725 Lafayette Avenue Condominium

Amendment 4 Nov 29, 2023

Amendment extends the plan 6 months, updates sponsor principals, confirms temporary occupancy and escrow for permanent certificate, and reports unit closings and common charges.

• Plan extended for 6 months
• Yair Kerstein is sole principal; Ziv Bukobza no longer involved
• Temporary Certificate of Occupancy issued December 20, 2023; Permanent Certificate expected in approximately 6 months with $5,000.00 held in escrow
• Units 1A, 3A, 3B, and 4A have closed; Unit 2A in contract; Units 1B and 2B unsold
• Common charges for unsold units: Unit 1B $501.35, Unit 2A $315.32, Unit 2B $314.39
• Real estate taxes for unsold units: Unit 1B $1,049.24, Unit 2A $659.92, Unit 2B $657.97
• Sponsor obtained $700,000 financing from ABG NY LLC and David Fine; mortgage paid in full, all units released
• Budget unchanged from First Year budget submitted with original plan

Amendment 3 May 1, 2023

Amendment extends the plan 6 months, updates escrow account to TD Bank, and provides detailed escrow procedures.

• Plan extended for 6 months
• Escrow account moved from First Republic Bank to TD Bank at 475 Port Washington Boulevard, Port Washington, NY 11050
• Contract deposits for Units 1A, 3A, 3B and 4A transferred to new TD Bank account on March 21, 2023
• Units 1A, 3A, 3B and 4A in contract; Units 1B, 2A and 2B remain unsold
• Eial Girtz and Lisa Kim designated as authorized signatories on escrow account
• Escrow account is IOLA account insured by FDIC up to $250,000.00 per deposit

Amendment 2 Feb 3, 2022

Plan extended 6 months; Unit 1A price increased; first closing deadline extended to January 5, 2024 due to COVID-19 tolling.

• Plan extended for 6 months
• Unit 1A offering price increased from $569,000.00 to $570,000.00
• First closing deadline extended to January 5, 2024 (from June 30, 2022) due to COVID-19 Executive Order tolling
• Purchasers have right to rescind if first closing does not occur by January 5, 2024
• Units 1A, 1B, 3A, 3B and 4A are in contract
• First year of condominium operations: July 1, 2021 through June 30, 2022
• Schedule A prices increased for 4 homes (median +3.7%): 1B $749,000 → $900,000; 3A $610,000 → $615,000; 3B $610,000 → $615,000; 4A $699,000 → $725,000
• Schedule A prices decreased for 2 homes (median -0.9%): 1A $575,000 → $570,000; 2B $605,000 → $595,000

Amendment 1 May 12, 2021

Plan declared effective with 2 units in contract; offering prices revised for 6 units; first operating year set July 1, 2021–June 30, 2022; budget and tax estimates updated; cellar storage rooms added; sponsor address changed.

• Plan declared effective May 10, 2021 based on 2 units in contract (28% of 7 units)
• Unit 1B price increased from $749,000.00 to $900,000.00
• Unit 4A price increased from $699,000.00 to $725,000.00
• Unit 3A price increased from $610,000.00 to $615,000.00
• Unit 3B price increased from $610,000.00 to $615,000.00
• Unit 1A price decreased from $575,000.00 to $569,000.00
• Unit 2B price decreased from $605,000.00 to $595,000.00
• First year of condo operation July 1, 2021 through June 30, 2022