66-68 North 1st Street Condominium (Factory Lofts)

Amendment 6 Jun 2, 2011

First year of condominium operation moved to July 1, 2011 through June 30, 2012; real estate taxes increased; first unit closing projected for July 1, 2011.

• First year of operation: July 1, 2011 - June 30, 2012
• First unit closing projected for July 1, 2011
• Real estate taxes increased for first year
• Offering plan extended six months
• Existing purchasers with September 1, 2010 closing date retain 12-month rescission right
• Schedule A prices increased for 16 homes (median +10.4%): 1A $569,000 → $615,000; 1B $592,000 → $679,000; 1C $598,000 → $665,000; 1D $635,000 → $715,000; ...
• Schedule A prices decreased for 4 homes (median -0.5%): 4B $1,050,000 → $1,045,000; 4C $753,000 → $735,000; 5A $768,000 → $735,000; 5B $760,000 → $759,000

Amendment 5 Oct 18, 2010

First operating year revised to November 2010–October 2011; budget increased for higher Capital Reserve Fund and common charges; real estate taxes decreased; architect of record changed; sponsor principal changed.

• First year of operation changed to November 1, 2010 through October 31, 2011
• Capital Reserve Fund increased; Schedule B budget increased to $109,763
• Common charges increased for first year of operation
• Real estate taxes decreased due to NYC rate and assessed value changes
• Four purchase agreements accepted (19.05% of units); plan declared effective January 6, 2009
• Chaim Lefkowitz no longer Principal; Shimon Tabak and Israel Abraham are new Managing Members and Principals
• Architect of record changed from Abraham Hertzberg to Oscar P. Walters of Demerara Engineering PLLC
• Offering plan extended six months from amendment date

Amendment 4 Dec 2, 2009

First operating year changed to April 1, 2010 – March 31, 2011; budget increased for water/sewer rates and new capital reserve fund; common charges increased; real estate taxes decreased; Declaration and By-Laws amended; rescission rights offered.

• First year of condominium operation: April 1, 2010 through March 31, 2011
• Budget increased for NYC water and sewer rate increases
• Capital Reserve Fund added to budget ($10,000)
• Common charges increased for first year
• Real estate taxes decreased due to rate and assessed value changes
• Declaration amended to add Mortgagee's Rights as Item 23
• Article VII of By-Laws replaced
• 15-day rescission right offered to all purchasers with purchase agreements

Amendment 3 Jan 22, 2009

Plan declared effective after four purchase agreements accepted, with corrected Schedule A for bedroom and bathroom counts.

• Plan declared effective as of January 6, 2009
• Four units (19.05% of residential units) sold
• Schedule A corrected for bedroom and bathroom count typographical errors
• Floor plan layouts unchanged

Amendment 2 Nov 5, 2008

Amendment changes the first year of operation dates, increases the operating budget and common charges, eliminates financing contingency from purchase agreements, and modifies building layout and board composition.

• First year of condominium operation: January 1, 2009 through December 31, 2009
• Management fee increased from $6,300.00 to $9,000.00 per year
• Common charges increased; projected real estate taxes decreased
• Document preparation fee for Sponsor's attorney increased to $2,500.00; reimbursement and stove fees eliminated
• Purchase Agreements no longer contingent on obtaining financing; failure to obtain financing not permissible reason to cancel
• Each Purchaser contributes two (2) months to working capital fund on closing; Sponsor makes no contribution
• No fire balconies; only units 3E, 4A, 4B, 4D, and 5B have balconies as limited common elements
• Units 1A and 1B square footages decreased: 1A to 826 sq ft, 1B to 997 sq ft

Amendment 1 Feb 1, 2008

Heat and hot water will be provided by a single building boiler instead of individual unit metering, requiring revised budgets, unit square footages, purchase prices, and the first year of operation.

• Heat and hot water provided by single gas boiler for entire building; units not individually metered
• Common charges increased to cover heat and hot water costs
• All purchase prices revised
• Unit square footages recalculated
• First year of condominium operation changed to July 1, 2008 through June 30, 2009
• Schedule B-1 deleted
• Purchasers offered 15-day right of rescission after receiving amendment notice