360 FURMAN STREET

PDF page 34 · financial statements as of 2024-12-31

owners - PILOT 161,104 435,149 Prepaid expenses 2,004 26,190 Deposit on contracts - 83,138 Ground lease security deposit 522,413 467,343 Property and equipment, net 617,882 603,134 Mortgage financing costs, net of accumulated amortization of $44,091 and $39,824, respectively 19,912 24,179 Total Assets 6,801,093$ 5,689,719$ Liabilities and Members' Equity Liabilities Accounts payable and accrued expenses 546,508$ 435,534$ Major repairs and replacements payable 135,783 101,183 Charges received in advance 123,451 91,873 Prepaid PILOT assessments 145,323 66,284 Deferred PILOT assessments 823,427 888,789 Mortgage payable 221,876 262,553 Deposits payable 213,519 348,442 Total Liabilities 2,209,887 2,194,658 Commitments (Note 13) Members' Equity 4,591,206 3,495,061 Total Lia

PDF page 35 · financial statements as of 2024-12-31

,860 72,236 Leasing fees 49,545 53,450 Total Operating Revenues 11,667,177 11,320,629 Operating Expenses Ground lease 1,844,845 1,791,112 Mortgage interest 11,593 13,477 Payroll and related 3,260,802 3,149,952 Utilities 2,149,518 1,809,468 Maintenance, repairs and service contracts 1,354,775 1,379,826 Administrative 1,286,952 1,216,631 Total Operating Expenses 9,908,485 9,360,466 Excess of Operating Revenues over Operating Expenses 1,758,692 1,960,163 Other Items PILOT assessments 7,290,757 6,546,043 PILOT expense (7,290,757) (6,546,043) Electric vehicles charging stations ConEdison incentive program proceeds 2,680,000 - Electric vehicles charging stations, infrastructure and engineering expenses (2,680,000) - Investment income 142,397 69,205 Major repairs and replacements (

PDF page 36 · financial statements as of 2024-12-31

epaid expenses 24,186 238,056 Lobby renovation escrow - 675,466 Deposit on projects 83,138 70,627 Ground lease security deposit (55,070) (53,466) Accounts payable and accrued expenses 110,974 62,404 Major repairs and replacements payable 34,600 12,230 Charges received in advance 31,578 3,715 Prepaid PILOT assessments 79,039 4,472 Deferred PILOT assessments (65,362) 170,937 Deposits payable (134,923) 43,766 Net Cash Provided by Operating Activities 1,486,713 1,929,655 Cash Flows from Investing Activities Purchase of equipment (49,086) (70,613) Cash Flows from Financing Activities Mortgage principal payments (40,677) (38,794) Net Increase in Cash and Cash Equivalents 1,396,950 1,820,248 Cash and Cash Equivalents - Beginning of Year 3,951,232 2,130,984 Cash and Cash Equivalents -

PDF page 37 · financial statements as of 2024-12-31

residential units before the combination of several units) and 7 commercial units. The property on which the Condominium is located is subject to a Ground Lease (see Note 8). Note 2 Summary of Significant Accounting Policies Basis of Accounting The accompanying financial statements present financial results on the accrual basis of accounting the Condominium uses for federal income tax reporting. The significant differences between the federal income tax basis and generally accepted accounting principles (GAAP) are as follows:  As required under GAAP, security deposits cash is reported as restricted cash on the statements of assets, liabilities and members’ equity and statements of cash flows. In addition, the change in restricted cash is reported within cash when reconciling between beginning and ending amounts in the statements of cash flows. U nder the federal income tax basis, security deposits cash activity is reported within operating cash flows on the statements of ca

