102 West Street Condominium

Key facts from 102 West Street Condominium's documents

Community type

Condominium

Legal name

102 West Street Condominium

Developer / declarant

Ace Builder NY LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (PURSUANT TO ARTICLE 9-B OF THE REAL PROP)

Assessments & dues

Board determines Common Expenses and apportions Common Charges among Unit Owners based on their Common Interests (Section 6.1(A) (page 45) - 'The Condomin)

Special assessments

Defined as charges allocated by Board to Unit Owners pro-rata based on Common Interests; can be levied for deficiencies in Trust Funds (e.g., insurance proceeds insufficient for restoration) or for reserve fund, subject to Sponsor consent l (Definition (32) (page 17); Section 5.5(C)

Leasing & rentals

Leasing is permitted subject to Right of First Refusal; Board may also lease Units acquired; no transient occupancy allowed (no short-term rentals) (Article 7 RIGHT OF FIRST REFUSAL (page 2)

Parking & vehicles

2 parking spaces per Unit, located adjacent to entrance, designated as Limited Common Elements (Section 8(a) (page 5): 'the 2 parking sp)

Architectural approval

Yes, Board approval required for alterations, additions, improvements to Units or Common Elements; for Common Element alterations costing over $5,000, approval of all Unit Owners required (Section 9 (page 5-6) and Section 5.2 (pa)

Maintenance

Unit Owner responsible for interior walls, ceilings, floors, fixtures, windows, doors, exposed plumbing, etc., at own cost. Board responsible for Common Elements as Common Expense. Work necessitated by condition in Unit: if not paid by insu (Section 5.1(A) (page 37) - comprehensive)

Insurance

Board may determine deductible amounts (Section 5.4(C) (page 40): 'Any insurance)

Use restrictions

Units must be occupied only by the owner (or specified related persons/Family Members) and guests; no transient occupants; commercial occupancy not explicitly prohibited but limited to certain business-related persons (Section 5.7(B) (page 42-43) - 'may be oc)

Voting & meetings

Each Unit Owner (including Sponsor) entitled to one vote per Unit owned; after Sponsor control, each Unit Owner elects one Board Member; proxy allowed in writing; Sponsor may vote until no longer owns any Units (Section 4.8(A), 4.9(A), 4.8(D), 2.7 (pag)

Amendments

Declaration may be amended by unanimous vote of all Unit Owners; certain amendments require mortgagee consent; Sponsor may amend to correct floor plans without prior approval; material amendments require consent of eligible mortgage holders (Article 19 (page 9-10) - detailed provis)

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