96 16th Street Condominium

Amendment 5 2024

Amendment updates first closing date to December 15, 2024 following Temporary Certificate of Occupancy, confirms one unit under contract, and adds FinCEN reporting requirements for certain cash purchases.

• First closing moved to December 15, 2024 (TCO received September 18, 2024)
• One of four residential units entered into contract as of November 6, 2024
• FinCEN Geographic Targeting Order requires reporting of certain cash purchases $300,000+ effective April 14, 2025
• Budget unchanged from Amendment No. 2
• Amendment valid for six months from filing date

Amendment 4 2024

Plan declared effective as of March 14, 2024 after 15% of units received purchase agreements; first closing anticipated July 1, 2024.

• Plan declared effective on March 14, 2024
• One residential unit (25% of four offered) counted toward effectiveness threshold
• First closing anticipated on or about July 1, 2024
• Budget from Amendment No. 2 unchanged; certification of adequacy dated May 7, 2024
• Plan extension for six months from amendment filing date

Amendment 3 2023

Amendment corrects a typographical error in Unit 1's real estate tax estimates and updates the anticipated closing date to January 1, 2024.

• Unit 1 real estate tax estimates corrected in Schedule A (were incorrectly shown as $0)
• First closing anticipated January 1, 2024 (previously referenced dates updated)
• Certificate of Occupancy anticipated in or about December 2023
• No Purchase Agreements entered into as of October 20, 2023
• First year budget unchanged from Amendment No. 2

Amendment 2 2023

Amendment updates Schedule A unit prices and closing timeline, revises first-year budget and budget period.

• First closing expected June 1, 2023; Temporary Certificate of Occupancy anticipated April 1, 2023
• Schedule A prices: Unit 1 $1,999,400, Unit 2 $1,365,000, Unit 3 $1,365,000, Unit 4 $1,579,500
• Budget period changed to June 1, 2023 to May 31, 2024
• Updated first-year budget with new common charges and expense projections
• No Purchase Agreements entered into as of February 1, 2023
• Plan validity extended six months from amendment filing date

Amendment 1 2022

Amendment updates the offering plan with current unit pricing, revised closing timeline to July 1, 2022, modified property description, adjusted real estate taxes, and updated budget.

• First unit closing date moved to July 1, 2022; condominium operation to begin July 1, 2022
• Rescission right offered if first closing does not occur within 12 months of July 1, 2022 (by June 30, 2023)
• Final Certificate of Occupancy anticipated June 2022
• Railing material for rear façade changed; As-built plans to be submitted to DOB in or about June 2022
• Real estate taxes decreased due to lower assessed value and tax rate of $12.235% per $100
• First year budget updated with certification by G BUDDY, INC.
• Sponsor has private loan of $2,200,000 at 7% interest maturing August 2022
• New York State and City transfer tax obligations transferred to purchasers; Mansion Tax of 1% applies to units $1,000,000 or more