PDF page 42 · financial statements as of 2024-12-31

tion and repairs - 84,416 Other - 16,634 Security upgrades - 12,959 Canopy replacement - 11,192 Total $ 766,339 $1,093,607 Note 8 Ground Lease/Ground Lease Security Deposit The Sponsor of the Condominium entered into a ground lease (“Ground Lease”) with the Brooklyn Bridge Park Development Corporation (“BBPDC”), a subsidiary of the New York State Urban Development Corporation. T he Ground Lease is dated February 29, 2008 and is for the land on which the Condominium’s building and improvements are located. On June 3, 2008, the Ground Lease was assigned to the Condominium and the Condominium assumed all rights and obligations of the Ground Lease. The term of the Ground Lease is 99 years, expiring on February 28, 2107, with a title purchase option for the Condominium to purchase the title to the premises for $1.00 upon termination. The Condominium was obligated to begin paying base rents to the BBPDC commencing on November 1, 2008 (“Commencement Date”). Su

PDF page 43 · financial statements as of 2024-12-31

One Brooklyn Bridge Park Condominium Notes to the Financial Statements December 31, 2024 and 2023 13 Note 8 Ground Lease/Ground Lease Security Deposit (Continued) The base rent payable by the Condominium under the Ground Lease was at a fixed rate of $1,250,000 annually for the three years following the Commencement Date, ending on October 31, 2011. On the third anniversary of the Commencement Date, and on each anniversary of the Commencement Date thereafter for the remainder of the Ground Lease term, base rent shall be increased by 3% on a compounded basis. Total Ground Lease payments over the next five years and thereafter are as follows: Year Ground Lease Payments 2025 $ 1,900,191 2026 1,957,197 2027 2,015,912 2028 2,076,390 2029 2,138,682 Thereafter 659,395,715 Total $ 669,484,087 The Ground Lease is a “triple net lease,” requiring the Condominium to pay all expenses incidental to the property, including, but not limited to, all operating and maintenance expenses, real pro

PDF page 44 · financial statements as of 2024-12-31

One Brooklyn Bridge Park Condominium Notes to the Financial Statements December 31, 2024 and 2023 14 Note 9 Payments in Lieu of Taxes (“PILOT”) Program/Due to BBPDC (Continued) Instead, the Ground Lease includes a payment in lieu of taxes (“PILOT”) program, requiring the Ground Lease lessee (the Condominium) to make payments to the BBPDC equivalent to the real property taxes that would otherwise be payable to the NYC DOF if the property were not exempt from real property taxes. In June 2008, the Condominium was assigned all obligations of the Ground Lease agreement between the Sponsor and the BBPDC (see Note 8). As a term of the agreement, the Condominium is required to remit PILOT to the BBPDC. The Condominium collects PILOT from unit owners in the form of separate assessments as determined by the BBPDC and subsequently remits payment to the BBPDC. Unit owners are assessed in the amount of real property taxes that would otherwise be payable if the property were not exempt fro

PDF page 48 · financial statements as of 2024-12-31

62,725 (13,180) 53,450 Total Operating Revenues 11,667,177 11,544,605 122,572 11,320,629 Operating Expenses Ground Lease 1,844,845 1,845,000 (155) 1,791,112 Mortgage Interest 11,593 11,593 - 13,477 Payroll and Related Payroll 2,072,082 2,040,141 31,941 1,991,179 Employee benefits 905,479 923,362 (17,883) 873,690 Payroll taxes 169,263 174,258 (4,995) 165,624 Superintendent's apartment expenses 42,279 40,112 2,167 39,440 Uniforms 31,283 22,200 9,083 17,536 Workers' compensation insurance, net of dividends 27,892 63,050 (35,158) 49,712 Payroll service 12,524 12,800 (276) 12,771 Total Payroll and Related 3,260,802 3,275,923 (15,121) 3,149,952 Utilities Electric and ga

PDF page 50 · financial statements as of 2024-12-31

r Operating Expenses 1,758,692 1,590,677 168,015 1,960,163 Debt Service 40,677 40,677 - 38,794 Ground Lease - Deposit 50,000 50,000 - 50,000 Transfers to Reserves 1,600,000 1,500,000 100,000 1,800,000 Excess of Operating Revenues over Operating Expenses after Debt Service, Ground Lease - Deposit and Transfers to Reserves 68,015$ -$ 68,015$ 71,369$ 19

