Cornerstone Lofts

Key facts from Cornerstone Lofts's documents

Reflects the 2021 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Article II: "Cornerstone Lofts Condomini)

Legal name

Cornerstone Lofts Condominium

Developer / declarant

340 Bird Avenue Inc.

Governing law

Article 9-B of the Real Property Law of the State of New York (WHEREAS and Article I 1.01: "pursuant to)

Assessments & dues

Board of Managers determines annual charges and special assessments; allocated by percentage interest in Common Elements. (By-Laws 5.01; Declaration 8.02)

Special assessments

Allowed; Board may impose special assessments to meet additional necessary expenses, allocated per common interest. (By-Laws 3.02(a): "increase the annual ch)

Collections & liens

Unpaid Common Charges constitute a lien on the Unit prior to all other liens except taxes and prior mortgages; personal obligation of owner; Board may enforce lien through foreclosure. (Declaration 8.03; By-Laws 5.03)

Reserves & fees

Late charges may be imposed by Board. (Declaration 8.03: "together with any acc)

Voting & meetings

Each Unit Owner votes according to percentage interest in Common Elements; weighted voting; Sponsor may appoint one board member as long as owns a Unit; Commercial Unit Owner may appoint one board member. (Declaration 7.01; By-Laws 2.01, 2.04)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.