1105 Cortelyou Road Condominium LLC

Key facts from 1105 Cortelyou Road Condominium LLC's documents

Reflects the 2023 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Article 2: Submission of the Property to)

Units / lots

11 (10 residential + 1 commercial) (Article 4: one (1) commercial unit and t)

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Article 2; Article 23; Exhibit C definit)

Assessments & dues

Common Charges allocated in proportion to Common Interests. Board adopts budget and assesses Common Charges. (Article 8; By-Laws Section 6.1)

Special assessments

Allowed. Requires Board determination per By-Laws Section 6.1(C). During Sponsor Control Period, Sponsor's Veto Rights apply to certain increases or assessments. (By-Laws Section 6.1(C); Section 2.7 (Vet)

Collections & liens

Unpaid Common Charges may become a lien on the Unit. Condominium Board may enforce via foreclosure (By-Laws Article 9). (By-Laws Article 9 (Certain Remedies); Se)

Reserves & fees

Board may accumulate reserve funds for capital replacements or other purposes (By-Laws Section 2.4(A)(xii)). At least 10% Reserve for Capital Replacement to be included in each Budget (By-Laws Section 2.7 Veto Rights (b)). (By-Laws Section 2.4(A)(xii); Section 2.7)

Leasing & rentals

Leasing is permitted (By-Laws Article 7: Selling and Leasing of Units). No explicit prohibition of short-term rentals. (By-Laws Article 7)

Use restrictions

Units may be used in accordance with local law and zoning; not more than one family may occupy a Unit at a time. (Article 9)

Voting & meetings

Each Unit Owner votes in proportion to Common Interest. Sponsor has special voting rights during Sponsor Control Period. (By-Laws Section 4.8; Section 2.7)

Amendments

Declaration may be amended by 66 2/3% vote of Unit Owners, recorded in Kings County Register's Office (Article 18). By-Laws amendment procedure per By-Laws Article 12. (Article 18; By-Laws Article 12)

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