575 4th Avenue Condominium

Amendment 14 Jan 24, 2024

Purchase prices changed for four residential units; total offering price updated to $105,688,700.00.

• Unit 2A price changed to $995,000.00
• Unit 4A price changed to $1,150,000.00
• Unit 9D price changed to $1,300,000.00
• Unit 10D price changed to $1,250,000.00
• Total purchase price of offering now $105,688,700.00
• Schedule A prices decreased for 4 homes (median -6.8%): 2A $1,135,000 → $995,000; 4A $1,225,000 → $1,150,000; 9D $1,395,000 → $1,300,000; 10D $1,345,000 → $1,250,000

Amendment 13 2023

Five residential units have new purchase prices, total offering price adjusted to $106,093,700.00, and operating budget updated for 2023.

• Unit 3C price raised to $1,525,000.00
• Unit 4C price raised to $1,540,000.00
• Unit 5B price raised to $1,500,000.00
• Unit 6F price raised to $1,545,000.00
• Unit PH-A price raised to $2,210,000.00
• Total offering price now $106,093,700.00
• 2023 operating budget approved with $1,176,644 income and expenses
• Law firm name changed to D'Agostino, Lederman, Landesman, Rivera & Miraglia, LLP

Amendment 12 Mar 28, 2023

Purchase prices changed for 17 residential units and penthouses; total offering price updated to $105,913,700.00

• Unit 3C: $1,460,000.00
• Unit 4C: $1,525,000.00
• Unit 5B: $1,485,000.00
• Unit 5F: $1,495,000.00
• Unit 6C: $1,525,000.00
• Unit 6F: $1,495,000.00
• Unit 8C: $1,595,000.00
• Total Purchase Price of Offering: $105,913,700.00
• Schedule A prices decreased for 13 homes (median -6.3%): 3C $1,575,000 → $1,460,000; 4C $1,635,000 → $1,525,000; 5B $1,550,000 → $1,485,000; 5F $1,595,000 → $1,495,000; ...

Amendment 11 Feb 14, 2023

Brown Harris Stevens Development Marketing LLC replaces the previous selling agent.

• Selling agent changed to Brown Harris Stevens Development Marketing LLC at 451 West Broadway, Ground Floor, New York, NY 10012
• Selling agent definition updated in Offering Plan
• Identity of Parties section updated with new selling agent information and representations
• Purchase Agreement paragraph 25 (Brokerage) revised to name Brown Harris Stevens Development Marketing LLC as broker

Amendment 10 Jul 12, 2022

Amendment adds 27 storage units (38-64) at $13,500-$25,000 each, removes 3 commercial storage units and Commercial Unit C, updates total offering price to $107,959,500.00, and updates sponsor and counsel addresses and law firm name.

• 27 storage units (38-64) added at cellar level; prices $25,000 (units 38-41, 60-64) and $13,500 (units 42-59)
• 3 commercial storage units removed from cellar level
• Commercial Unit C at first floor dissolved
• Total offering price now $107,959,500.00
• Sponsor address changed from 10 East 40th Street, 33rd Floor to 276 Fifth Ave - #704-135, New York
• Counsel name changed from D'Agostino, Levine, Landesman, Lederman & Rivera, LLP to D'Agostino, Levine, Landesman, Lederman, Rivera & Miraglia, LLP
• Counsel address changed from 345 Seventh Avenue, 23rd Floor to 9 East 40th Street, 5th Floor, New York
• Offering now includes 64 storage units and 2 commercial units (down from prior commercial storage units)

Amendment 9 Dec 22, 2021

Common Charges collection begins January 1, 2022; one parking space reassigned between residential and commercial; storage units reduced from 38 to 37 due to construction variance.

• Common Charges collection begins January 1, 2022; waiver expires December 31, 2021
• Storage Space Units reduced to 37 (one unit removed due to construction variance)
• Parking Space Unit PS-13 reassigned from commercial to residential use
• Parking Space Unit PS-17 reassigned from residential to commercial use
• Schedule A revised for parking space descriptions, storage unit square footage, and common interest percentages
• Schedule B revised for storage unit square footage and common interest allocations
• Cellar level floor plans revised to reflect new storage unit layout

Amendment 8 Dec 17, 2020

Real estate tax estimates updated for unsold units; offering plan period extended 12 months.

• 66 residential units, 3 commercial units, 3 commercial storage units, 37 parking spaces, 35 storage spaces, and 4 roof deck units remain unsold
• Aggregate monthly common charges for unsold sponsor units: $86,387.19
• Aggregate monthly real estate taxes for unsold units: approximately $46,618.10
• Real estate tax estimates disclosed in Schedule A and plan sections; may vary due to future assessment changes and tax rate increases
• Sponsor controls board; first annual meeting to elect 9-member board within 30 days after 75% unit conveyance, 90% common interest closure, or 2 years after first unit closing
• Offering plan period extended 12 months from Department of Law acceptance date
• Unsold units subject to mortgage held by CMTG GS FINANCE LLC; maturity date February 2, 2022; outstanding principal approximately $60,669,153.10 as of December 14, 2020

Amendment 7 Aug 24, 2020

This amendment updates hazmat remediation requirements, revises purchase agreement terms including force majeure provisions, and reports first unit closing with temporary occupancy certificate and working capital fund details.