PDF page 11 · financial statements as of 2023-12-31

expenses 21,746 264,246 Lobby renovation escrow 4,444 675,466 Deposit on contracts 83,138 153,765 Ground lease security deposit 467,343 413,877 Property and equipment, net 603,134 557,576 Mortgage financing costs, net of accumulated amortization of $39,824 and $35,557, respectively 24,179 28,446 Total Assets 5,689,719$ 4,524,550$ Liabilities and Members' Equity Liabilities Accounts payable and accrued expenses 435,534$ 373,131$ Major repairs and replacements payable 101,183 88,953 Common charges received in advance 91,873 88,158 Prepaid PILOT assessments 66,284 61,812 Deferred PILOT assessments 888,789 717,852 Mortgage payable 262,553 301,347 Deposits payable 348,442 304,676 Total Liabilities 2,194,658 1,935,929 Commitments (Note 15) Members' Equity 3,495,061 2,588,621 T

PDF page 12 · financial statements as of 2023-12-31

Investment income 69,205 12,832 Leasing fees 53,450 21,000 Total Revenues 11,389,834 11,192,339 Expenses Ground lease 1,791,112 1,738,943 Mortgage interest 13,477 15,273 Payroll and related 3,149,952 3,045,106 Utilities 1,809,468 2,295,822 Maintenance, repairs and service contracts 1,379,826 1,318,675 Administrative 1,216,631 1,202,212 Total Expenses 9,360,466 9,616,031 Excess of Revenues over Expenses Before Other Items 2,029,368 1,576,308 Other Items PILOT assessments 6,546,043 5,635,295 PILOT expense (6,546,043) (5,635,295) Major repairs and replacements (1,093,607) (844,507) Depreciation (25,054) (29,091) Amortization (4,267) (4,267) Excess of Revenues over Expenses 906,440 698,443 Members' Equity - Beginning of the Year 2,588,621 1,890,178 Members' Equity - End of the Year

PDF page 13 · financial statements as of 2023-12-31

Prepaid expenses 242,500 126,062 Lobby renovation escrow 671,022 (245,466) Deposit on projects 70,627 (153,765) Ground lease security deposit (53,466) (51,909) Accounts payable and accrued expenses 62,404 (23,260) Major repairs and replacements payable 12,230 (1,436,479) Common charges received in advance 3,715 (65,647) Prepaid PILOT assessments 4,472 (31,668) Deferred PILOT assessments 170,937 141,379 Deposits payable 43,766 172,910 Net Cash Provided by (Used in) Operating Activities 1,929,655 (797,815) Cash Flows from Investing Activities Purchase of equipment (70,613) - Cash Flows from Financing Activities Mortgage principal payments (38,794) (36,998) Net Increase (Decrease) in Cash and Cash Equivalents 1,820,248 (834,813) Cash and Cash Equivalents - Beginning of Year 2,130,984 2,965,797 Cas

PDF page 14 · financial statements as of 2023-12-31

commercial units. The Condominium also includes 18 cabanas and 132 parking spaces. The property on which the Condominium is located is subject to a Ground Lease (see Note 9). Note 2 Summary of Significant Accounting Policies Basis of Accounting The accompanying financial statements present financial results on the accrual basis of accounting the Corporation uses for federal income tax reporting. The significant differences between income tax basis and accounting principles generally accepted in the United States of America (“GAAP”) are as follows:  Restricted cash activity is reported within operating cash flows on the statements of cash flows – income tax basis. Whereas under GAAP, the change in restricted cash would be reported within cash when reconciling between beginning and ending amounts in the statements of cash flows. Under the income tax basis, security deposit cash activity would be reported as security deposits – net within operating cash flows on the stateme

PDF page 18 · financial statements as of 2023-12-31

tal plan is transferred each year and the major repairs and replacements expenditures do not exceed the budgeted amounts in the capital plan. Note 9 Ground Lease/Ground Lease Security Deposit The Sponsor of the Condominium entered into a ground lease (“Ground Lease”) with the Brooklyn Bridge Park Development Corporation (“BBPDC”), a subsidiary of the New York State Urban Development Corporation. T he Ground Lease is dated February 29, 2008 and is for the land on which the Condominium’s building and improvements are located. On June 3, 2008, the Ground Lease was assigned to the Condominium and the Condominium assumed all rights and obligations of the Ground Lease. The term of the Ground Lease is 99 years, expiring on February 28, 2107, with a title purchase option for the Condominium to purchase the title to the premises for $1.00 upon termination. The Condominium was obligated to begin paying base rents to the BBPDC commencing on November 1, 2008 (“Commencement Date”). Su

