501 Myrtle Ave Condominium Association Inc.

Key facts from 501 Myrtle Ave Condominium Association Inc.'s documents

Reflects the 2024 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Declaration heading; Document type)

Units / lots

11 (10 residential + 1 retail) (Declaration §4.A; Schedule C)

Governing law

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

Assessments & dues

Board prepares budget and determines Common Charges proportionally to Common Interest. Based on floor area (Declaration §7). (By-Laws §2.4 (iv)(v); Declaration §7)

Special assessments

Charges allocated by Board pro rata in accordance with interests (except as otherwise provided). (Schedule B definition of Special Assessm)

Reserves & fees

Board may accumulate funds for use as a reserve fund for capital replacements or other purposes. (By-Laws §2.4 (viii))

Leasing & rentals

Yes (Article 7 of By-Laws titled 'Selling and Leasing of Units' exists, but full text not provided; Sponsor may retain units for rental). (By-Laws Article 7 (title); Declaration §)

Home business

Allowed as professional office within unit, subject to law and certificate of occupancy. (Declaration §6)

Signs & flags

Sponsor has easement to erect signs on the Property for advertising sale/leasing of Units. No general rule for unit owners. (Declaration §9.C)

Use restrictions

Residential units for private residential use; home occupation/professional office allowed if compliant with law and certificate of occupancy. (Declaration §6)

Voting & meetings

Each Unit Owner votes in proportion to their Common Interest percentage. (By-Laws §4 (implied); Schedule C lists p)

Amendments

Declaration may be amended by vote of at least 66-2/3% in number and Common Interest of all Unit Owners, or by written approval of same. Exceptions require mortgagee consent and Sponsor consent for Unsold Units. Sponsor may amend unilateral (Declaration §14)

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