734 5th Avenue Condominium

Amendment 3 Jun 8, 2020

This amendment moves the projected first closing up to November 1, 2020, updates the property tax estimates, and revises floor plans, including combining Units 6A and 6B into Unit 6AB.

• First Unit Closing now expected on or prior to November 1, 2020 (previously projected March 1, 2020 for completion)
• Buyers who sign after this amendment are offered rescission only if the First Unit Closing does not occur on or prior to October 31, 2021
• Total post-construction assessed value of $1,500,000, a decrease of approximately 9.09% from the previous iteration of the plan
• Projected tax rate of 12.8%; residential property taxes of $57,507 plus $6,806 for Parking Units (November 1, 2020 to June 30, 2021) and $57,228 plus $5,608 (July 1, 2021 to October 31, 2021)
• Units 6A and 6B combined into Unit 6AB: two bedrooms, two bathrooms, 1,290 square feet interior, 114 square feet exterior, and a 533 SF private roof terrace
• Bedroom closet doors changed to sliding doors and washers/dryers depicted in closets in many units; bike room, lobby and kitchenette layouts revised
• Roof recreation area and a mail area and package room added
• Laundry connections are for electric ventless dryers, except Unit 6AB, which will use a gas dryer

Amendment 2 Nov 20, 2019

The amendment sets a March 1, 2020 target for the first unit closing, replaces Schedule A to fix a totals error, adds new transfer tax disclosures, and extends the plan's term by six months.

• First Unit Closing now expected on or prior to March 1, 2020
• Buyers who sign after this amendment are offered rescission only if the First Unit Closing does not occur on or prior to February 28, 2021
• Schedule A corrected for a formula error in the totals; new Schedule A covers March 1, 2020 - February 28, 2021
• New transfer tax disclosures: NYC RPT of 1% (or 1.425% over $500,000.00) and NYS Tax of $2.00 per $500.00 (.4%), with Mansion Tax and Supplemental Tax rates added
• Plan term extended by six (6) months from the date of acceptance of this Amendment
• First Year Budget unchanged except for the updated commencement date
• Construction not yet complete; no Units under contract as of submission

Amendment 1 Mar 25, 2019

This amendment replaces the sponsor's principal, updates the lender and loan terms, revises the construction completion and property tax projections, sets new advertised prices for 30 units, and adds a FinCEN disclosure risk.

• Boaz Gilad removed as sponsor principal; Meir Dalumi named new principal
• Sponsor's construction lender is now DIL Enterprises LLC, under a forbearance agreement dated May 22, 2019, with the loan extended to June 30, 2020
• Amount due at forbearance: $6,500,000.00 principal plus $19,619.14 interest, accruing at 3.75%
• First year of operations now expected to commence November 1, 2019
• Buyers signing after this amendment get delay rescission only if the First Unit Closing does not occur on or before October 31, 2020
• Estimated first-year property taxes: $99,786 for residential units and $10,528 for parking units, per Property Tax Projection Letter dated February 8, 2019
• Advertised prices set for 20 residential units ($640,000 for 2C to $780,000 for 6A) and parking units P1 to P10 at $60,000 each
• FinCEN Geographic Targeting Order reporting now applies to certain cash purchases