Umbrella Factory Condominium

Amendment 13 Mar 15, 2024

This amendment changes the offering prices of three residential units (1E, 5F and PHB) and updates the plan's total purchase price to $97,673,000.00 to reflect them.

• New offering price for Residential Unit 1E: $1,125,000.00
• New offering price for Residential Unit 5F: $1,095,000.00
• New offering price for Residential Unit PHB: $1,595,000.00
• Total Purchase Price on the cover updated to $97,673,000.00
• Says there are no other material changes to the plan except those in this amendment
• Schedule A prices decreased for 3 homes (median -4.8%): 1E $1,175,000 → $1,125,000; 5F $1,150,000 → $1,095,000; PHB $1,775,000 → $1,595,000

Amendment 12 2024

This amendment sets new offering prices for two residential units (2B and PHC) and updates the plan's total purchase price to $97,958,000.00.

• Offering price of Residential Unit 2B set at $995,000.00
• Offering price of Residential Unit PHC set at $1,595,000.00
• Total Purchase Price on the cover updated to $97,958,000.00
• Schedule A prices decreased for 2 homes (median -6.6%): 2B $1,065,000 → $995,000; PHC $1,775,000 → $1,595,000

Amendment 10 Jun 15, 2023

This Ninth Amendment moves the projected First Year of Condominium operation to July 1, 2023 through June 30, 2024, replaces the real estate tax projections with a June 15, 2023 Metropolitan letter, and revises Schedule A with updated carrying charges and price changes for certain Residential Units.

• First Year of Condominium operation moved to July 1, 2023 through June 30, 2024 (previously April 1, 2023 through March 31, 2024)
• Real estate tax projections from the March 16, 2023 Metropolitan estimate replaced by the June 15, 2023 Metropolitan letter (Exhibit A)
• Projected First Year real estate taxes: $18,054.00 Commercial Unit, $341,483.00 all Residential Units, $3,722.00 all Parking Space Units, $363,259.00 total
• Projected 2024/2025 post-construction taxes: $39,433.00 Commercial Unit, $872,206.00 Residential Units, $35,488.00 Parking Space Units in the aggregate
• Commercial Unit and Parking Space Units expected to be reclassified to Tax Class 4 as of the 2024/2025 tax year; Residential Units stay in Tax Class 2
• Schedule A replaced (Exhibit B) with updated total carrying charges and price changes for certain Residential Units, as described in Section II
• Special Risk 37 replaced: real estate tax projections are estimates that may increase, and a later increase does not give any purchaser the right to rescind
• Note 7 and Note 8 revised to the July 1, 2023 First Year and the updated tax projections
• Schedule A prices increased for 2 homes (median +4.5%): 2F $975,000 → $995,000; 2K $1,100,000 → $1,150,000

Amendment 9 Apr 6, 2023

This amendment moves the projected first year of condominium operation to April 1, 2023 through March 31, 2024, replaces the tax projection with a March 16, 2023 Metropolitan letter, and revises Schedule A's common charges, real estate taxes and total carrying charges.

• First Year of Condominium operation moved from July 1, 2022 through June 30, 2023 to April 1, 2023 through March 31, 2024
• Metropolitan tax projection dated December 23, 2021 replaced by a projection letter dated March 16, 2023 (Exhibit A)
• Projected 2024/2025 real estate taxes stated as $35,282.00 for the commercial unit, $775,294.00 for the residential units in the aggregate, and $35,488.00 for the parking space units in the aggregate
• Commercial and parking space units projected to be reclassified to Tax Class 4 as of the 2024/2025 tax year, at a projected rate of 10.646%; residential units remain Tax Class 2 at 12.267%
• Projected 2023/2024 real estate taxes stated as $363,259.00 for all units in the aggregate
• Schedule A revised for the First Year, common charges, projected real estate taxes and total carrying charges (Exhibit B)
• Note 7 revised to a First Year commencing April 1, 2023
• Note 8 rewritten to explain the updated tax basis, with the amendment stating it gives purchasers no right to rescind
• Schedule A prices decreased for 2 homes (median -3.9%): 2D $1,035,000 → $995,000; 3N $695,000 → $649,000

Amendment 8 Mar 13, 2023

This amendment changes the offering prices of six Residential Units and four Parking Space Units and updates the Total Purchase Price on the cover to $98,809,000.00.

