90 William Street (Be@William)

Amendment 12 Apr 13, 2009

Twenty-one unsold units transferred to investor entity, commercial units subdivided and repriced, interim lease option added, and technical Declaration corrections made.

• 21 unsold units transferred to 90 William Holding LLC on December 29, 2008
• Commercial Unit 1 (cellar): offered at $2,370,000.00
• Commercial Unit 2 subdivided into Commercial 2 ($1,180,000.00) and Commercial 3
• Sponsor permits interim leases at sole discretion; $750.00 attorney fee for lease preparation
• Sponsor arranges financing if purchaser cannot obtain institutional lender; $750.00 fee for mortgage preparation
• Declaration of Condominium amended for technical corrections to date, lot numbering, and garage unit references

Amendment 11 Feb 17, 2009

Maximum offering prices for 11 units have been decreased.

• Unit 10A price decreased to $985,000.00
• Unit 14A price decreased to $1,050,000.00
• Unit 16A price decreased to $1,075,000.00
• Unit 6B price decreased to $1,050,000.00
• Unit 15B price decreased to $1,100,000.00
• Unit 16B price decreased to $1,150,000.00
• Units 12H, 14H, 15H, 16H prices decreased to $750,000.00–$795,000.00
• Schedule A prices decreased for 10 homes (median -15.5%): 10A $1,165,000 → $985,000; 14A $1,230,000 → $1,050,000; 16A $1,305,000 → $1,075,000; 6B $1,210,000 → $1,050,000; ...

Amendment 10 2008

First unit closings completed with 77 of 113 units sold; temporary certificate of occupancy issued; lender designation changed.

• First unit closings held June 25, 2008
• 77 of 113 units sold; 36 unsold units owned by sponsor (25 in contract)
• Temporary Certificate of Occupancy obtained; final CO expected after $12,000 escrow for sign-offs
• Declaration of Condominium recorded May 12, 2008
• Working Capital fund established at $1,000; current balance $111,606.58
• Lender designation changed from The New York Mortgage Company to GuardHill Financial Corp.
• 421(g) tax benefits expected effective July 1, 2009

Amendment 9 Apr 30, 2008

Architect's report and floor plans revised to reflect as-built conditions of the project.

• Mail room relocated to front of lobby on Floor 1
• Storage room space on Floor 2 now included as part of corridor
• Penthouse: one storage room reassigned as electrical room
• Penthouse Unit A: 3 skylights replaced by large one, living room HVAC units reconfigured
• Penthouse Unit A roof reduced from 1,541 SF to 1,361 SF
• Penthouse Unit A: secondary bedroom closet rearranged, secondary bathroom tub replaced with shower
• Roof storage bins layout rearranged
• Residential storage locker configuration updated on multiple floors

Amendment 8 Feb 21, 2008

Budget updated for March 1, 2008 – February 28, 2009 with modest expense increases; real estate taxes reduced based on new city assessment; managing agent changed to Lawrence Properties Inc.

• Budget total increased $38,041.36 (3.07%) to account for Local 32BJ contract renegotiation (+$21,867.00) and water/sewer rate increases (+$28,080.66)
• Real estate taxes reduced from original estimates to $194,580.00 for residential units without 421g benefits
• Managing agent changed to Lawrence Properties Inc., 150 West 30th Street, New York, NY 10001; all fees and terms remain the same
• Insurance rates reduced (-$11,844.00)
• Accounting firm fees increased (+$500.00)
• Sales tax added to exterminating fee (+$442.20)
• Prior budget calculation error corrected (-$1,004.50)
• Storage Bin License Agreement and Master Storage Bin License Agreement corrected for typographical errors

Amendment 7 Nov 1, 2007

Penthouse unit purchase price increased to $1,795,000.00

Amendment 6 Aug 2, 2007

Plan declared effective after 34 purchase agreements executed representing 30% of 113 units.

• Plan declared effective as of July 27, 2007
• 34 Purchase Agreements executed (30% of 113 units)
• Budget confirmed adequate for first year of condominium operation

Amendment 5 Jul 19, 2007

Maximum purchase prices for all units except the Superintendent's Unit have been increased.

• Maximum purchase prices for all units (except Unit 2G Superintendent's Unit) increased as shown in Schedule A
• Price increases do not apply to units already in contract unless the unit returns to market

Amendment 4 June 2007

Fourth amendment updates escrow location, adds Interstate Land Sales Disclosure Act provisions, reduces real estate taxes, modifies H-line units, revises Schedule A, and implements individual electric submetering.

• Escrow/depository accounts moved to HSBC main office at 453 Fifth Avenue, New York
• Interstate Land Sales Disclosure Act exemption added; purchasers have unfettered right to possession within 2 years; sponsor must declare plan effective within 180 days or purchasers may withhold closing
• Real estate taxes reduced: retail store $101,493.00 (year 1), church $48,075.00 (year 1), residential units without 421(g) $970,355.00 (year 1), residential units with 421(g) $488,057.00 (year 1)
• H-line units modified: each unit lost 10 square feet (140 total square feet lost, 1.2% of residential space); common charges adjusted slightly down for H-line, slightly up for other units
• Schedule A revised due to H-line modifications and tax changes
• Individual electric submetering system installed by Quad Logic; each unit individually metered and billed monthly; common elements metered separately
• Architect's addendum prepared for H-line changes; sponsor opinion that changes are miniscule and not material

Amendment 3 May 18, 2007

Maximum purchase prices for all units except the Superintendent's Unit increased.

Amendment 2 May 17, 2007

Amendment corrects storage unit count, updates floor plans and unit features, revises purchase agreement and building loan amount, and fixes typographical errors.

• Total storage units corrected from 85 to 86
• Units 2G-16G and 2C-16C changed from home offices to alcoves
• Building loan amount corrected from $74,000.00 to $74,000,000.00
• Floor plans amended for kitchen islands (elliptical to rectangular), bathrooms (tub to shower), and mechanical shafts
• Purchase Agreement revised to include monthly storage rent field and conform paragraphs 10 and 11
• Window treatments must have white backing visible from building exterior
• Table of contents corrected from "421(a) benefits" to "421(g) benefits"
• Purchase procedure section corrected from "quadruplicate" to "quintuplicate"

Amendment 1 Apr 3, 2007

Purchase prices for all units have been adjusted.