892 East 7th Street Condominium

Amendment 5 May 11, 2020

This amendment reports that three homes remain unsold, that construction is suspended under a COVID-19 moratorium with no restart date known, that the related court case is postponed indefinitely, and that the plan may be used for six months from acceptance for filing.

• Three unsold homes remain: 1R at $310,000, 2F at $320,000, and 3R at $320,000
• Construction suspended under the COVID-19 construction moratorium; restart date not known
• Surrounding-area court proceeding adjourned indefinitely and will be rescheduled
• First closing occurred March 23, 2020 for Unit 1F, held by email
• Reserve Fund totals $31,000 and working capital is $1,156 as of April 30, 2020
• Sponsor's monthly costs for unsold units: common charges approximately $4,062 and real estate taxes approximately $2,330
• Customers Bank loan satisfied June 21, 2018; no unsold units subject to mortgages or financing commitments
• Plan may be used for six months from acceptance for filing; further extension to come in a later amendment

Amendment 4 Jan 16, 2020

This amendment discloses a lawsuit by the owner of the neighboring lot at 623 Avenue H, who plans a seven-story building and seeks court-ordered access to the condominium for construction protection, and describes the Sponsor's response.

• Adjacent owner at 623 Avenue H plans a seven (7) story building immediately south of the Building
• 623 Ave H LLC began a special proceeding against the Sponsor in Supreme Court, Kings County (index 526195/19) seeking a license for access to the Building under Section 881
• Developer seeks a license to install overhead protection on the side yard, roof protection once the Development reaches the Building's height, and scaffolding along the walkway
• Proceeding adjourned from January 16, 2020 to March 5, 2020
• Sponsor, at its own cost, will negotiate a license and retain an engineer to assess the Development and recommended protections
• Sponsor will require Developer to provide insurance and indemnification for the Condominium, and to pay Sponsor's reasonable attorneys' and construction professional fees
• If no agreement is reached, Sponsor will oppose the application and ask the court to adopt Sponsor's proposed license terms
• No lot line windows face south that would be affected by the adjacent construction

Amendment 3 Nov 14, 2019

Amendment No. 3 updates the unsold unit count and prices, sets the first closing for about April 1 2020, adds the first-year budget and financial statements, and notes transfer tax and FinCEN reporting rules that affect buyers.

• 8 unsold Residential Units as of November 4, 2019, 7 of them in contract; Exhibit "A" lists their current offering prices, monthly real estate taxes and common charges
• First Unit closing anticipated on or about April 1 2020
• Budget for the period commencing April 1, 2020 added as Exhibit "B", with updated budget certification (Exhibit "C") and certified financial statements for December 31, 2018 and December 31, 2017 (Exhibit "D")
• Sponsor to pay common charges on each untitled Unit it still retains once the Condominium starts collecting common charges
• Purchasers to pay NY State and NYC transfer taxes by contractual arrangement, and those taxes are added to the consideration subject to tax
• FinCEN Geographic Targeting Order requires reporting of purchaser identity for certain cash or no-loan purchases of $300,000 or more, affecting closings on or after November 12, 2019 and ending May 9, 2020
• Offering Plan may be used for six (6) months from the date this Amendment is accepted for filing; further use requires a further amendment