Cascade D Condominium

Amendment 4 Apr 28, 2021

Fourth Amendment adds FinCEN reporting requirements for certain cash purchases, confirms building occupancy status, and updates financial and operational information.

• FinCEN reporting required for residential purchases $300,000+ by non-SEC-listed entities without bank financing, effective November 6, 2020 through May 4, 2021
• First unit closing: January 5, 2021 at The Law Office of Jay Lichtman P.C., 68 Jay Street Ste 420, Brooklyn, NY 11201
• Building issued Temporary Certificate of Occupancy December 10, 2020; extended February 3, 2021 and April 6, 2021
• Final Certificate of Occupancy anticipated July 2021; $10,000 held in escrow for completion work
• 20 unsold units remain; Sponsor controls Board of Managers, plans relinquishment at May 2021 Unit Owners meeting
• Working capital fund $8,181.28 at Signature Bank; Reserve Fund $12,271.91 at Signature Bank
• $105,000,000 mortgage with G4 18211, LLC (maturity October 2022, ~$700,000 monthly payments)
• Offering Plan term extended 6 months from amendment date

Amendment 3 Jul 9, 2020

Third Amendment updates floor plans to reflect as-built conditions, adds FinCEN reporting requirements for certain cash purchases, and extends the plan term by six months.

• FinCEN Geographic Targeting Order reporting required for cash purchases of $300,000+ by business entities through November 5, 2020
• Floor plan changes: second floor terraces rearranged, some balconies added, removed, resized or relocated
• Building construction approximately 90% complete with anticipated completion in September 2020
• Rooftop allocated as common recreation space with 14-person occupancy limit each for Buildings D and E (28 combined)
• Unit information updated with revised gross square footage, bedroom/bathroom counts, and limited common element sizes
• Plan term extended for six months from amendment date
• Schedule A prices increased for 24 homes (median +0.2%): 2A $965,250 → $967,200; 2B $939,900 → $941,200; 2D $1,863,550 → $1,875,900; 3A $965,250 → $967,200; ...
• Schedule A prices decreased for 2 homes (median -17.3%): 9B $737,100 → $511,550; 9E $857,350 → $709,150

Amendment 2 May 15, 2020

Amendment adds FinCEN Geographic Targeting Order disclosure for certain purchaser transactions, declares the plan effective as of April 22, 2020, and extends the plan term by six months.

• FinCEN Geographic Targeting Order disclosure added to Special Risks section for certain business entity purchasers paying $300,000+ in cash or equivalent
• Plan declared effective April 22, 2020 with 6 units (15% of residential units) under executed purchase agreements
• Plan term extended for six months from amendment date