• Notice of Satisfaction process for Hazmat E-152 remediation now detailed; Site Management Plan requires annual cellar and garage slab inspections and continuous sub-slab depressurization system monitoring
• Purchase Agreement Section 20 revised to limit Sponsor liability to return of deposit and to excuse performance delays during force majeure events including pandemics and government orders
• First Unit Closing of Unit 3D occurred August 19, 2020 in escrow; Sponsor escrowed $150,000.00 for permanent certificate of occupancy to be obtained within two years
• Temporary certificate of occupancy issued July 31, 2020, valid through October 29, 2020
• Working Capital Fund established with initial balance of $3,020.46, funded by two months' common charges per purchaser
• 69 residential units, 3 commercial units, 3 commercial storage units, 39 parking spaces, 37 storage spaces, and 4 roof deck units remain unsold

Amendment 6 2020

The offering plan is declared effective after purchase agreements for eleven units representing over 15% of units were executed and accepted.

• Offering plan declared effective with 11 units purchased (over 15% threshold)
• Purchasers who entered agreements before December 30, 2019 have 15 days to exercise rescission rights
• Rescission can be submitted by email to escrow agent due to COVID-19 pandemic
• Effective period of plan extended for 6 months from acceptance by New York Department of Law

Amendment 5 Jan 7, 2020

Purchase prices for two residential units were increased, raising the total offering price.

• Unit 4J price changed to $1,195,000.00
• Unit 6D price changed to $1,695,000.00
• Total Purchase Price of the Offering is now $107,502,500.00
• Schedule A prices decreased for 2 homes (median -2.9%): 4J $1,250,000 → $1,195,000; 6D $1,745,000 → $1,695,000

Amendment 4 Dec 12, 2019

Commercial unit prices increased, two storage units removed due to construction variances, and Schedule A and B updated with revised square footage, common interest percentages, common charges, and real estate tax projections.

• Commercial Unit A price $2,426,450.00, Commercial Unit B $998,617.00, Commercial Unit C $2,566,633.00
• Commercial Storage Units A, B, C prices $360,776.00, $252,032.00, $173,992.00
• Total offering price now $107,607,500.00
• Storage Space Units reduced from 40 to 38 due to removal of units 39 and 40
• Revised common charges and real estate tax projections for First Year of Condominium Operation
• Real estate tax projections at 100% completion removed from Schedule A
• Revised floor plans for cellar level, residential lobby, roof terrace areas, and certain units

Amendment 3 Apr 10, 2019

Third amendment revises unit information, common charges, real estate taxes, floor plans, transfer tax rates, first-year budget, lobby staffing hours, and plan effectiveness requirements.

• Unit naming, descriptions, and square footage corrected in Schedule A
• Common charges and real estate taxes revised in Schedule A based on updated budget and tax projections
• Floor plans revised for certain residential units and common elements
• New York State transfer tax rate increased to 0.65% for residential sales $3,000,000 and above; mansion tax restructured by price tier effective July 1, 2019
• First Year budget revised to account for actual costs to date
• Lobby attendance reduced to 16 hours daily (7:00 am to 11:00 pm) instead of 24 hours
• Plan effectiveness threshold set at 11 units (15% minimum); mandatory effectiveness at 56 units (80%); first closing must be residential unit
• Additional disclosures added for unit owners' rights to convey ancillary units including storage and parking spaces

Amendment 2 Mar 27, 2019

Roof Deck Unit purchase prices changed, raising the total offering price to $108,381,300.00.

• Roof Deck Unit A price set to $60,000.00
• Roof Deck Unit B price set to $65,000.00
• Roof Deck Unit C price set to $90,000.00
• Roof Deck Unit D price set to $85,000.00
• Total offering price now $108,381,300.00

Amendment 1 Mar 18, 2019

Purchase prices for 73 residential units are revised, with the total offering price now $108,381,300.00.

• Purchase prices updated for 73 residential units across floors 1–11
• Total offering price restated to $108,381,300.00
• Schedule A prices increased for 38 homes (median +4.4%): 1A $1,664,875 → $1,675,000; 1B $1,661,228 → $1,675,000; 2A $1,133,000 → $1,135,000; 3E $686,750 → $715,000; ...
• Schedule A prices decreased for 29 homes (median -3.3%): 2B $739,200 → $650,000; 2C $1,660,050 → $1,550,000; 2D $919,975 → $895,000; 2F $702,900 → $695,000; ...