90 Morton Condominium

Amendment 9 Feb 4, 2021

Ninth amendment updates unsold unit information, board members, operating budget, certificate of occupancy status, and loan details for 90 Morton Condominium.

• Unsold units schedule updated with current common charges and real estate taxes based on tax year 2020/2021
• Board members listed: Sarit Holzmann (President), Jordan Jacobs (Vice President), Fred Orlan, Dalit Anter (Secretary), Kelsey Gamez (Treasurer); Sponsor controls board
• Operating budget continues from Fourth Amendment; FirstService Residential certification of adequacy included
• Temporary certificate of occupancy issued December 22, 2020, expires March 22, 2021
• Architect estimates $800,000 needed to complete work for permanent certificate of occupancy
• Escrow account holds over $1,000,000 as of January 1, 2021
• Unsold units mortgaged to Delphi CRE Funding LLC; outstanding principal $17,027,280 as of January 1, 2021, maturity November 30, 2021, monthly interest payment approximately $95,000
• Remote closings permitted if COVID-19 lockdowns prevent in-person closings at Herrick, Feinstein LLP offices

Amendment 8 Jan 22, 2020

Amendment updates unsold unit information, board members, operating budget, escrow provisions, and sponsor financial disclosures for 2020.

• Unsold units schedule updated with current common charges and real estate taxes based on 2019/2020 assessment
• Board members identified: Shai Shamir, Sarit Holtzman, Dalit Anter (all sponsor-designees)
• Operating budget continues for January 1, 2020 through December 31, 2020 per revised Schedule B
• Permanent certificate of occupancy anticipated within 24 months; escrow deposits $10,743,968.02 as of February 10, 2020
• Sponsor mortgage with Delphi CRE Funding LLC outstanding principal $66,770,110.00, maturity November 2020
• Escrow agent Herrick, Feinstein LLP at Citibank account revised with updated signatory information
• FinCEN Geographic Targeting Orders disclosure for cash purchases $300,000+ through May 9, 2020

Amendment 6 May 6, 2019

Floor plans and pricing revised for two penthouse units (PH11A and PH11B), architect's report corrected with multiple technical updates, and transfer tax information updated.

• Floor plans revised for 11th and 12th floors; PH11A and PH11B square footage and common interest re-allocated
• Schedule A updated with new purchase prices and common charges for PH11A and PH11B
• Plans and Specifications revised for customization work on PH11A
• Board of Managers members named: Shai Shamir, Sarit Holzmann, Dalit Anter
• Architect's Report corrected: south/east elevations finished with stucco only (1st-8th floors); Unit 1A marquee removed; fixed planters on ground floor only
• Lot-line window counts updated for PH11A (10 windows) and PH11B (9 windows); gas fireplaces increased from 6 to 7; terraces increased from 7 to 9
• Laundry room square footage corrected to 1700 SF; studio apartments clarified; spa and fitness center locations specified
• Transfer tax rates provided; example closing costs revised for $9,000,000 unit with $7,000,000 mortgage

Amendment 5 Jan 11, 2019

Plan declared effective as of January 17, 2019 with 5 units (17.86% of total) under purchase agreements.

• Plan declared effective as of January 17, 2019
• 5 units representing 17.86% of all units offered have accepted Purchase Agreements
• FinCEN Geographic Targeting Orders disclosure: certain entity purchasers must report information for residential purchases $300,000+ without bank financing, affecting closings after November 17, 2018 through May 15, 2019

Amendment 4 Nov 19, 2018

Unit 1A renamed to Townhome; penthouse floors 11 and 12 reconfigured from two single units to four duplex units (PH11A, PH11B, PH12A, PH12B); Schedule A and B updated; smoking policy formalized; first closing anticipated January 1, 2019.

• Unit 1A renamed to Townhome
• 11th and 12th floors reconfigured into two duplex units per floor instead of one unit per floor
• New Schedule A with updated common interest allocation, purchase prices, and square footage for PH11A and PH11B
• Projected common charges and real estate taxes changed for PH11A and PH11B
• New Schedule B with first year of condominium operation January 1, 2019 to December 31, 2019
• Smoking policy incorporated into Rules and Regulations as Rule No. 36 per Local Law 147/2017
• Smoking prohibited in common elements interior; permitted in units and outdoor areas
• First Temporary Certificate of Occupancy and First Closing anticipated on or about January 1, 2019

Amendment 3 Mar 13, 2018

Amendment modifies unit layouts, redesigns common areas and individual units, updates pricing and tax information, and establishes a smoking policy.

• Studio unit added to 3rd Floor, eliminated from 7th Floor and added to Unit 7D; floor area square footages revised
• Unit 3D changed from 3BR to 2BR; Unit 6D changed from 2BR to 3BR; Unit 7D enlarged from 3BR to 4BR
• Multiple design changes across units and common elements including kitchen pantry eliminations, closet additions, and fixture reconfigurations
• Unit PH10A lot line windows now affect walk-in closet and one master bathroom window instead of two
• Schedule A updated with new unit pricing and related information for July 1, 2018 through June 30, 2019
• Storage unit sizes and configurations revised; Schedule A-2 updated with new storage pricing
• Individual apartment electric costs updated; new 339-i letter and updated Real Estate Tax Counsel opinion
• Smoking prohibited in interior common elements; permitted in units and outdoor areas per law; federal tax law changed January 1, 2018

Amendment 2 Oct 27, 2017

Amendment changes the selling agent, confirms additional down payment at 10%, adds resale restrictions and sponsor profit-sharing fees, and updates counsel's closing fee.

• New exclusive Selling Agent: Reuveni Real Estate at 234 5th Avenue, New York, NY 10001
• Additional Down Payment confirmed at 10% of Purchase Price
• Purchasers from Sponsor cannot advertise or list units for sale/rent within 12 months of closing
• Purchasers from Sponsor selling within 12 months must pay Sponsor 50% of gross profit
• Sponsor's counsel's fee for closing of sale is $4,500

Amendment 1 Jun 29, 2017

This is a cover page of an amended and restated offering plan for 90 Morton Condominium with no specific changes detailed.