1725 68 STREET

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reserve and/or working capital fund contributions, assessments, payments for any repairs or improv ements promised in the plan, and payments of any underlying mortgages and loans for which units have been pledged, as applicable. Wai Yam Wong has previously been a principal of the Sponsor of the Offering Plan for the following Condominiums in the state of New York: a. The 78 Bay 22nd Street Condominium – CD15-0279 78 Bay 22nd Street, Brooklyn, NY 11214 Filed December 23, 2016

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reserve and/or working capital fund contributions, assessments, payments for any repairs or improvements promised in the plan, and payments of any underlying mortgages and loans for which units have been pledged, as applicable. There are no felony convictions, convictions, bankruptcies or injunctions against the Sponsor, or Principals of the Sponsor, or any of the individuals named above in this section or who own or control 10% or more equity interest in the Sponsor. COUNSEL: Sponsor has engaged the Law Office of Claudia V. Murdoch, P.C., 117 Seventh Avenue, Brooklyn, New York 11215, to represent it in the preparation and filing of this Offering Plan. Wing Y. Yu, Esq. of Yu Law, P.C., with an address at 199-20 32nd Avenue, Ground Fl., Flushing, NY 11358, will act as the Sponsor’s closing attorney, and will be the escrow agent for Purchaser down payments. Ms. Yu is the niece of Sammy Yu, one of the Principals of the Sponsor. Ms. Yu will render her legal services with

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95 REAL ESTATE TAX OPINION LETTER 98 TAXES - DEDUCTIONS TO UNIT OWNERS / STATUS 103 OF CONDOMINIUM COUNSEL'S TAX OPINION LETTER 104 RESERVE FUND 109 WORKING CAPITAL FUND 110 IDENTITY OF PARTIES 111

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ed as a reserve for capital expenditures. However, the budget for the first year of Condominium operation in SCHEDULE B includes a budgeted Capital Reserve Fund for repair and replacement of major systems or structural elements of the building. This budgeted item will start the gradual creation of a Capital Reserve Fund which may not, at its inception, be sufficient to provide for needed capital expenditures. Unit owners will therefore be contributing to grow the Capital Reserve Fund through their common charges, beginning with common charge adjustments paid at the closings of their individual condominium units. (Unit owners will also, at closing, pay their contributions to the building’s Working Capital Fund.) In the event a need arises for capital expenditures such as renewal or replacement of building components or systems, or to remedy major building defects, and the reserve fund is inadequate to pay for those expenditures, it will be necessary to raise needed capital e

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s above, there are additional closing costs assessed against each unit, such document preparation fees, payment of transfer taxes, reimbursement fee, working capital fund contribution equal to two months' common charges, etc. Additionally, Purchasers will pay their own title insurance costs, recording charges, and mortgage recording taxes. Please see the CLOSING COSTS AND ADJUSTMENTS section of this Offering Plan for a more complete explanation. 5) The projected real estate taxes for the first year of operation are based on a projection of post-completion assessed value. See Footnote 6 in FOOTNOTES TO SCHEDULE A, REAL ESTATE TAXES, and the REAL ESTATE TAX OPINION LETTER sections of this Offering Plan. 6) All parking spaces, including Sponsor in its role as a holder of unsold license agreements, shall be responsible for: (i) all costs and expenses associated with the operation of the area for the parking spaces, and (ii) the payment of any maintenance fees, licensing fees, common charge

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1,500 Labor (8) $ 2,300 Management (9) $ -0- Miscellaneous Reserve (10) $ 1,000 Capital Reserve Fund (11) $ 2,800 Total $ 27,995 Note: All figures are rounded to the nearest dollar.

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. The projected item represents a reserve for repair or replacement of major mechanical systems or structural elements of the building. The capital reserve fund may not be used for regular operating expenses or to reduce the monthly common charges.

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or such notice. The above closing fees are cumulative to the extent applicable to an individual closing. No fund will be created on closing as a reserve fund for capital expenditures. If the Units have not been separately assessed for real estate tax purposes prior to the Closing of Title to the first Unit, the Sponsor will place in escrow, in the name of the Board of Managers, an amount equal to the unpaid real estate taxes (or estimates thereof based on current assessments) due for the next ensuing six months (or until the Units are separately assessed, whichever is shorter), provided, however, that as closings occur, the portion of such funds held in escrow which represent the portion allocable to the Unit being sold shall be released; and interest accrued on such escrow, if any, shall inure to the benefit of, and belong to, the Sponsor. The Board of Managers will pay the real estate taxes from the escrow account when taxes are due and payable; the Sponsor shall be

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tgage Recording Fee $ 350 Mortgage Recording Tax $ 13,060 New York City Transfer Tax $ 12,334 New York State Documentary Stamp Tax $ 3,462 Working Capital Fund Contribution $ 683 Offering Plan Reimbursement Fee $ 2,500 Document Preparation Fee $ 1,500 ACRIS Preparation Fee $ 250 Appraisal / Lender Questionnaire Fee $ 250 TOTAL: $ 37,019 In addition to the foregoing, the Purchaser will, of course, be responsible for any fees charged by his/her own bank and his/her own Attorney, and additional fees incurred because of Default or failure to close at the scheduled time or place. Purchaser will also be responsible for the mortgage recording charge which is calculated on the basis of $42.00 for the first two pages, plus $5.00 per page for every page thereafter, and a $50.00 service charge.

