155 HOPE STREET

PDF page 2

2 
flooring, and similar items. These conditions are normal in new construction and do 
not, in and of themselves, constitute defects in materials or workmanship. 
 
Sponsor and the General Contractor shall have no obligation to correct cosmetic or 
non-structural conditions arising from normal settlement, subsidence, or soil 
movement, and Sponsor’s responsibility is limited solely to defects as defined under 
applicable law and the Limited Warranty. Routine maintenance and cosmetic repairs 
resulting from normal settlement or subsidence are the responsibility of Unit Owners 
and/or the Condominium, as applicable. 
 
b. Construction Completion and Punchlist Procedure. “Substantial Completion” of a Unit 
means the Unit is complete in accordance with the filed plans and specifications such 
that Purchaser may lawfully occupy it for residential use, even if minor corrective items 
remain. 
 
Purchaser may submit one (1) written punch list of patent (visually ascertainable) 
items within thirty (30) days after the earlier of (i) Closing of Title, or (ii) 
commencement of pre -closing occupancy. Failure to submit a timely punch list  
constitutes a waiver of claims regarding patent defects. Thereafter, Purchaser’s rights 
are limited to latent defects and the Limited Warranty. 
 
Sponsor shall have a reasonable period —subject to access, weather, labor and 
material availability—to inspect and, if required, correct punch list items in accordance 
with customary industry practice. Sponsor may coordinate punch list work across Units 
and Common Elements. 
 
Punchlist items exclude: (i) normal wear and tear; (ii) normal shrinkage, settlement, 
or subsidence; (iii) cosmetic variations described in “Natural Materials and Finish 
Variations”; (iv) occupant -caused conditions; and (v) work performed by others. 
Punchlist work does not extend or expand any warranty. 
 
c. Sponsor and Contractor Access. Sponsor, the General Contractor, and their agents shall 
have the right, upon reasonable prior notice (except in emergencies), to enter the 
Common Elements and any Unit to complete construction, perform punch list or 
warranty work, address code items, balan ce or adjust building systems, or obtain or 
renew Temporary or Final Certificates of Occupancy. 
 
Unit Owners must cooperate in providing such access. Unreasonable refusal, delay, 
or conditioning of access may suspend or relieve Sponsor of related obligations and 
may delay governmental approvals. Costs or damages resulting from refusal of access 
may be charged to the Unit Owner as permitted by the Declaration and By-Laws. 
 
d. Natural Materials and Finish Variations. Units and Common Elements may incorporate 
natural or hand-applied materials such as wood, stone, tile, plaster, concrete, and metal. 
These materials inherently exhibit variations in color, grain, pattern, texture, sheen, and 
patina. Such variation is intentional and consistent with the Building’s design aesthetic. 

PDF page 3

3 
 
Samples, model units, mock-ups, and renderings are illustrative only and may differ 
from as -built conditions. Minor tonal differences, surface marks, hairline cracking, 
patching, or natural aging of materials shall not constitute defects if installed in 
accordance with applicable codes and customary industry practice. 
 
e. Building System Performance and Operational Limitations . The Building’s 
mechanical, electrical, plumbing, HVAC, elevator, and related systems comply with 
applicable codes but are subject to inherent performance limitations. Indoor 
temperatures may vary based on exposure, weather, and occupant behavior. HVAC 
systems may not maintain uniform temperatures across all rooms at all times, especially 
during extreme weather. 
 
Purchasers should anticipate occasional noise or vibration from rooftop equipment, 
pumps, exhaust systems, plumbing stacks, and elevators. Sound transmission between 
Units may occur notwithstanding compliance with applicable code requirements. 
 
Temporary interruptions in service may occur when systems require adjustment, 
balancing, repair, or maintenance. Sponsor makes no representation of continuous or 
uninterrupted system performance. 
 
f. Moisture, Condensation, and Mold . Mold or mildew may develop where moisture is 
present and ventilation is insufficient. Unit Owners must operate exhaust fans, maintain 
reasonable indoor humidity, promptly address spills or moisture, and report leaks to the 
Managing Agent or Board. 
 
Sponsor does not represent that the Building or Units will be free from moisture or 
mold at all times. Minor mildew or mold resulting from lack of ventilation, 
housekeeping, or occupant behavior shall not constitute a defect. 
 
Significant water intrusion or persistent mold must be promptly reported and access 
provided for inspection; failure to do so may limit or bar any claim. 
 
g. Unit Owner Maintenance Responsibilities. Each Unit Owner shall maintain the interior 
of the Unit and all fixtures, appliances, and equipment serving the Unit exclusively, 
including: 
 
i. maintaining natural finishes; 
ii. replacing HVAC and ventilation filters; 
iii. operating exhaust fans; 
iv. maintaining appropriate indoor humidity; 
v. maintaining caulking, grout, and sealants; 
vi. arranging periodic servicing of appliances and Unit-specific systems. 
 

PDF page 4

4 
Conditions resulting from inadequate maintenance, misuse, or neglect —including 
humidity-related issues, mold growth, or damage from blocked ventilation —shall be 
the Unit Owner’s responsibility and shall not constitute a Sponsor obligation. 
 
3. The Offering Prices for the following Units are hereby amended to be as follows: 
 
Unit  New Offering Price 
   
TH-A  $3,355,000 
TH-B  $4,045,000 
3A  $1,700,000 
3B  $1,730,000 
4A  $1,725,000 
4B  $1,765,000 
 
4. As disclosed in the Plan, c onstruction of the Building  was substantially completed as of 
October 2025. After the Acceptance of the Plan for Filing, the Building was issued a 
Temporary Certificate of Occupancy (TCO) on February 19, 2026. The TCO is attached hereto 
as Exhibit I. 
 
5. The first year of condominium operation is now projected to begin on July 1, 2026. 
 
6. Attached hereto as Exhibit II are a revised Budget and a new Budget Certification. 
 
7. The following are the notes to the budget for the line items that have changed:  
 
(1) Labor Salaries & Wages, Payroll Taxes & Benefits, Janitorial 
 
The Sponsor on behalf of the Condominium has retained a janitorial service to ensure the 
upkeep of the building. The janitorial service will perform all necessary cleaning services and 
upkeep twice weekly. The cost of the janitorial service will be $500.00  per month and 
accounted for in the Common Charges paid by the Unit Owners. This is based on an invoice 
from Best Cleaning Maintenance Inc.,  2332 East 13th Street, Brooklyn, NY11229 , dated 
January 31, 2026. The level of staffing comports with applicable housing and labor laws. 
 
The labor expenses include benefits required by local, state or Federal law or required by 
contract such as worker’s compensation, disability insurance, welfare and pension 
contributions by employers. 
 
(4) Electricity 
 
This item includes the cost of electricity for lighting the common areas. This is based upon 
a survey and estimate by Stone Edge Management, 670 Flushing Avenue, Suite #313, 
Brooklyn, NY 11206: