735 Bergen Street Condominium (Bergen Modern)

Amendment 10 Aug 3, 2016

Unit 1B price changed to $999,000.00.

Amendment 9 Jun 14, 2016

Amendment discloses post-closing status including temporary certificate of occupancy, first unit closing details, board members, unsold units, and reserve/working capital amounts.

• First Unit Closing occurred April 21, 2016
• Temporary Certificate of Occupancy issued February 2, 2016, renewed May 10, 2016
• Permanent Certificate of Occupancy expected prior to August 8, 2016
• Five Thousand Dollars ($5,000.00) posted as security for PCO obligation
• Unsold Units are 1A, 1B and 3B
• 10% of operating account allocated to reserve fund, approximately $190.06 at submission
• Working capital fund approximately $6,104.90 at submission

Amendment 8 May 10, 2016

Price of Unit 3B adjusted to $599,000.00

Amendment 7 Apr 20, 2016

Prices reduced for two units.

• Unit 1A price reduced to $479,000.00
• Unit 3B price reduced to $589,000.00
• Schedule A prices decreased for 3 homes (median -5.1%): 1A $505,000 → $479,000; 3B $620,000 → $589,000; 5A $1,312,500 → $1,199,000

Amendment 5 Feb 23, 2016

Budget and tax projections updated, condominium operations now expected to begin February 2016, and selling agent replaced.

• Condominium operations commencement date moved to February 2016
• Repairs, maintenance and supplies projection decreased
• Legal and audit fees projection decreased
• Contingency and reserve funds decreased
• Property tax projection updated
• Selling Agent replaced with Halstead Property Development Marketing, LLC
• Schedule A amended to reflect budget and tax changes

Amendment 4 Oct 27, 2015

Amendment declares the offering plan effective, changes the selling agent to Citi Habitats, designates Contour Mortgage as the sponsor-designated lender, and relocates the escrow account to Sterling National Bank.

• Plan declared effective with 3 units (37%) sold to bona fide purchasers
• Selling Agent changed from aptsandlofts.com to Citi Habitats
• Sponsor Designated Lender/Broker changed to Contour Mortgage (Benjamin Youshei, 516.330.1000)
• Escrow Account moved to Sterling National Bank, 233 Broadway, Suite 2205, New York

Amendment 3 Sep 10, 2015

Changes managing agent to Choice NY Property Management, revises first-year operating budget, and updates common charges.

• Managing agent changed to Choice NY Property Management, LLC (220 5th Avenue, 15th Floor, New York)
• First-year budget revised with increased service contracts and legal/audit fees; insurance premium decreased
• Projected condominium operations start date now September 2015
• Common charges updated based on revised budget (Schedule A revised)
• Management agreement requires Board approval for repairs over $1,500 and employee hiring/termination

Amendment 2 Jan 9, 2015

Real estate tax projection updated by tax valuation consultant with revised Schedule A reflecting new tax estimates.

• Real estate tax projection updated by Metropolitan Realty Exemptions
• Total assessed value estimated at $310,493.97
• Total annual real estate tax liability estimated at $39,914.00
• Revised Schedule A with updated monthly and annual tax amounts for all 8 units

Amendment 1 May 19, 2015

Prices increased for 8 units in the offering plan.

• Unit 1A price raised to $505,000.00
• Unit 1B price raised to $1,155,000.00
• Unit 2A price raised to $1,365,000.00
• Unit 3A price raised to $725,000.00
• Unit 3B price raised to $620,000.00
• Unit 4A price raised to $735,000.00
• Unit 4B price raised to $630,000.00
• Unit 5A price raised to $1,312,500.00