• New offering prices for Residential Units 2H $725,000.00, 2M $705,000.00, 4C $1,725,000.00, 5B $1,675,000.00, 5C $1,675,000.00, 6H $1,675,000.00
• New offering prices for Parking Space Units P2 $125,000.00, P11 $115,000.00, P12 $115,000.00, P14 $120,000.00
• Total Purchase Price on the cover updated to $98,809,000.00
• No other material changes to the Offering Plan except those in this Amendment
• Schedule A prices increased for 5 homes (median +1.5%): 2H $715,000 → $725,000; 2M $685,000 → $705,000; 5B $1,650,000 → $1,675,000; 5C $1,650,000 → $1,675,000; ...
• Schedule A prices decreased for 1 home (median -1.4%): 4C $1,750,000 → $1,725,000

Amendment 7 Aug 25, 2022

This amendment declares the offering plan effective, updates the first-year budget, architect's report, floor plans, unit prices and square footages, and makes several smaller changes to the building, costs, and sponsor's attorney information.

• Offering plan declared effective: 11 Residential Units (about 16%) under purchase agreements, above the 15% needed
• First-year budget revised for minor Common Charge and reserve changes; no material increases or decreases
• Architect's Report and floor plans replaced to show as-built changes, including facades, gutters, and unit square footages
• Common laundry room at the cellar replaced with common overflow package storage; laundry references deleted
• Updated offering prices for certain Residential Units, changed prices for certain storage space licenses, and updated gross and net square footages
• Cost of structural or extraordinary repairs to balconies, courts, and terraces made a Residential Common Expense
• Exterior walls remain brick; reinforced stucco reference at the east elevation deleted
• FinCEN disclosure added (order effective through October 26, 2022); sponsor's attorney firm name, address, and escrow signatories changed

Amendment 6 May 12, 2022

This amendment changes the offering prices of certain Residential Units through an updated Schedule A and updates the Total Purchase Price on the cover to $98,613,000.00.

• Offering prices of certain Residential Units changed; new prices are in updated Schedule A (Exhibit A)
• Total Purchase Price updated to $98,613,000.00
• Total Purchase Price components: Residential Units $92,190,000.00; Parking Space Units $1,460,000.00; Commercial Unit $4,700,000.00; Storage Space Licenses $263,000.00
• Schedule A projected charges are for the First Year, July 1, 2022 through June 30, 2023
• No other material changes to the Offering Plan except those in this Amendment
• Schedule A prices increased for 2 homes (median +5.4%): 2F $925,000 → $975,000; 4E $2,350,000 → $2,425,000

Amendment 5 Mar 24, 2022

This amendment changes the offering prices of certain Residential Units, replaces Schedule A with an updated version, and raises the cover's Total Purchase Price to $98,488,000.00.

• Offering prices changed for certain Residential Units listed in Schedule A, Column (4), as shown in the updated Schedule A (Exhibit "A")
• Total Purchase Price on the cover updated to $98,488,000.00
• Total Purchase Price now includes Residential Units $92,065,000.00, Parking Space Units $1,460,000.00, Commercial Unit $4,700,000.00, and Storage Space Licenses $263,000.00
• Schedule A projected charges are for the First Year, July 1, 2022 to June 30, 2023
• No other material changes to the Offering Plan except those in this Amendment
• Schedule A prices increased for 34 homes (median +5.2%): 1A $2,150,000 → $2,295,000; 1B $2,075,000 → $2,195,000; 2A $1,975,000 → $2,075,000; 2C $1,050,000 → $1,075,000; ...

