27 Paikin Drive Condominium

Key facts from 27 Paikin Drive Condominium's documents

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

Community type

Condominium

Legal name

27 Paikin Drive Condominium

Developer / declarant

Paiken House LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Article 1: 'submits the property ... to )

Assessments & dues

Board determines and levies monthly assessments to cover cost of operations; assessments pro-rata according to common interest. (Bylaws Art III Sec 5(a); Declaration Art)

Collections & liens

Unpaid common charges constitute a lien prior to taxes and first mortgage. May be foreclosed like a mortgage. Also suit for money judgment available separately. (Declaration Common Charges section; Byla)

Reserves & fees

Mentioned as an item in budget: 'reserves'. (Bylaws Art VI Sec 1: 'They shall determi)

Leasing & rentals

Yes, but must be free of unpaid common charges. Board has right of first refusal to purchase a Unit offered for resale, not lease. Sale/lease voidable if in violation. (Bylaws Art X Sec 1)

Architectural approval

Written consent of Board required for exterior alterations, any structure on Condominium, and interior alterations impairing structural soundness. (Declaration Art 17(b); Bylaws Art VIII S)

Home business

Permitted as 'other lawful purposes (such as home office)'. (Bylaws Art VIII Sec 2)

Maintenance

Association responsible for Common Elements repair/maintenance including roof, exterior walls, interior common elements, walks, lawns, shrubbery, driveways, parking areas. Unit owner responsible for interior of Unit except if structural imp (Bylaws Art III Sec 5(q) and Sec 6)

Insurance

Board shall obtain and maintain fire insurance with extended coverage on the Building for full replacement value including all Common Elements and Units, and liability insurance. Insurance trustee required if proceeds exceed $40,000. (Bylaws Art VII Sec 1 and Sec 2)

Use restrictions

Occupancy restricted to residential occupancy. Also home office permitted as 'other lawful purposes'. (Declaration Art 17(i); Bylaws Art VIII S)

Voting & meetings

Each Unit Owner entitled to cast one vote per Unit owned at Unit Owners' meetings. Also each Unit Owner has one vote per percentage of common interest set forth in Exhibit B. (Bylaws Art II Sec 2; Declaration Art 10:)

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