Lindley Condominium

Amendment 21 Oct 6, 2021

Purchase price of one residential unit (PHC) updated to $1,650,000.

Amendment 20 2021

Sponsor updated unit prices, provided 2021 budget and 2019 financial statements, and confirmed Temporary Certificate of Occupancy status with expected Final Certificate by December 2021.

• Unit prices updated for 10 unsold residential units and retail unit (new prices range $1,440,000–$2,200,000 for residential)
• Temporary Certificate of Occupancy renewed February 25, 2021, expires May 26, 2021; Final Certificate expected by December 2021
• $105,000 remains in attorney escrow for Final Certificate of Occupancy obligation
• 2021 annual budget provided (January 1–December 31, 2021)
• 2019 Certified Financial Statements attached; 2020 financials available from Board of Managers
• Sponsor owns 10 residential units and retail unit (23.2995% of Common Interests); monthly common charges ~$19,789, monthly taxes ~$11,852
• Sponsor relinquished Board control on October 23, 2019
• Plan may be used for one year from amendment date; thereafter requires filed extension
• Schedule A prices increased for 1 home (median +4.3%): 7B $1,380,000 → $1,440,000
• Schedule A prices decreased for 8 homes (median -10.9%): 3C $1,900,000 → $1,750,000; 10A $2,100,000 → $1,795,000; 14B $2,440,000 → $2,125,000; 15A $2,220,000 → $1,995,000; ...

Amendment 19 2020

Nineteenth amendment updates sponsor holdings, Certificate of Occupancy status, 421-a tax benefits, 2020 budget, and financial disclosures as of April 1, 2020.

• Sponsor owns 13 residential units and retail unit (27.8522% of common interests) as of April 1, 2020
• Temporary Certificate of Occupancy renewed February 26, 2020, expires May 26, 2020; Final Certificate expected by December 2020
• Final Certificate of Eligibility for Section 421-a tax benefits issued October 18, 2019
• 2020 budget attached (January 1 - December 31, 2020)
• Aggregate monthly common charges on unsold units approximately $23,138
• Aggregate monthly real estate taxes on unsold units approximately $8,507
• Aggregate monthly rental income on unsold units approximately $65,628
• Sponsor loan with Deutsche Bank matures September 202 with extension option

Amendment 17 Jul 26, 2019

Purchase prices for 15 residential units are revised.

• Unit 2A: $2,150,000
• Unit 3C: $1,850,000
• Unit 4C: $1,250,000
• Unit 10A: $1,995,000
• Unit 14B: $2,400,000
• Unit 15A: $2,100,000
• Unit 15B: $2,450,000
• Unit 16B: $2,150,000

Amendment 16 July 2019

Changes selling agent, transfers manager's unit, updates tax information, and confirms occupancy certificate status.

• Selling agent changed to Urban Compass, Inc. d/b/a Compass at 90 Fifth Avenue, 3rd Floor, New York, NY 10011
• Resident Manager's Unit 3D transferred to Condominium on May 23, 2019
• $105,000 remains in attorney escrow for Final Certificate of Occupancy
• Temporary Certificate of Occupancy renewed June 5, 2019, expires September 3, 2019; Final Certificate expected by March 2020
• New York State Real Estate Transfer Tax increased effective July 1, 2019 to $3.25 per $500 for purchases $3,000,000 and above
• Mansion Tax rates increased effective July 1, 2019: 1.25% for $2M–$3M, 1.50% for $3M–$5M, 2.25% for $5M–$10M and $10M–$15M

Amendment 15 April 2019

Sponsor ownership, certificate of occupancy status, tax benefits application, budget, financial disclosures, and resident manager unit financing updated.

