75 Kenmare Street Condominium

Amendment 15 Apr 8, 2020

This amendment reports post-closing facts including the first unit closing date, temporary Certificate of Occupancy issuance, and lists unsold units.

• First Unit Closing occurred on November 26, 2019
• Temporary Certificate of Occupancy issued January 22, 2020
• $250,000.00 posted as security to guarantee Sponsor obtains permanent Certificate of Occupancy
• 23 units remain unsold as of amendment date: 2A, 2B, 2C, 2D, 2H, 3A, 3E, 4A, 4C, 4D, 4E, 4F, 4J, 5A, 5B, 5D, 5E, 6A, 6B, 6D, 6F, PHA, PHB, PHC

Amendment 14 Dec 23, 2019

Price of Unit 2H changed to $1,995,000.00

Amendment 13 Dec 20, 2019

Price updates for two units in the condominium.

• Unit 5A price changed to $4,795,000.00
• Unit 6A price changed to $5,150,000.00

Amendment 12 Sep 13, 2019

Purchase prices updated for four unsold units.

• Unit 2B price set to $1,850,000.00
• Unit 2C price set to $1,750,000.00
• Unit 3A price set to $2,150,000.00
• Unit 4A price set to $2,225,000.00

Amendment 11 Sep 10, 2019

First Unit Closing projected for October 1, 2019; property tax projections updated; Schedule A updated with new tax figures; transfer tax and mansion tax disclosures added.

• First Unit Closing projected by October 1, 2019; rescission deadlines vary by Purchase Agreement date (December 31, 2019, June 30, 2020, or September 30, 2020)
• Property tax projections updated using September 26, 2019 letter from Tuchman, Korngold, Weiss, Liebman and Lindemann, LLP
• First Year property taxes for Residential Units projected at $535,622.00; post-completion projected at $768,000.00
• Assessed values: $3,579,393 for October 1, 2019–June 30, 2020; $6,000,000.00 for July 1–September 30, 2020
• Schedule A corrected: Unit PHA has four and one-half bathrooms (four full, one powder room); Note 2 removed
• First Year Budget unchanged from previous version, commencing October 1, 2019
• Building subject to $75,000,000.00 in mortgages from Deutsche Bank AG; maturity date May 3, 2021
• New York transfer tax and mansion tax disclosure added effective March 31, 2019
• Schedule A prices increased for 4 homes (median +4.6%): 2B $1,825,000 → $1,850,000; 2C $1,600,000 → $1,750,000; 3A $2,055,000 → $2,150,000; 4A $2,130,000 → $2,225,000
• Schedule A prices decreased for 1 home (median -7.1%): PHC $8,075,000 → $7,500,000

Amendment 10 Apr 29, 2019

Price of Unit 6F changed to $5,700,000.00.

Amendment 9 Apr 2, 2019

Amendment updates completion date, replaces managing agent with Orsid Realty Corp, increases first-year budget by $5,781, updates property taxes, and extends offering term by six months.

• First Unit Closing projected by July 1, 2019; rescission deadline December 31, 2019 for prior purchasers, June 30, 2020 for new purchasers
• Managing agent changed to Orsid Realty Corp at 1740 Broadway, New York, NY 10019 with one-year term
• First Year Budget increased by $5,781 (approximately 1%); commencement date July 1, 2019
• Insurance premium increased to $50,000.00 annually per USI Insurance Services quote dated January 31, 2019
• Management fee increased to $39,000.00 annually
• Reserve fund set to $35,148.00 annually (increasing 10% per year) per Strategic Inspections reserve study dated December 19, 2018
• Fire alarm system cost increased from $4,500.00 to $5,000.00 annually; fire sprinkler inspections from $1,200.00 to $1,800.00; sprinkler tests from $1,725.00 to $1,775.00; exterminator costs from $1,800.00 to $3,000.00
• Offering term extended by six months

Amendment 8 Mar 21, 2019

Price of Unit 6F adjusted to $6,500,000.00.

Amendment 7 Oct 29, 2018

Plan declared effective with 12 units sold; smoking policy added; FinCEN disclosure requirements noted; offering term extended 6 months.

• Plan declared effective (12 residential units sold, 31% of building)
• Smoking prohibited in enclosed common areas; permitted in units and outdoors
• FinCEN disclosure requirements for certain cash purchases over $300,000
• Offering term extended 6 months

Amendment 6 Sep 26, 2018

Price of penthouse unit PHC updated.

Amendment 5 Jun 5, 2018

Fifth Amendment extends the offering plan term by six months; operating budget for first year unchanged.

• Offering plan term extended by six (6) months from amendment date
• First Year Budget unchanged from previous version
• First Year of Condominium Operations projected to commence January 1, 2019
• Building construction not yet complete; no units closed, no occupancy

Amendment 4 May 9, 2018

Prices of four units updated.

• Unit 2C price set to $1,600,000.00
• Unit 2D price set to $2,950,000.00
• Unit 2E price set to $1,675,000.00
• Unit 3D price set to $3,050,000.00
• Schedule A prices decreased for 4 homes (median -9.7%): 2C $1,765,000 → $1,600,000; 2D $3,400,000 → $2,950,000; 2E $1,855,000 → $1,675,000; 3D $3,475,000 → $3,050,000

Amendment 3 May 9, 2018

Prices updated for three units.

• Unit 5A price set to $4,400,000.00
• Unit 6F price set to $5,700,000.00
• Unit PHC price set to $8,075,000.00
• Schedule A prices decreased for 3 homes (median -12.3%): 5A $4,895,000 → $4,400,000; 6F $6,500,000 → $5,700,000; PHC $9,500,000 → $8,075,000

Amendment 2 Dec 11, 2017

Operating budget confirmed unchanged; offering term extended six months; sponsor retains board control until last unit sells.

• Operating budget for first year commencing January 1, 2019 unchanged from previous version
• Offering term extended by six (6) months from amendment date
• Sponsor control of Board transfers within 30 days of last unit sale
• Building construction not yet complete; no units closed, no occupancy

Amendment 1 May 2, 2017

Amendment adds disclosure about a mezzanine loan to Sponsor and revises definitions and by-laws related to lenders' rights.

• Special risk disclosure: Sponsor has mezzanine loan with Carleton Properties Limited; if Sponsor defaults, lender may change ownership without giving purchasers rescission rights
• Definitions added: Mezzanine Lender, Sponsor Mortgagee expanded to include mezzanine and preferred equity lenders
• Permitted Mortgage and Permitted Mortgagee definitions expanded to cover mezzanine and preferred equity financing
• Declaration Section 13.2 revised: institutional mortgage definition expanded to include loans secured by Sponsor's unsold units made by holders of membership interest pledges
• By-Laws Article 13 supplemented: new Section 13.7 grants Sponsor Mortgagees same rights as Declarant upon default and notice to Board