766 Decatur Street Condominium

Amendment 3 Jun 8, 2021

First Unit Closing date moved to May 1, 2021 with rescission tolling under Executive Order 202.18, and First Year Budget reserve fund increased from $3,000.00 to $5,138.00.

• First Unit Closing expected May 1, 2021 (previously July 1, 2020)
• Rescission deadline for pre-amendment purchasers tolled by Executive Order 202.18 plus 120 days (approximately 514 days total as of amendment date)
• Post-amendment purchasers have rescission right only if First Unit Closing does not occur by April 30, 2022
• Reserve fund line item increased from $3,000.00 to $5,138.00
• Overall First Year Budget increased 4.3%
• Certificate of Occupancy obtained; construction substantially complete
• No units have closed as of amendment date; condominium operations not yet commenced
• Offering plan term extended six (6) months from acceptance date

Amendment 2 Nov 11, 2020

Plan declared effective after sponsor accepted purchase agreements for three units constituting thirty percent of units in the building.

• Plan declared effective
• Three units under purchase agreements: Unit 3B, Unit 4B, Unit 5B
• Units constitute thirty percent (30%) of units in building

Amendment 1 Jul 22, 2020

Amendment updates property tax projections for first year operations, requires non-cash purchasers to obtain financing preapproval from sponsor's preferred lenders, and outlines 421-a tax benefits eligibility requirements.

• Property tax projections updated based on April 21, 2020 assessment from Metropolitan Realty Exemptions
• First year tax liability estimated at $70,398 for building; $6,871 for residential portion with 421-a benefits
• Non-cash purchasers must obtain preapproval from Mark Freedman (Citizens Bank) or Scott van der Marck (First Republic Bank) before submitting offer
• Preapproval is required but purchase is not contingent on financing; purchaser may use different lender or pay cash
• Sponsor applying for 421-a(16) tax benefits but makes no guarantee; purchasers have no rescission right if benefits not obtained
• 421-a benefits require: building outside Manhattan, max 35 units, units averaging no more than $65,000 assessed value, purchaser occupancy as primary residence for first 5 years