• Sponsor owns 24 unsold residential units and retail unit (43.6400% of common interest) as of March 1, 2019
• Temporary Certificate of Occupancy issued October 2, 2018; final Certificate expected by March 2020
• Section 421-a Final Certificate of Eligibility applied for January 28, 2019
• Sponsor's aggregate monthly common charges on unsold units approximately $39,626
• Sponsor's aggregate monthly real estate taxes on unsold units approximately $8,105; paid $111,435.27 for January-June 2019
• Resident Manager Unit (3D) sold to condominium around March 15, 2019 with $937,500 loan at 5.25% for first five years
• Plan valid for six months from April 2019; may be extended by filed amendment

Amendment 14 Nov 7, 2018

New purchase prices set for 47 residential units.

• Purchase prices updated for 47 units listed in Exhibit A
• Price changes do not apply to units with signed Purchase Agreements already in effect
• Sponsor reserves right to revise Purchase Prices and other terms of sale further

Amendment 13 October 2018

Thirteenth Amendment adds smoking policy, updates sponsor ownership and financial information, and reports post-closing status.

• Smoking prohibited in all indoor common areas and within 15 feet of entrances, exits, windows, and air intake units; permitted only inside residential units and on unit terraces
• As of October 1, 2018, Sponsor owns 72 Residential Units and Retail Unit (98.18% of Common Interest); 2 units sold, 43 under contract
• Temporary Certificate of Occupancy issued October 2, 2018, expires December 31, 2018; Final Certificate of Occupancy expected by June 2019
• $105,000 remains in attorney escrow account for Permanent Certificate of Occupancy
• Construction Lender changed to Deutsche Bank AG, New York Branch (refinanced from Bank of America)
• Aggregate monthly Common Charges on unsold units approximately $98,487
• Aggregate monthly real estate taxes on unsold units approximately $41,088 (with 421-a benefits) or $100,116 (without benefits)
• Resident Manager's Unit rented to Board of Managers at $4,085 monthly; to be sold by August 15, 2019

Amendment 12 2018

Amendment updates architect's report with revised floor plans, designates new managing agent ERPM Company, and records condominium declaration.

• New Managing Agent: ERPM Company at 200 East 39th Street, Suite 302, fee $50,000 for first two years, 3.0% annual increase thereafter
• Architect's Report Third Addendum dated May 19, 2018 with revised ceiling heights, equipment room locations, and appliance specifications
• Revised Floor Plans replacing previous versions
• Declaration of Condominium and Floor Plans recorded May 22, 2018 (CRFN2018000171543 and CRFN2018000171544)
• Section 421-a tax benefits preliminary certificate issued December 4, 2017
• Building has 20 stories above grade with no 13th floor; top floor is 21st floor level
• Ceiling heights range from 9'-4" to 11'-4" depending on floor and unit location

Amendment 11 Mar 23, 2017

New purchase prices set for 13 residential units.

• Unit 4C: $1,335,000.00
• Unit 5C: $1,355,000.00
• Unit 10C: $1,385,000.00
• Unit 11C: $1,455,000.00
• Unit 12C: $1,475,000.00
• Unit 14C: $1,495,000.00
• Unit 15C: $1,515,000.00
• Unit 16C: $1,665,000.00

Amendment 10 Feb 14, 2018

New offering prices set for 30 residential units.

• Purchase prices updated for units 2B through 15D as listed in Exhibit A
• Price range from $965,000 (unit 6E) to $2,520,000 (unit 15B)
• Changes do not apply to units with signed Purchase Agreements already in effect

Amendment 9 2018

Escrow deposits moved from Bank of America to Sussex Bank, escrow agent changed to Getler, Gomes & Sutton PC, and tax law changes from Tax Cuts and Jobs Act of 2017 noted.

• Escrow account moved from Bank of America to Sussex Bank as of February 1, 2018; interest rate 0.50%
• Escrow agent changed to Getler, Gomes & Sutton, PC at 2 Executive Boulevard, Suite 402, Suffern, New York 10901
• Tax Cuts and Jobs Act of 2017 effective January 1, 2018 may affect previously disclosed tax information and projections
• FDIC insurance covers maximum $250,000 per Down Payment; amounts over that are not insured
• Down Payments must be made payable to 'Getler, Gomes & Sutton, PC, as Escrow Agent'
• Sponsor bears all costs of escrow account maintenance; no fees may be deducted from account
• No changes to first year budget; condominium operation first year to commence July 1, 2018

Amendment 8 August 2017

Plan declared effective with 13 units under contract; adds 5% additional downpayment requirement and electric submetering by Quadlogic.

• Plan declared effective as of August 1, 2017 with 13 of 74 units (17.57%) under Purchase Agreements
• Additional 5% downpayment required from all purchasers, due 90 days after Purchase Agreement or 30 days after amendment service, but no later than closing
• Electric submetering approved by New York State Public Service Commission; Quadlogic to meter individual unit usage
• Utility deposit to be collected at closing to cover projected first month's cost
• First Closing expected in July 2018
• First Temporary Certificate of Occupancy expected in July 2018
• Revised Floor Plans attached as Exhibit E
• Second Addendum to Architect's Report dated August 22, 2017

Amendment 7 Aug 17, 2017

Purchase prices for three residential units were updated.

• Unit 18A price set to $3,025,000.00
• Unit 17A price set to $2,975,000.00
• Unit 16A price set to $3,275,000.00

Amendment 6 Jul 11, 2017

New purchase prices set for four residential units.

• Unit 90: $1,405,000.00
• Unit 8D: $1,385,000.00
• Unit 70: $1,365,000.00
• Unit 60: $1,345,000.00

Amendment 5 Jun 15, 2017

New Purchase Prices set for five Residential Units.

• Unit 10B: $2,375,000.00
• Unit 11B: $2,405,000.00
• Unit 12B: $2,435,000.00
• Unit 14B: $2,465,000.00
• Unit 15B: $2,495,000.00

Amendment 4 Jun 8, 2017

New purchase prices set for 5 residential units.

• Unit 10: $1,425,000.00
• Unit 11: $1,445,000.00
• Unit 12: $1,465,000.00
• Unit 14: $1,485,000.00
• Unit 15: $1,505,000.00

Amendment 3 Apr 28, 2017

New offering prices for 13 residential units

• Unit 98: $1,440,000.00
• Unit 88: $1,420,000.00
• Unit 78: $1,400,000.00
• Unit 68: $1,380,000.00
• Unit 58: $1,360,000.00
• Unit 48: $1,340,000.00
• Unit 38: $1,320,000.00
• Unit 9A, 8A, 7A, 6A, 5A, 4A, 3A: prices ranging from $1,365,000.00 to $1,470,000.00

Amendment 2 2017

Amendment revises unit square footage, confirms first year operation July 1, 2018, updates Schedule B budget, implements electric sub-metering, updates architect report and floor plans.

• Square footage of several residential units revised in Schedule A
• First year of condominium operation projected to commence July 1, 2018
• New Schedule B attached with updated budget
• Electric usage sub-metered by Quadlogic Control Corporation; utility deposit collected at closing
• Revised floor plans attached; changes to comply with NYC Department of Buildings
• First Addendum to Architect's Report dated March 10, 2017 attached
• Updated Certification of Sponsor's Architect provided
• Schedule A prices increased for 18 homes (median +1.9%): 3B $1,275,000 → $1,300,000; 4B $1,296,000 → $1,320,000; 4D $1,255,000 → $1,280,000; 5B $1,315,000 → $1,340,000; ...

Amendment 1 Apr 14, 2017

New offering prices set for 18 residential units.

• Unit 15C priced at $1,480,000.00
• Unit 9D priced at $1,380,000.00
• Unit 14C priced at $1,460,000.00
• Unit 12C priced at $1,440,000.00
• Units 11C and 9B priced at $1,420,000.00
• Units 10C and 8B priced at $1,400,000.00
• 14 additional units repriced between $1,280,000.00 and $1,380,000.00