PDF page 19 · financial statements as of 2023-12-31

One Brooklyn Bridge Park Condominium Notes to the Financial Statements December 31, 2023 and 2022 12 Note 9 Ground Lease/Ground Lease Security Deposit (Continued) The base rent payable by the Condominium under the Ground Lease was at a fixed rate of $1,250,000 annually for the three years following the Commencement Date, ending on October 31, 2011. On the third anniversary of the Commencement Date, and on each anniversary of the Commencement Date thereafter for the remainder of the Ground Lease term, base rent shall be increased by 3% on a compounded basis. Total Ground Lease payments over the next five years and thereafter are as follows: Year Ground Lease Payments 2024 $ 1,844,845 2025 1,900,191 2026 1,957,197 2027 2,015,912 2028 2,076,390 Thereafter 661,534,397 Total $ 671,328,932 The Ground Lease is a “triple net lease,” requiring the Condominium to pay all expenses incidental to the property, including, but not limited to, all operating and maintenance expenses, real p

PDF page 20 · financial statements as of 2023-12-31

One Brooklyn Bridge Park Condominium Notes to the Financial Statements December 31, 2023 and 2022 13 Note 10 Payments in Lieu of Taxes (“PILOT”) Program/Due to BBPDC (Continued) Instead, the Ground Lease includes a payment in lieu of taxes (“PILOT”) program, requiring the Ground Lease lessee (the Condominium) to make payments to the BBPDC equivalent to the real property taxes that would otherwise be payable to the NYC DOF if the property were not exempt from real property taxes. In June 2008, the Condominium was assigned all obligations of the Ground Lease agreement between the Sponsor and the BBPDC (see Note 9). As a term of the agreement, the Condominium is required to remit PILOT to the BBPDC. The Condominium collects PILOT from unit owners in the form of separate assessments as determined by the BBPDC and subsequently remits payment to the BBPDC. Unit owners are assessed in the amount of real property taxes that would otherwise be payable if the property were not exempt f

PDF page 25 · financial statements as of 2023-12-31

easing fees 53,450 - 53,450 21,000 Total Revenues 11,389,834 11,332,022 57,812 11,192,339 Expenses Ground Lease 1,791,112 1,793,021 (1,909) 1,738,943 Mortgage Interest 13,477 13,477 - 15,273 Payroll and Related Payroll 1,991,179 2,055,154 (63,975) 2,008,389 Employee benefits 873,690 896,919 (23,229) 746,993 Payroll taxes 165,624 168,999 (3,375) 165,419 Workers' compensation insurance, net of dividends 49,712 70,046 (20,334) 48,264 Superintendent's apartment 39,440 37,319 2,121 35,439 Uniforms 17,536 28,000 (10,464) 28,257 Payroll service 12,771 11,900 871 12,345 Total Payroll and Related 3,149,952 3,268,337 (118,385) 3,045,106 2023 17

PDF page 27 · financial statements as of 2023-12-31

,616,031 Excess of Revenues over Expenses Excluding PILOT, Major Repairs and Replacements, Depreciation, Amortization and before Debt Service, Ground Lease - Deposit and Transfers to Reserves 2,029,368 1,388,794 640,574 1,576,308 Debt Service 38,794 38,794 - 36,998 Ground Lease - Deposit 50,000 50,000 - 50,000 Transfers to Reserves 1,800,000 1,300,000 500,000 1,300,000 Excess of Revenues over Expenses Excluding PILOT, Major Repairs and Replacements, Depreciation and Amortization and after Debt Service, Ground Lease - Deposit and Transfers to Reserves 140,574$ -$ 140,574$ 189,310$ 19

