766 Union Street Condominium

Amendment 5 Jan 18, 2023

Successor Sponsor assumes Unit 3, selling agent designated for commercial unit, operating budget provided for Sept 1, 2022 – Aug 31, 2023, offering plan extended 12 months.

• 766 Union Owner LLC became Successor Sponsor of Unit 3 on January 20, 2022
• ABS Partners Real Estate designated as Selling Agent for commercial unit
• Operating Budget Sept 1, 2022 – Aug 31, 2023: Common Charges income $22,590
• Unsold units: Community Facility (CF), Unit 3, and Rear Yard (RY)
• Sponsor's aggregate monthly common charges $705, real estate taxes $551
• Offering Plan extended 12 months from acceptance date of this amendment

Amendment 4 May 24, 2022

Fourth Amendment corrects first closing date, updates unit price, adds financial disclosures and budget, designates new selling agent for commercial unit, and extends offering plan.

• First unit closing corrected from October 14, 2021 to September 14, 2021
• Unit 3 price increased from $1,800,000.00 to $1,950,000.00
• Corcoran Group designated as Selling Agent for commercial unit only
• Operating account balance $3,818.75, Working Capital Fund $2,332.00, Reserve Fund $64,400.00 as of June 28, 2022
• Sponsor retains Community Facility, Unit 3, and Rear Yard as unsold units
• Unit 3 currently rented
• Schedule B Operating Budget for September 1, 2021 through August 31, 2022 attached
• Offering Plan extended for additional twelve months
• Schedule A prices increased for 1 home (median +8.3%): 3 $1,800,000 → $1,950,000

Amendment 3 2021

Third Amendment corrects Schedule A typographical errors, confirms first closing and Certificate of Occupancy, and restricts Community Facility use.

• First closing occurred October 14, 2021
• Final Certificate of Occupancy issued October 26, 2021
• Schedule A corrected: Common Charges annual total off by $1.00, monthly by $40.00; Real Estate Taxes annual total off by $2.00, monthly by $1.00; Monthly Carrying Charges off by $40.00
• Unit 1 description corrected from 2 bathrooms to 1 bathroom
• Community Facility use restricted to exclude drug/alcohol addiction facilities, rehab centers, and cannabis dispensing facilities
• Operating Account balance $4,281.01; Working Capital Fund $2,332.00 at JP Morgan Chase
• Sponsor retains 3 unsold units: Community Facility, Unit 3, and Rear Yard
• Offering plan extended for additional 6 months

Amendment 2 Jun 7, 2021

Unit square footages updated to reflect as-built conditions, first operating year moved to July 1, 2021–June 30, 2022, and prices increased for five units.

• Unit square footages adjusted: Unit 1 (1,138→1,146 SF), Unit 2 (1,184→1,192 SF), Unit 3 (1,184→1,192 SF), Unit 4 (1,222→1,250 SF), Unit CF (877→874 SF)
• Unit CF wheelchair lift added (18 SF limited common element)
• First year of condominium operation: July 1, 2021–June 30, 2022
• Price increases: CF $600,000→$750,000, Unit 2 $1,670,000→$1,800,000, Unit 3 $1,675,000→$1,800,000, Unit 4 $1,725,000→$1,850,000, RY $30,000→$150,000
• Unit 1 only unit in contract as of June 7, 2021; construction completed
• Douglas Elliman Real Estate designated as Selling Agent
• Offering Plan extended six months from amendment acceptance date
• Schedule A prices increased for 2 homes (median +7.8%): 2 $1,670,000 → $1,800,000; 3 $1,675,000 → $1,800,000

Amendment 1 Sep 23, 2020

Offering plan declared effective upon acceptance of one purchase agreement from the tenant in occupancy, establishing reserve fund requirements and extending the offering period.

• Plan declared effective upon acceptance of purchase agreement for 25% of units (one unit) from sole bona fide tenant
• Reserve fund requirement: $106,400 minimum (3% of $5,320,000 total price minus $53,200 maximum credit for capital improvements)
• Sponsor elects Option B reserve fund calculation: 3% of actual sales at effectiveness plus 3% of subsequent sales over five years
• Capital improvements credit of $233,511 claimed (Electric $55,000, Plumbing $69,500, HVAC $90,000, Windows $19,011) capped at $53,200 maximum
• Mandatory initial reserve fund contribution: $0 (actual sales of $250,000 = $7,500 at 3%, offset by $53,200 credit)
• Offering plan extended for six (6) months from acceptance of filing of amendment