Meadowbrook Pointe At East Meadow Condominium

Amendment 6 2024

Amendment updates sales status, common charges, budget, and purchase prices for Meadowbrook Pointe at East Meadow Condominium.

• 82 homes closed, 9 under contract as of April 15, 2024; 22 homes remain unsold
• Sponsor's monthly common charge obligation is $8,690 ($395 x 22 unclosed homes)
• Construction loan satisfied August 25, 2023; unsold homes no longer encumbered
• Sponsor current on all financial obligations to condominium
• Real estate taxes paid: $5,639.94 total on unclosed homes
• New condominium budget for April 1, 2024 through March 31, 2025 with $492,165 annual income
• Schedule of revised purchase prices for certain homes annexed as Exhibit E
• Offering plan valid for 12 months from filing date
• Schedule A prices increased for 11 homes (median +4.3%): 29 $675,000 → $689,000; 37 $730,000 → $740,000; 39 $680,000 → $690,000; 41 $675,000 → $799,000; ...

Amendment 5 2023

Amendment updates sales status, delays common charge collection to April 2023, provides 2023 budget, and revises purchase prices for certain homes.

• As of March 2, 2023: 49 homes closed, 26 under purchase agreement, 29 unsold of 104 total
• Common charge collection delayed to April 2023; sponsor pays all condominium expenses until then
• 2023 budget projects $530,025 annual income and $530,025 total expenses; monthly cost $424.70 per unit
• Sponsor paid $12,381.74 for current real estate taxes on unclosed homes
• Construction loan held by US Bank NA has no outstanding debt as of March 1, 2023
• Revised purchase prices listed for 21 homes ranging from $635,000 to $830,000
• Plan extension for 12 months from amendment filing date
• Schedule A prices increased for 53 homes (median +6.3%): 3 $625,000 → $635,000; 21 $685,000 → $710,000; 23 $660,000 → $675,000; 25 $660,000 → $675,000; ...

Amendment 4 Aug 9, 2022

Amendment provides post-closing information, sales status, budget details, and financial obligations for the condominium.

• As of August 10, 2022: 33 homes closed, 36 under purchase agreement, 35 unsold of 104 total
• First closing occurred February 7, 2022
• Sponsor delaying Common Charges collection; anticipated to commence December 2022
• Condominium Working Capital Fund balance as of August 2, 2022: $11,101.72
• Sponsor paid $446,823.64 in real estate taxes on unclosed homes
• First-year budget projects $530,025.00 income with $481,835.00 expenses; monthly cost per unit $424.70
• Declaration of Condominium recorded May 26, 2021 as Liber 14086 Page 4
• Offering Plan extension valid for 6 months from amendment filing date

Amendment 3 2022

Amendment updates sales status, extends first closing date to February 1, 2022 (or later due to COVID tolling), introduces new model types, revises floor plans, updates landscaping and enclosures, and adjusts purchase prices.

• 57 of 104 homes under purchase agreement as of January 28, 2022
• First closing date set to February 1, 2022, with rescission rights if closing delayed beyond December 30, 2022 (or January 31, 2023 for new agreements)
• New model types A2, B2, C3, D3, C5, and D5 added
• C2 and D2 models redesignated as C5 and D5
• Revised floor plans and elevations submitted for DOB approval
• Landscaping and enclosures revised including fence along Merrick Avenue and refuse enclosure fencing
• Purchase prices revised for certain homes in Schedule A
• Transfer tax calculation methodology changed per New York State Tax Law amendment effective July 1, 2021
• Schedule A prices increased for 96 homes (median +11.7%): 1 $530,000 → $600,000; 2 $490,000 → $589,000; 3 $560,000 → $625,000; 4 $500,000 → $625,000; ...

Amendment 2 Aug 19, 2021

Clubhouse layout revised with new unisex bathroom and relocated mechanical room doors in certain D1/D2 model homes.

• Unisex bathroom added off pool deck in clubhouse (5 bathrooms total)
• Pergola shifted to allow entry to new unisex bathroom
• Bathroom metal partitions changed to wood frame
• Pantry removed from first-floor kitchen
• Mechanical room door relocated to loft level in D1 homes (units 24, 26, 28, 30, 32, 74, 76, 78, 80, 82, 88, 90, 92, 94, 96, 98, 100, 102)
• Mechanical room door relocated to loft level in D2 homes (units 34, 84)
• Revised plans to be submitted to Department of Buildings by October 2021

Amendment 1 Aug 4, 2021

Plan declared effective with 37 homes sold, first closing moved to September 1, 2021, floor plans revised, sponsor ownership restructured, real estate taxes recalculated under new state tax exemption legislation, and purchase prices updated.

• Plan declared effective July 22, 2021 with 37 of 104 homes under purchase agreement (35.6%)
• First home closing date revised to September 1, 2021
• Condominium budget for first year commencing September 1, 2021 updated
• Floor plans revised for A1, B1, C1, C2, D1, D2 model homes and Clubhouse
• New sponsor ownership: ACPB Member I LLC (Ascendant Capital Fund LP affiliate) became beneficial limited minority member
• Real estate taxes revised under New York State Tax Exemption Legislation providing exemption for new construction through 2024-2025 assessment roll
• Schedule A purchase prices revised
• Plan extension authorized for 6 months from amendment filing date