58 Thomas St. Condominium

Amendment 8 Mar 17, 2005

Price of penthouse unit increased from $3,000,000 to $3,500,000, raising total offering amount.

• PH Unit price increased from $3,000,000 to $3,500,000
• Total offering amount increased from $7,340,000 to $7,840,000

Amendment 7 Feb 3, 2005

PH Unit price increased and 2004 budget and 2003 financials provided.

• PH Unit price increased from $2,200,000 to $3,000,000
• Total offering amount increased from $6,540,000 to $7,340,000
• Working capital fund holds $20,226.10 at Independence Community Bank
• 2004 common charges not increased for residential units
• Sponsor owns 2 unsold units and receives $15,243.00 total monthly rents
• Sponsor has $875,000 line of credit on PH Unit ballooning September 23, 2005
• Sponsor current on all financial obligations to condominium

Amendment 6 Mar 18, 2003

Post-closing amendment documenting first unit closings, permanent certificate of occupancy, 421-a tax benefits, working capital fund, board composition, and sponsor's financial status.

• First closings occurred August 5-14, 2002 (Units 3, 5, 4, and 2)
• Permanent Certificate of Occupancy No. 102184832 issued March 27, 2003
• Declaration filed July 26, 2002 in New York County Register
• 421-a tax benefits retroactive to July 1, 2002 with final Certificate of Eligibility October 22, 2002
• Working capital fund of $7,285 established with JP Morgan Chase Bank
• Initial sponsor-controlled board resigned January 14, 2003; new 3-member board elected with two unit owner members
• Sponsor owns 23% of common interests (ground floor commercial space and 6th floor Penthouse Unit)
• Sponsor pays $2,232.50 monthly in common charges and $711.98 monthly in real estate taxes for unsold units

Amendment 5 Jul 17, 2002

Amendment declares the offering plan effective and updates the 2002/2003 real estate tax obligations per unit.

• Offering plan declared effective as of June 26, 2002
• Real estate tax obligation for property set at $13,985.28 for fiscal year 2002/2003
• Revised annual/monthly real estate tax per unit (without 421-a benefits): Commercial Unit $2,097.79/$174.82, Units 2 and 5 $2,237.64/$186.47, Units 3 and 4 $2,097.79/$174.82, Penthouse $3,216.61/$268.05
• Property assessed at $144,000 billable assessed value
• Sponsor or Board will pay tax obligation on behalf of unit owners until individual tax assessments issued
• Property qualified for 421-a tax benefits but exemption not yet issued

Amendment 4 Jun 26, 2002

Unit floor plans revised for interior layout changes and reconfigured terraces.

• Unit interior layouts changed
• Terraces reconfigured as Limited Common Elements for certain units

Amendment 3 Apr 16, 2002

Purchase prices increased for five residential units.

• Unit 2: $1,125,000 to $1,150,000
• Unit 3: $999,000 to $1,025,000
• Unit 4: $1,045,000 to $1,065,000
• Unit 5: $1,085,000 to $1,100,000
• Unit PH: $2,175,000 to $2,200,000
• Total purchase price increased from $6,429,000 to $6,540,000
• Schedule A prices increased for 5 homes (median +1.9%): 2 $1,125,000 → $1,150,000; 3 $999,000 → $1,025,000; 4 $1,045,000 → $1,065,000; 5 $1,085,000 → $1,100,000; ...

Amendment 2 Apr 11, 2002

Amendment clarifies Limited Common Elements for the Commercial/First Floor Unit, heating system note, legal fees, and escrow account location.

• 64 SF area on west side of 7th floor roof added as Limited Common Element for Commercial/First Floor Unit
• Article 6 (B) (1) of Condominium Declaration revised to include the 64 SF roof area
• Heating & hot water note on page 30 clarified: domestic hot water provided by one direct natural gas fire storage heater
• Legal fee for reviewing title insurance report set at $500 when purchaser orders from other than Chicago Title
• Escrow account location confirmed at North Fork Bank, 120 West 23rd Street, New York, New York 10011

Amendment 1 Mar 13, 2002

Purchase prices increased for four residential units, raising total plan price from $6,350,000 to $6,429,000.

• Unit 2 price raised from $1,100,000 to $1,125,000
• Unit 3 price raised from $985,000 to $999,000
• Unit 4 price raised from $1,025,000 to $1,045,000
• Unit 5 price raised from $1,065,000 to $1,085,000
• Total plan price increased from $6,350,000 to $6,429,000
• Schedule A prices increased for 4 homes (median +2.0%): 2 $1,100,000 → $1,125,000; 3 $985,000 → $999,000; 4 $1,025,000 → $1,045,000; 5 $1,065,000 → $1,085,000