567 39th Street Condominium

Amendment 9 Nov 16, 2022

Ninth amendment extends the offering plan for 12 months, updates financial statements through September 2022, and confirms Unit 1A remains unsold at $349,000.

• Offering plan extended 12 months from acceptance of this amendment
• Financial statements updated: tax returns for 2019–2020, income statement for 2020–2021 and 2022 (through September 30)
• Unit 1A offering price remains $349,000.00
• Sponsor's monthly common charge for Unit 1A is $180.78
• Sponsor's monthly real estate tax for Unit 1A is $164.46
• Board of Managers control transferred to unit owners February 15, 2016
• All five other units sold and occupied; first closing July 28, 2014

Amendment 8 Apr 16, 2015

Offering Plan term extended one year; three unsold units retained by Sponsor with updated common charges and taxes; operating budget and certifications provided for July 1, 2015 through June 30, 2016.

• Offering Plan term extended one additional year from acceptance date
• Sponsor owns units 1A, 2A, 2B with common charges of $182.04, $223.51, $224.16 monthly respectively
• First Unit Owners meeting to elect Officers and Managers anticipated June 15, 2015
• Operating Budget for July 1, 2015 through June 30, 2016 total $15,641
• Aggregate monthly common charges for Sponsor's unsold units $629.71
• Aggregate monthly Real Estate Taxes for unsold units $396.67
• Sponsor current on all financial obligations including common charges and Reserve Fund contributions
• Budget Adequacy Certification by Robert W. Thabit dated April 16, 2015

Amendment 7 Oct 22, 2014

Amendment extends the offering plan period, documents completed closings and filings, lists remaining unsold units with their charges and taxes, and notes that projected tax benefits will not be obtained.

• First unit closed July 28, 2014
• Condominium Declaration filed May 16, 2014
• Permanent Certificate of Occupancy obtained July 25, 2012
• Tax benefits projected in Offering Plan will not be obtained due to changes in eligibility rules
• Five unsold units retained by Sponsor with monthly common charges ranging from $182.04 to $224.16
• Working capital fund of $2,340.00 maintained at TD Bank
• First Board of Managers election meeting anticipated January 15, 2015
• Offering Plan extended for additional six months

Amendment 6 May 21, 2014

Plan declared effective after one unit purchase agreement accepted.

• Purchase agreement accepted for one (1) unit (16.66% of units offered)
• Plan declared effective by notice dated May 6, 2014

Amendment 5 Sep 30, 2013

First year of condominium operation moved to January 1, 2014 through December 31, 2014; revised escrow procedures and real estate tax projections; offering plan extended six months.

• First year of condominium operation now January 1, 2014 through December 31, 2014
• Real estate tax projections substantially lowered due to post-completion assessed value
• Escrow agent changed to Robert C. Dubno at Signature Bank, N.A., 26 Court Street, Brooklyn, NY 11242
• IOLA escrow account established; FDIC insured at maximum $250,000 per deposit
• Purchasers offered 15-day rescission right after amendment acceptance by Department of Law
• Revised escrow trust fund regulations and Purchase Agreement procedures
• Offering plan extended six months from amendment date