PDF page 28 · effective period must be checked in the document

n Bridge Park Condominium Operating Expense Analysis by Percentage - Income Tax Basis For the Year Ended December 31, 2023 Payroll and Related 35.7% Ground Lease 20.9% Maintenance, Repairs and Service Contracts 15.7% Utilities, Net 13.8% Insurance 8.5%Other 5.5% 20

PDF page 51 · effective period must be checked in the document

n Bridge Park Condominium Operating Expense Analysis by Percentage - Income Tax Basis For the Year Ended December 31, 2024 Payroll and Related 35.1% Ground Lease 20.4% Utilities, Net 15.9% Maintenance, Repairs and Service Contracts 14.6% Insurance 8.0% Other 6.0% 20

PDF page 53 · effective period must be checked in the document

age interest and amortization 52,272 52,270 52,270 Ground Rent 1,844,854 1,844,845 1,900,192 Reserve fund contribution 1,500,000 1,500,000 1,500,000 Contingency 150,000 - 110,000 Total Expenses 11,510,738$ 11,464,756$ 11,965,824$ Operating Surplus <Deficit> 28,916$ 174,357$ (0)$ APPROVED COMMON CHARGE INCREASE 4.00% OPERATING ACTIVITY

PDF page 40 · financial statements as of 2024-12-31

,000 $ 800,000 Equipment 119,698 70,613 Less: accumulated depreciation (301,816) (267,679) Property and equipment, net $ 617,882 $ 603,134 Note 5 Mortgage Indebtedness Indebtedness consists of a mortgage note payable to First Republic Bank (see below) in the original amount of $560,000 to fund the purchase of the resident manager’s unit. The mortgage requires monthly payments of $4,356, applied first to interest at a fixed rate of 4.75% per annum with the balance applied to principal. Upon maturity on September 1, 2029, the outstanding principal balance and any accrued interest will be due. Prepayment penalties are applicable as outlined in the mortgage note. The note is collateralized by the unit for which it was used to purchase. Principal repayments on the loan over the next five years are as follows: December 31, Amount 2025 $ 42,652 2026 44,722 2027 46,894 2028 49,170 2029 (maturity) 38,438 Total $ 221,876 In April 2023, First Republic Bank was close

PDF page 17 · financial statements as of 2023-12-31

One Brooklyn Bridge Park Condominium Notes to the Financial Statements December 31, 2023 and 2022 10 Note 5 Mortgage Indebtedness Indebtedness consists of a mortgage note payable to First Republic Bank (see below) in the original amount of $560,000 to fund the purchase of the resident manager’s unit. The mortgage requires monthly payments of $4,356, applied first to interest at a fixed rate of 4.75% per annum with the balance applied to principal. Upon maturity on September 1, 2029, the outstanding principal balance and any accrued interest will be due. Prepayment penalties are applicable as outlined in the mortgage note. The note is collateralized by the unit for which it was used to purchase. Principal repayments on the loan over the next five years and thereafter are as follows: December 31, Amount 2024 $ 40,677 2025 42,652 2026 44,722 2027 46,894 2028 49,170 2029 (maturity) 38,438 Total $ 262,553 In April 2023, First Republic Bank was closed, and all of

PDF page 39 · financial statements as of 2024-12-31

ties and members’ equity – income tax basis. The common elements generally consist of portions of the buildings not comprising the individual units. Working Capital Contributions Upon the initial acquisition of title to a residential unit, each residential unit owner was required to contribute a one-time, non-refundable working capital contribution equivalent to one month of the then current common charges. W orking capital contributions may be utilized at the Board’s discretion. T hese contributions were recorded as capital in prior years. Mortgage Financing Costs Mortgage financing costs of approximately $64,000 were deferred and are being amortized on a straight-line basis over the term of the mortgage (15 years). Common Charges and Due from Unit Owners Unit owners are subject to various charges to fund the Condominium's operating costs. These charges are recognized as income by the Condominium when billed. In addition, the Condominium may impose special assessments to

