Clinton Lofts Condo / F/K/A Retro Condo

Amendment 10 Sep 19, 2017

Revised pricing and budget for three remaining unsold units, updated 2017 budget, and disclosure of construction defect complaints.

• Three unsold units remaining: 3B ($460,000), 4C ($1,095,000), 4D ($655,000)
• 2017 budget projects $171,742 in income and $154,617 in expenses
• Unit owners have raised construction concerns regarding roof leaks, sound/odor migration, and masonry deterioration
• Mortgage on unsold units is $1,675,000 with Emerald Creed Capital 2, LLC
• Sponsor-controlled unsold units generate approximately $10,000 monthly in rental income
• Certificate of Occupancy issued July 1, 2015
• Offering plan extended for 12 months from amendment filing date

Amendment 9 Apr 1, 2015

Amended budget for the condominium's first full year of operation beginning April 1, 2015.

• Revised Schedule B budget adopted with total receipts and expenses of $171,246
• Sponsor's aggregate monthly common charges for unsold units approximately $3,600.00
• Sponsor's aggregate monthly real estate taxes for unsold units approximately $5,526.50
• Temporary Certificate of Occupancy issued May 8, 2014; final Certificate of Occupancy anticipated within 90 days
• Unsold units: 3B, 3D, 4C, 4D, 5B; units under contract: 2A, 5C
• $24,000 initial capital payments on deposit at Signature Bank
• Offering plan extended for 12 months from amendment date

Amendment 8 Nov 25, 2014

Offering prices of some units have been increased, with a revised Schedule A attached.

• Offering prices of some units increased
• Schedule A revised and restated with new pricing and related information

Amendment 7 Sep 22, 2014

First unit closed July 8, 2014; four units conveyed; temporary Certificate of Occupancy issued; engineer certifies no additional funds needed for permanent Certificate of Occupancy.

• First unit closing occurred July 8, 2014 (Loft A); Loft D and Units 2D, 5D also closed
• Declaration of Condominium recorded March 21, 2014 at Kings County City Register CRFN 2014000099555
• Real estate tax assessments made April 28, 2014
• 19 units under contract; 7 units not yet under contract
• Initial capital payments totaling $4,000 on deposit at Signature Bank; $1,000 more per closing
• Temporary Certificate of Occupancy issued August 12, 2014; final expected within 90 days
• Engineer certifies no additional funds necessary for permanent Certificate of Occupancy
• Offering Plan extended six months from amendment acceptance date

Amendment 6 Jan 17, 2014

Engineer, construction lender, and escrow bank changed; Schedule A square footages and common element percentage corrected.

• Engineer changed to Rusell Dance, P.E. of R.D.L. 3 Engineering PLLC
• Construction lender changed to The Doral Bank
• Escrow depository bank changed to The Doral Bank; existing Citibank escrow deposits to be transferred
• Schedule A corrected: Loft D auxiliary 228 sq ft, Loft E auxiliary 204 sq ft, Loft G interior 979 sq ft, Unit 3A interior 936 sq ft, Unit 3B interior 747 sq ft, Unit 3F interior 833 sq ft, Unit 4C common elements 5.803%
• 13 units under contract: Lofts A, B, C, E, F, G and Units 2A, 2B, 2C, 2D, 2G, 3A, 3B, 3C, 3G, 4A, 5B, 5D, Penthouse
• Offering Plan extended six months from amendment filing date
• Schedule A prices increased for 1 home (median +15.0%): 3B $400,000 → $460,000

Amendment 5 May 30, 2013

Plan declared effective on May 23, 2013 after 10 of 30 units (33%) were purchased, and offering period extended six months.

• Plan declared effective as of May 23, 2013
• 10 units purchased from bona fide purchasers (33% of 30 units)
• Offering period extended six months from Fifth Amendment filing date
• No material changes to budget for first year of operation

Amendment 4 Apr 23, 2013

Condominium renamed to Clinton Lofts, offering prices increased for some units, and common interest percentages revised.

• Condominium name changed from 'The Retro Condominium' to 'Clinton Lofts Condominium'
• Offering prices of some units increased; revised Schedule A
• Common interest percentages revised for all units
• Six units under contract: Loft B, Loft E, Loft F, 2A, 2D, and 3B
• Offering plan remains valid through September 19, 2013
• Schedule A prices increased for 7 homes (median +11.0%): 2A $455,000 → $495,000; 2B $425,000 → $465,000; 2C $485,000 → $530,000; 3A $590,000 → $655,000; ...

Amendment 3 Mar 20, 2013

The amendment changes offering prices, updates the first unit closing date to September 1, 2013, revises floor plans with closet and room reconfigurations, changes kitchen appliances, and updates escrow procedures.

• Offering prices increased; revised Schedule A attached
• First unit closing date moved to September 1, 2013
• Plan effectiveness threshold changed to 80% of units (24 units) or optionally 15% (5 units)
• Floor plans revised: multiple units have closets added, Unit 2C reclassified as studio, several units have dining rooms converted to home offices, Units 3A/3B demising wall moved
• Kitchen appliances changed for all units with specific model numbers by unit group
• Budget revised in Schedule B reflecting change in first year of condominium operation
• Escrow procedures revised; escrow agent is Berger & Sklaw LLP; escrow account at Citibank with 0.10% interest rate

Amendment 2 May 21, 2012

Amendment updates unit prices and common charges, sets first closing for September 1, 2012, and withdraws tax abatement application.

• Unit prices and common element allocations revised in Schedule A
• Anticipated common charges reduced; Schedule B revised
• First unit closing date changed to September 1, 2012
• Tax abatement application under J-51 withdrawn; units taxed on full assessments
• Offering plan extended six months from amendment filing date
• No units under contract as of amendment date
• Schedule A prices increased for 2 homes (median +3.7%): 2B $410,000 → $425,000; 2C $480,000 → $485,000
• Schedule A prices decreased for 5 homes (median -5.2%): 2A $480,000 → $455,000; 3B $490,000 → $400,000; 3E $480,000 → $455,000; 3F $490,000 → $465,000; ...

Amendment 1 Aug 15, 2011

The condominium name changed from The Annex to The Retro, the building was redesigned as a 7-story structure with 30 residential units instead of 16 plus a community facility, an elevator was added, and common amenities including an exercise room and roof terrace were included.

• Condominium name changed from The Annex Condominium to The Retro Condominium
• Building redesigned as seven story structure with 30 Residential Units (was 16 Residential Units and 1 Community Facility Unit)
• One passenger elevator added, manufactured by Thyssen-Krup, 2,000 pounds capacity, 200 feet per minute speed
• Exercise room with rubberized floor added to first floor
• Common roof terrace added
• Sponsor changed to Grand Avenue Building II LLC
• Construction financing from ChinaTrust Bank
• First Unit Closing anticipated date changed to January 1, 2012