Facility and Retail Units $18,518.86
• Insurance values updated: Building $24,500,000, Liability $1,000,000 per occurrence/$2,000,000 aggregate, Umbrella $25,000,000
• Escrow account moved to Bank Leumi USA, 579 Fifth Avenue, New York, NY 10017
• Additional 5% deposit due within 3 months or 15 days after plan effectiveness notice
• $200 refundable deposit required to obtain copy of Offering Plan
• Smoking prohibited in enclosed common areas; permitted in units and outdoor areas