PDF page 41 · financial statements as of 2024-12-31

g date of the tax returns. As of the date of the auditors’ report of these financial statements, there were no tax examinations in progress. Note 7 Future Major Repairs and Replacements/Reserves The Condominium’s governing documents do not include a provision requiring that funds be accumulated for future major repair and replacements/reserves. The Board had prepared and utilizes a ten-year capital plan that is updated each year for budgeting major repairs and replacements. For the years ended December 31, 2024 and 2023, the Condominium’s budget designated common charges to be transferred to reserves in the amounts of $1,500,000 and $1,300,000, respectively. For 2024 and 2023, an additional $100,000 and $500,000 was contributed, respectively. When funds are required to meet future needs for major repairs and replacements/reserves, the Board has the right to increase common charges, pass special assessments, or delay major repairs and replacements until funds are available. T

PDF page 42 · financial statements as of 2024-12-31

One Brooklyn Bridge Park Condominium Notes to the Financial Statements December 31, 2024 and 2023 12 Note 7 Future Major Repairs and Replacements/Reserves (Continued) The Condominium incurred the following major repairs and replacements for the years ended: December 31, 2024 2023 Elevator car #1 renovation $ 377,000 $ 11,394 Boiler upgrades 128,165 - Sidewalk restoration 101,800 - Lobby renovation 83,569 957,012 Parking deck repairs 50,262 - HVAC 13,609 - Glass replacements 11,934 - Façade restoration and repairs - 84,416 Other - 16,634 Security upgrades - 12,959 Canopy replacement - 11,192 Total $ 766,339 $1,093,607 Note 8 Ground Lease/Ground Lease Security Deposit The Sponsor of the Condominium entered into a ground lease (“Ground Lease”) with the Brooklyn Bridge Park Development Corporation (“BBPDC”), a subsidiary of the New York State Urban Development Corporation. T he Ground Lease is dated February 29, 2008 and is

PDF page 18 · financial statements as of 2023-12-31

One Brooklyn Bridge Park Condominium Notes to the Financial Statements December 31, 2023 and 2022 11 Note 7 Working Capital Contributions Upon the initial acquisition of title to a residential unit, each residential unit owner contributed a one-time, non-refundable working capital contribution equivalent to one month of the then current common charges. Working capital contributions may be utilized at the Board’s discretion. These contributions were recorded as capital in prior years. Note 8 Future Major Repairs and Replacements/Reserves The Condominium’s governing documents do not include a provision requiring that funds be accumulated for future major repair and replacements/reserves. The Board had prepared and utilizes a ten-year capital plan that is updated each year for budgeting major repairs and replacements. For the years ended December 31, 2023 and 2022, the Condominium’s budget designated common charges to be transferred to reserves in the amounts of $1,300,000 and $

PDF page 10 · effective period must be checked in the document

it findings, and certain internal control related matters that we identified during the audits. Omission of Required Supplementary Information about Future Major Repairs and Replacements The Board has omitted the information about the estimates of future costs of major repairs and replacements that will be required to be presented to supplement the basic financial statements (see Note 8). Such missing information, although not a part of the basic financial statements, is required by the Financial Accounting Standards Board, which considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. Our opinion on the basic financial statements is not affected by this missing information. Report on Other Supplementary Information Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. T he supplementary information shown on pages 17 t

PDF page 33 · effective period must be checked in the document

it findings, and certain internal control related matters that we identified during the audits. Omission of Required Supplementary Information about Future Major Repairs and Replacements The Board has omitted the information about the estimates of future costs of major repairs and replacements that will be required to be presented to supplement the basic financial statements (see Note 7). Such missing information, although not a part of the basic financial statements, is required by the Financial Accounting Standards Board, which considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. Our opinion on the basic financial statements is not affected by this missing information. Report on Other Supplementary Information Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. T he supplementary information shown on pages 17 t

PDF page 53 · effective period must be checked in the document

Ground Rent 1,844,854 1,844,845 1,900,192 Reserve fund contribution 1,500,000 1,500,000 1,500,000 Contingency 150,000 - 110,000 Total Expenses 11,510,738$ 11,464,756$ 11,965,824$ Operating Surplus <Deficit> 28,916$ 174,357$ (0)$ APPROVED COMMON CHARGE INCREASE 4.00% OPERATING ACTIVITY

