2 Collins Avenue Condominium

Key facts from 2 Collins Avenue Condominium's documents

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

Community type

Condominium

Legal name

2 COLLINS AVENUE CONDOMINIUM

Developer / declarant

27 WEST SPRING LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Preamble, Section 26)

Assessments & dues

Common Charges determined by Condominium Board to meet Common Expenses; Special Assessments levied by Board pro-rata according to Common Interests. (Section 2.4 (powers), Definitions (7) Co)

Special assessments

Board may levy Special Assessments for deficiencies in trust funds, reserves, or other common expenses. (Section 5.5(C), Definitions (32))

Collections & liens

Condominium Board may perfect a lien against a Unit for unpaid Common Charges; owner cannot vote while lien is outstanding. (Section 4.8(B))

Leasing & rentals

Leasing of entire Unit is permitted subject to Right of First Refusal (Article 7 of By-Laws); subleasing of a portion is prohibited; no transient occupants. (Section 5.7(B), Article 7 (Right of Firs)

Architectural approval

Alterations, additions, improvements to interior of Unit require Board approval; changes to layout also require Board approval; alterations to Common Elements costing >$5,000 require approval of all Unit Owners and Mortgage Representatives. (Section 5.2, Section 5.3)

Maintenance

Unit Owner responsible for interior maintenance (walls, ceilings, floors, fixtures, windows, doors, exposed plumbing, etc.) and exterior glass cleaning. Condominium Board responsible for Common Elements (including structure, roof, mechanica (Section 5.1(A)(i), (B), Section 8(c))

Insurance

Board may determine deductible amounts. (Section 5.4(B) (last sentence))

Use restrictions

Units may be occupied only by the owner, their family members, or guests; no transient occupants allowed; no portion of a Unit may be leased or subleased. (Section 5.7(B))

Voting & meetings

Each Unit Owner entitled to one vote per Unit; after Sponsor Control, each Unit Owner elects one Board Member. Sponsor or its designee designates Board Members during control period. (Section 4.8(A), Section 4.9, Section 2.7)

Amendments

Declaration may be amended by vote of all Unit Owners; material amendments require consent of 51% of eligible mortgage holders. By-Laws amendment procedure not detailed but Board can amend Rules and Regulations. (Section 19(a), (c) of Declaration; Secti)

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