Amendment 4 Mar 8, 2022

This amendment changes the offering prices of certain Residential Units and Parking Space Units, attaches an updated Schedule A with first-year projected charges, and raises the total purchase price on the cover to $95,968,000.00.

• Offering prices changed for certain Residential Units and Parking Space Units listed in Schedule A, column (4)
• Total Purchase Price on the cover updated to $95,968,000.00
• Residential Units total $89,545,000.00 and Parking Space Units total $1,460,000.00
• Commercial Unit $4,700,000.00 and Storage Space Licenses $263,000.00 are listed in the total
• Updated Schedule A (Exhibit A) attached with projected charges for July 1, 2022 to June 30, 2023
• No other material changes to the Offering Plan except those in this amendment
• Schedule A prices increased for 10 homes (median +6.8%): 1C $1,125,000 → $1,225,000; 1D $1,125,000 → $1,225,000; 1E $1,100,000 → $1,175,000; 1F $1,100,000 → $1,175,000; ...

Amendment 3 Jan 7, 2022

This second amendment moves the projected first year of condominium operation to July 1, 2022 through June 30, 2023, replaces the real estate tax projections with a new Metropolitan letter dated December 23, 2021, and revises Schedule A and the related notes.

• First Year of Condominium operation moved to July 1, 2022 through June 30, 2023 (previously September 1, 2021 through August 31, 2022)
• Real estate tax projections replaced by Metropolitan Realty Exemptions, Inc. letter dated December 23, 2021 (Exhibit "A")
• Projected aggregate first-year taxes of $313,508.00 for all Units: $15,581.00 commercial, $294,715.00 residential, $3,212.00 parking
• Projected 2023/2024 taxes for the entire tax year of approximately $35,644.00 commercial, $773,272.00 residential, and $35,852.00 parking
• Special Risk 37 deleted and replaced with new real estate tax risk language, including that the amendment does not give purchasers a right to rescind
• Schedule A revised (Exhibit "B") for the updated First Year, projected taxes, and total carrying charges
• Note 7 and Note 8 to Schedule A revised for the new First Year and tax projections
• Commercial and parking space units anticipated to be reclassified to Tax Class 4 as of the 2023/2024 tax year

Amendment 2 Feb 5, 2021

The amendment moves the plan's projected first year of condominium operation to September 1, 2021 and replaces the real estate tax projections with a new Metropolitan letter, with updated tax and carrying-charge figures and a Tax Class 4 reclassification for the commercial and parking units.

• First year of condominium operation moved to September 1, 2021 through August 31, 2022 (previously January 1, 2021 through December 31, 2021)
• Real estate tax projections replaced by Metropolitan letter dated February 4, 2021 (previously June 29, 2020)
• Projected 2022/2023 taxes: $35,442.00 commercial unit, $775,294.00 residential units in aggregate, $35,648.00 parking space units in aggregate
• Schedule A revised with updated first-year total carrying charges and updated square footages for the commercial unit and balcony, court and/or terrace areas of Residential Units 4C, 4D and 4E
• Commercial unit and parking space units expected to move to Tax Class 4 for 2022/2023; residential units stay in Tax Class 2
• Special Risk 37 replaced: tax projections are estimates that may rise, and a later amendment will not give any purchaser the right to rescind
• Note 8 rewritten: 2021/2022 tentative assessed valuation of $2,562,390.00 and projected 2021/2022 taxes of $314,329.00 in aggregate
• Note 7 updated to show a first year commencing September 1, 2021
• Schedule A prices increased for 2 homes (median +7.1%): 3N $649,000 → $695,000; 4C $1,725,000 → $1,750,000
• Schedule A prices decreased for 44 homes (median -5.5%): 1A $2,295,000 → $2,150,000; 1B $2,195,000 → $2,075,000; 1C $1,225,000 → $1,125,000; 1D $1,225,000 → $1,125,000; ...

Amendment 1 Aug 21, 2020

The excerpt is the cover page, table of contents, and opening Special Risks section of an amended and restated plan for The Umbrella Factory Condominium, and it does not state what was changed.