42 Collins Avenue Condominium

Key facts from 42 Collins Avenue Condominium's documents

Reflects the 2022 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

42 Collins Avenue Condominium

Developer / declarant

ACE BUILDERS NY LLC (Declaration, page 2)

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration, page 5, Section 3; page F-1)

Special assessments

May be levied by Board pro-rata per Common Interests; subject to limitations during Sponsor control (Section 2.5); material amendments re assessments >25% increase require mortgagee consent (Exhibit C Definition (32) page 19; Decla)

Reserves & fees

Not explicitly required; Sponsor can withhold consent for addition to contingency fund; material amendment reducing reserves requires mortgagee consent (By-laws Section 2.5(ii) page 29; Declara)

Maintenance

Unit Owner: interior painting, decorating, maintenance, replacements (interior walls, ceilings, floors, fixtures, appliances, windows, doors, plumbing, gas, heating); exterior glass cleaning; costs from negligence. Association: Common Eleme (By-laws Section 5.1(A) and (B) pages 38-)

Insurance

Board may determine deductible amounts (By-laws Section 5.4(C) page 42)

Use restrictions

Units must be used in accordance with local law and zoning; partial use as professional office by owner only is permitted (By-laws Section 5.7 page 44)

Voting & meetings

Each Unit Owner one vote per Unit; during Sponsor control, Sponsor designates Board Members and votes; after Sponsor control, each Unit Owner elects one Board Member per Unit (By-laws Section 4.8 and 4.9; page 37-38)

Amendments

Declaration: unanimous vote of all Unit Owners or written approval; Sponsor may amend for expansion without Unit Owner approval. Material amendments require consent of eligible mortgage holders representing at least 51% of votes of unit est (Declaration Section 19 pages 10-12)

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