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109 RESERVE FUND Sponsor is not creating a fund on closing to be used as a reserve for capital expenditures. However, the budget for the first year of Condominium operation in SCHEDULE B includes a budgeted Capital Reserve Fund for repair and replacement of major systems or structural elements of the building. This budgeted item will start the gradual creation of a reserve fund which may not, at its inception, be sufficient to provide for needed capital expenditures. Unit Owners will therefore be contributing to the Capital Reserve Fund through their common charges, beginning with common charge adjustments paid at the closings of their individual Condominium Units. (Unit Owners will also, at closing, pay their contributions to the building’s Working Capital Fund.) In the event a need arises for capital expenditures such as renewal or replacement of building components or systems, or to remedy major building defects, and the reserve fund is inadequate to pay for th

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110 WORKING CAPITAL FUND At closing of title to each unit, the Unit Owner for such unit will contribute to the working capital fund of the Condominium an amount equal to two months’ Common Charges (see CLOSING COSTS AND ADJUSTMENTS). This Working Capital Fund will be used to make repairs and improvements, and for other appropriate purposes as determined by the Board of Managers, particularly to meet emergencies not budgeted for in SCHEDULE B. While the Sponsor controls the Board of Managers (see CONTROL BY THE SPONSOR), the Working Capital Fund will not be used to reduce estimated Common Charges. The Working Capital Fund will not be reduced by any closing adjust ments to the Sponsor. All closing adjustments to the Sponsor will be paid in equal monthly installments over the twelve (12) month period following closing. All adjustments represent reimbursement for prepayment of expenses already included in the budget set forth herein, and therefore do not represent

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ponsor, and is current in his financial obligations to the property, including, but not limited to, payment or common charges, taxes, reserve and/or working capital fund contributions, assessments, payments for any repairs or improvements promised in the plan, and payments of any underlying mortgages and loans for which units have been pledged, as applicable. There are no felony convictions, convictions, bankruptcies or injunctions against the Sponsor, or Principals of the Sponsor, or any of the individuals named above in this section or who own or control 10% or more equity interest in the Sponsor. COUNSEL: Sponsor has engaged the Law Office of Claudia V. Murdoch, P.C., 117 Seventh Avenue, Brooklyn, New York 11215, to represent it in the preparation and filing of this Offering Plan. Wing Y. Yu, Esq. of Yu Law, P.C., with an address at 199-20 32nd Avenue, Ground Fl., Flushing, NY 11358, will act as the Sponsor’s closing attorney, and will be the escrow agent for Purcha

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ount as the Board of Managers may deem proper for the operation and maintenance of the Common Elements including, without limitation, an amount for working capital of the Condominium, for a general operating reserve, for a reserve fund for replacements, and to make up any deficit in the common expenses for any prior year. The Common Expenses may also include such amounts as may be required for the purchase or lease of any Unit wh ose Owner has elected to sell or lease such Unit, or any Unit which is to be sold at a foreclosure or other judicial sale. The Board of Managers shall advise all Unit Owners promptly, in writing, of the amount of Common Charges and Expenses payable by each of them, respectively, as determined by the Board of Managers, as aforesaid, and shall furnish copies of each budget on which such Common Charges and Expenses are based, to all Unit Owners. Any dispute relating to the expenses to be borne by the Unit Owners shall be submitted to arbitration in a

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he section of the Offering Plan entitled CONTROL BY THE SPONSOR for a more complete explanation. 7) The Sponsor is liable for all common charges, special assessments, and real estate taxes with respect to unsold units, and represents that Sponsor has financial resources to meet these obligations. However, no bond, escrow deposit, or other security has been furnished to secure the Sponsor's obligations. Please see the section of the Offering Plan entitled RIGHTS AND OBLIGATIONS OF THE SPONSOR for a more detailed explanation. 8) Pursuant to existing law and regulation, the Sponsor may declare the plan effective by selling a minimum of fifteen (15%) percent of the units in the building, which in this Plan constitutes two (2) residential units. If the Plan is declared effective with a minimum number of sales, it is possible that Sponsor may be able to create a condominium even though there is no guarantee that all of the purchasers counted towards effectiveness will ultim

