630 Lorimer Street Condominium (Casetta)

Amendment 9 2018

Storage Space 2 reallocated from Unit 401 to Unit 301; Schedule A and Schedule B revised accordingly.

• Storage Space 2 moved from Unit 401 to Unit 301
• Schedule A replaced with revised schedule reflecting storage reallocation
• Schedule B replaced with revised schedule
• Five residential units remain unsold as of amendment date
• Unit 301 offering price $795,000.00 (with reallocated storage)
• Unit 401 offering price $1,695,000.00 (without storage space)
• Sponsor application for 421-a tax benefits filed with HPD
• Plan effective period extended for twelve months from acceptance by New York Department of Law

Amendment 8 2018

First unit closing occurred; temporary certificate of occupancy issued; five unsold units remain with prices and common charges specified; smoking policy and tax law disclosure added.

• First Unit Closing (Unit 101) occurred March 22, 2018
• Temporary Certificate of Occupancy issued February 23, 2018; permanent certificate expected within two years
• Working Capital Fund balance $1,716.00 as of amendment date
• Five unsold units remain: 201/SS-3 ($775,000), 202/SS-4 ($760,000), 301 ($795,000), 302/SS-5 ($780,000), 401/SS-2 ($1,695,000)
• Unsold units total projected monthly common charges $2,521.00 and estimated real estate taxes $3,387.74
• Building smoking policy added: prohibited in common areas; permitted in units only if no nuisance to others
• Tax Cuts and Jobs Act disclosure added advising purchasers to consult tax expert
• Offering Plan effectiveness extended six months from amendment date

Amendment 7 Dec 6, 2017

First Year of Condominium operation updated to commence January 1, 2018, with revised real estate tax projections and 421-a benefit details.

• First Year of Condominium operation now estimated to commence January 1, 2018 through December 31, 2018
• Projected real estate taxes for entire 2017/2018 tax year and First Year without 421-a benefits approximately $55,232.00
• Post-construction actual total assessment for all Residential Units projected at $434,250.00 without 421-a
• Projected 2017/2018 tax rate for Residential Units 12.719%
• Unit Owners anticipated to receive 421-a benefits for nine (9) years total: five (5) years at 100% and four (4) years of phasing out at 20% per year
• 421-a tax benefit period set to expire June 30, 2026; rent stabilization period rules apply if plan not declared effective within 15 months of Final 421-a Certificate
• Schedule A caption and Notes to Schedule A revised to reflect January 1, 2018 First Year commencement date

Amendment 6 Aug 30, 2017

Purchase prices changed for two residential units, raising the total offering price to $6,545,000.00.

• Unit 101 price changed to $1,595,000.00
• Unit 302 price changed to $780,000.00
• Total offering price now $6,545,000.00

Amendment 5 2017

The condominium adds an alternate name and revises unit prices, common interest allocations, and related schedules.

• Condominium now also known as "Caserta South Condominium"
• Schedule A revised with new unit offering prices and common interest allocations
• Schedule B revised with updated common interest percentages for each unit
• Real Property Law Section 339(i) letter revised to reflect new common interest allocation method
• Plan effective period extended six (6) months from Department of Law acceptance
• First unit closing has not yet occurred; no condominium financial statements available

Amendment 4 Jun 8, 2017

Purchase prices for six residential units were changed, and the total offering price was updated to $6,565,000.00.

• Unit 101 price: $1,630,000.00
• Unit 201 price: $775,000.00
• Unit 202 price: $760,000.00
• Unit 301 price: $795,000.00
• Unit 302 price: $765,000.00
• Unit 401 price: $1,695,000.00
• Total offering price: $6,565,000.00
• Schedule A prices increased for 6 homes (median +17.8%): 101 $1,295,000 → $1,630,000; 201 $725,000 → $775,000; 202 $650,000 → $760,000; 301 $675,000 → $795,000; ...

Amendment 3 Apr 13, 2017

Construction lender changed to Valley National Bank, and first year of condominium operation moved to June 1, 2017 with updated tax projections.

• Construction Lender changed to Valley National Bank throughout the Plan
• Valley National Bank named as Eligible Holder and Insurance Trustee
• First Year of Condominium Operation now estimated to commence June 1, 2017
• Real estate tax projections updated; 2016/2017 taxes approximately $16,824.00, 2017/2018 approximately $55,984.00 for residential units
• Post-construction actual total assessment projected at $434,250.00 without 421-a benefits, effective July 1, 2017
• 421-a tax benefits anticipated for 10 years total (6 years at 100%, 4 years phasing out at 20% per year)
• Geographic Target Order compliance notice added for purchases over $3,000,000 in Manhattan or $1,500,000 in other boroughs

Amendment 2 Feb 28, 2017

Purchase prices for six residential units were changed, raising the total offering price to $5,963,000.00.

• Unit 101 price set to $1,325,000.00
• Unit 201 price set to $715,000.00
• Unit 202 price set to $699,000.00
• Unit 301 price set to $749,000.00
• Unit 302 price set to $715,000.00
• Unit 401 price set to $1,615,000.00
• Total offering price now $5,963,000.00

Amendment 1 Jul 28, 2016

Floor plans and square footage revised for units 101, 201, 202, 301, 302, and 401; Unit 201's rear yard replaced with balcony; Unit 101's rear yard expanded.

• Unit 201 rear yard replaced with balcony
• Unit 101 rear yard expanded
• Square footage revised for Units 101, 202, 301, 302, 401 in Schedule A
• Habitable Space measurements revised for Units 101, 202, 302, 401
• Limited Common Elements measurements revised for Units 101, 201, 401
• Schedule B updated with revised square footage for Units 101, 201, 202, 301, 302, 401
• Floor plans revised for Units 101, 201, 202, 301, 302, 401, roof terrace, and cellar storage
• Larger windows added to certain units