245 Nostrand Condominium Inc.

Key facts from 245 Nostrand Condominium Inc.'s documents

Reflects the 2018 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Declaration: Establishing a Plan for Con)

Developer / declarant

245 Nostrand LLC (Declaration page)

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Declaration Article 2 and preamble)

Assessments & dues

Set by board based on budget; no fixed amount stated (Section 6.1 of By-Laws)

Special assessments

Permitted; subject to board determination and sponsor veto during control period (Definition of Special Assessments and Se)

Collections & liens

Permitted for unpaid Common Charges; Board may place a lien (Section 6.4 of By-Laws)

Reserves & fees

Board may accumulate reserve funds; minimum 10% of budget for capital replacement required during sponsor control (Section 2.4(A)(xii) and sponsor veto res)

Maintenance

Condominium Board maintains Common Elements; Unit Owners maintain their Units and Limited Common Elements (as allocated) (By-Laws Sections 5.1 and 5.2)

Use restrictions

Units may be used in accordance with local law and certificate of occupancy; not more than one family per unit allowed (Article 9 of Declaration)

Voting & meetings

Each unit casts votes based on its Common Interest percentage (By-Laws Section 4.8 (implied) and Articl)

Amendments

Declaration amendment: 66 2/3% vote of unit owners, recorded in Kings County Register's Office (Article 18 of Declaration)

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