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ociated with the operation of the area for the parking spaces, and (ii) the payment of any maintenance fees, licensing fees, common charges, and/or special assessments imposed by the Condominium Board of Managers related to the parking spaces. The Sponsor will abide by all applicable laws, rules, and regulations regarding the use of the parking spaces. The New York State Multiple Dwelling Law, Section 60, “Motor vehicle storage,” applies to the parking units in this offering. Such space or structure shall be used solely for the storage of passenger motor vehicles of the occupants of the multiple dwelling or of multiple dwellings under common ownership, except that, in the event such space or structure or part thereof is not used by such occupants, it may be rented by the owner or owners of such dwelling or dwellings to persons other than the occupants thereof for periods of not less than one (1) week and not more than one (1) month. The space which has thus been rented sh

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ected by unit owners to operate the Condominium. The Board of Managers will set common charges based on cash needs of building operation, decide on special assessments, and, in general, make all decisions necessary to run the building. (5) Each unit owner must pay common charges in accordance with the New York Condominium Act (Real Property Law Sections 339 (i) and (m)), and any applicable state or local law. The common charges payable under the By-Laws will be based strictly on the projected cash requirements of ownership and operation of the Property and may include an allowance for contingencies, replacements, and/or repairs. Furthermore, the Board of Managers may impose special assessments in

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ssociated with the operation of the area for the parking spaces, and (ii) the payment of any maintenance fees, licensing fees, common charges, and/or special assessments imposed by the Condominium Board of Managers related to the parking spaces. Please see SCHEDULE A-2. 32

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77 Pursuant to 13 NYCRR § 20.3(t)(5), t he Sponsor agrees to pay all common charges, special assessments, and real estate taxes with regards to unsold units, and has financial resources to meet its obligations with respect to such unsold units, which source of funding includes both proceeds of the sale of units and existing financial resources of the Sponsor to be utilized if such projected sales are not made . No bond or other security has been furnished to secure Sponsor's obligations. In the event of dissolution or liquidation of the Sponsor, or transfer of 10 or more units or 20% or more of the total number of residential units in the Condominium, the principals of the Sponsor will provide financially responsible entities or individuals who will assume the status and all of the obligations of the Sponsor for those units under the Offering Plan, applicable laws, or regulations. The Sponsor will defend any suits or proceedings against the Condominium arising out of

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the Commercial Units exceeds the cost of insuring the building without Commercial Units, then the Commercial Unit Owners shall be responsible for a special assessment in the amount of such overage. Commercial Unit Owners shall be under a duty to maintain heat in their unit on a 24 -hour basis, notwithstanding the operating hours of the business, so as to prevent any piping or building facilities which run through said Commercial Units from freezing or being otherwise damaged by any weather condition. Section 11. Additions, Alterations or Improvements by Unit Owners: No Unit Owner shall make any structural addition, alteration or improvement in or to his Unit, or which affects the exterior of the Building's Units, without prior written consent thereto of the Board of Managers. The Board of Managers shall have the obligation to answer in writing any written request by a Unit Owner for approval of a proposed structural addition, alteration or improvement in such Unit Owner

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e assessed value, which is only a portion of the market value. Neither the unit selling prices set forth in this offering plan, nor future sales or resale prices have any bearing on determining the assessed valuation of the individual condominium units. The anticipated date of completion of construction is Fall of 2024. Calculations of Real Estate Taxes are arrived at by applying the current tax rate to the assessed value, and then allocating the resulting taxes in direct proportion to the allocation of common interest. The taxing authority in the case of this offering is New York City Department of Finance (“DOF”). Assessments in New York City are made on a fiscal year basis, beginning on July 1st of each year and ending on June 30th the following year. The status of the building on January 5th of each year is the basis of the assessment for the fiscal year beginning that July 1st. The first year of condominium operation is estimated to commence July 1, 2025. Since

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e, there are additional closing costs assessed against each unit, such document preparation fees, payment of transfer taxes, reimbursement fee, working capital fund contribution equal to two months' common charges, etc. Additionally, Purchasers will pay their own title insurance costs, recording charges, and mortgage recording taxes. Please see the CLOSING COSTS AND ADJUSTMENTS section of this Offering Plan for a more complete explanation. 5) The projected real estate taxes for the first year of operation are based on a projection of post-completion assessed value. See Notice of Property Value issued on January 15, 2026 by the New York City Department of Finance at Exhibit II. 6) All parking spaces, including Sponsor in its role as a holder of unsold license agreements, shall be responsible for: (i) all costs and expenses associated with the operation of the area for the parking spaces, and (ii) the payment of any maintenance fees, licensing fees,

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1,500 Labor (8) $ 2,300 Management (9) $ -0- Miscellaneous Reserve (10) $ 1,000 Capital Reserve Fund (11) $ 2,800 Total $ 28,253 Note: All figures are rounded to the nearest dollar.

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ted with the operation of the area for the parking spaces, and (ii) the payment of any maintenance fees, licensing fees, common charges, and/or special assessments imposed by the Condominium Board of Managers related to the parking spaces. Please see SCHEDULE A-2.