PDF page 39 · financial statements as of 2024-12-31

the Condominium's operating costs. These charges are recognized as income by the Condominium when billed. In addition, the Condominium may impose special assessments to provide funds for major repairs, replacements, and improvements. T hese special assessments are recognized as income when expenditures for major repairs, replacements, and improvements are incurred. Due from unit owners at the balance sheet dates are stated at the amounts expected to be collected from unit owners. The Board's policy is to retain legal counsel and place liens on the units of owners who are delinquent based on the collection policy. Electricity Chargebacks The Condominium has sub-meters on all residential units. Individual unit owners are billed back based on their actual electricity usage each month. Subsequent Events The Board has evaluated events and transactions that occurred through the date of the auditors’ report, which is the date the financial statements were available to be iss

PDF page 41 · financial statements as of 2024-12-31

When funds are required to meet future needs for major repairs and replacements/reserves, the Board has the right to increase common charges, pass special assessments, or delay major repairs and replacements until funds are available. There are no special assessments projected through 2033 assuming the contribution to the reserves as projected in the ten-year capital plan is transferred each year and the major repairs and replacements expenditures do not exceed the budgeted amounts in the capital plan.

PDF page 18 · financial statements as of 2023-12-31

When funds are required to meet future needs for major repairs and replacements/reserves, the Board has the right to increase common charges, pass special assessments, or delay major repairs and replacements until funds are available. There are no special assessments projected through 2033 assuming the contribution to the reserves as projected in the ten-year capital plan is transferred each year and the major repairs and replacements expenditures do not exceed the budgeted amounts in the capital plan. Note 9 Ground Lease/Ground Lease Security Deposit The Sponsor of the Condominium entered into a ground lease (“Ground Lease”) with the Brooklyn Bridge Park Development Corporation (“BBPDC”), a subsidiary of the New York State Urban Development Corporation. T he Ground Lease is dated February 29, 2008 and is for the land on which the Condominium’s building and improvements are located. On June 3, 2008, the Ground Lease was assigned to the Condominium and the Condominium assu

PDF page 53 · effective period must be checked in the document

ng Surplus <Deficit> 28,916$ 174,357$ (0)$ APPROVED COMMON CHARGE INCREASE 4.00% OPERATING ACTIVITY

PDF page 39 · financial statements as of 2024-12-31

ties and members’ equity – income tax basis. The common elements generally consist of portions of the buildings not comprising the individual units. Working Capital Contributions Upon the initial acquisition of title to a residential unit, each residential unit owner was required to contribute a one-time, non-refundable working capital contribution equivalent to one month of the then current common charges. W orking capital contributions may be utilized at the Board’s discretion. T hese contributions were recorded as capital in prior years. Mortgage Financing Costs Mortgage financing costs of approximately $64,000 were deferred and are being amortized on a straight-line basis over the term of the mortgage (15 years). Common Charges and Due from Unit Owners Unit owners are subject to various charges to fund the Condominium's operating costs. These charges are recognized as income by the Condominium when billed. In addition, the Condominium may impose special assessments to

PDF page 18 · financial statements as of 2023-12-31

One Brooklyn Bridge Park Condominium Notes to the Financial Statements December 31, 2023 and 2022 11 Note 7 Working Capital Contributions Upon the initial acquisition of title to a residential unit, each residential unit owner contributed a one-time, non-refundable working capital contribution equivalent to one month of the then current common charges. Working capital contributions may be utilized at the Board’s discretion. These contributions were recorded as capital in prior years. Note 8 Future Major Repairs and Replacements/Reserves The Condominium’s governing documents do not include a provision requiring that funds be accumulated for future major repair and replacements/reserves. The Board had prepared and utilizes a ten-year capital plan that is updated each year for budgeting major repairs and replacements. For the years ended December 31, 2023 and 2022, the Condominium’s budget designated common charges to be transferred to reserves in the amounts of $1,300,000 and $