Hua Xing Condominium

Amendment 4 May 18, 2023

This amendment reports the recording of the Declaration and the first unit closing in 2023, lists the 10 unsold homes with their offering prices, sets out working capital and reserve fund accounts, and allows the plan to be used for six months from the date of filing acceptance.

• First closing held June 13, 2023 (Unit 3C)
• Declaration of Condominium recorded April 25, 2023 as CRFN 20230001A1745
• Offering prices, monthly common charges and estimated monthly real estate taxes listed in Exhibit A for the 10 unsold residential units as of June 15, 2023
• Working capital of $480.84 held at Royal Business Bank, Brooklyn branch, as of June 15, 2023
• Reserve Fund established at Royal Business Bank, Brooklyn branch
• First annual meeting of Unit Owners to be held within one year of the first closing
• Budget in Schedule B unchanged; new certifications of adequacy dated May 12, 2023 annexed as Exhibit B
• Plan may be used for six months from the date this Amendment is accepted for filing

Amendment 3 Nov 28, 2022

The Sponsor declared the Hua Xing Condominium plan effective on November 23, 2022, after purchase agreements were signed for 3 of 14 units, and anticipates the first closing on or about February 1, 2023.

• Plan declared effective on November 23, 2022
• Purchase agreements signed for 3 of 14 Residential Units (approximately 21.43%): 3B, 3C, 3D
• First closing anticipated on or about February 1, 2023
• Budget unchanged from Schedule B
• Plan may be used for six months from the date this Amendment is accepted for filing, then extended by a further amendment

Amendment 2 Oct 8, 2021

The sponsor withdraws the plan's effectiveness because it wrongly counted shareholder contracts, moves the first closing to December 1, 2022, and sets new rescission deadlines of October 6, 2023 (existing purchasers) and November 30, 2023 (new purchasers).

• Effectiveness of the plan declared in Amendment No. 1 is withdrawn; sponsor incorrectly used shareholder contracts to declare it effective
• As of September 15, 2022, contracts exist for 2 of 14 residential units, both with sponsor shareholders
• Eight residential units (4C, 5A, 5B, 5C, 6A, 6B, 7A, 7B) are occupied by sponsor shareholders
• Anticipated first unit closing amended to December 1, 2022
• Rescission right if first closing does not occur: October 6, 2023 for existing purchasers (previously March 31, 2022); November 30, 2023 for those signing after this amendment
• Sponsor entered an Assurance of Discontinuance with the NY Department of Law on July 28, 2022 (AOD 22-047)
• Transfer tax terms updated: purchaser pays NYSTT, NYCRPTT and a 1% NY State Mansion Tax on units with combined sales price of $1,000,000 or more
• Budget unchanged; plan may be used for six months from the date this amendment is accepted for filing

Amendment 1 Jan 29, 2021

The sponsor declared the plan effective on November 17, 2020, with 2 of 14 units under contract, moved the first closing to about April 1, 2021, and shifted the first-year budget period to April 1, 2021 – March 31, 2022 with updated real estate tax estimates.

• Plan declared effective November 17, 2020, with 2 of 14 Residential Units under contract (approximately 15%)
• First Home closing anticipated on or about April 1, 2021
• First-year budget period changed to April 1, 2021 – March 31, 2022; otherwise the budget is stated as unchanged, with updated budget in Exhibit B
• Real estate tax estimates updated to a post-completion assessment blended rate, based on a tax consultant letter dated January 21, 2021, with updated Schedule A
• Sponsor must meet Section XVII requirements before closing title to individual units
• Plan may be used for six (6) months from the date this Amendment is accepted for filing; further extension to be filed in a later amendment