5 First Street Condominium

Key facts from 5 First Street Condominium's documents

Reflects the 2014 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (PAGE 1, Declaration title)

Legal name

5 First Street Condominium

Developer / declarant

SIMCHA 10 LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration Article 1, PAGE 3)

Assessments & dues

Not fixed; determined by Board annually via budget (By-laws Art VI Sec 2). (By-laws Article VI Section 2, PAGE 17)

Special assessments

Board may vote special assessment in excess of monthly amount if required to meet additional necessary expenses (By-laws Art III Sec 5(1)). (By-laws Article III Section 5(1), PAGE 1)

Collections & liens

Common charges are a lien on the Unit; may be foreclosed like a mortgage; proceeds applied to unpaid common charges; any deficiency charged to all Unit Owners as common expense. Foreclosure purchaser not liable for pre-acquisition common ch (Declaration Article 12, PAGE 6-7)

Reserves & fees

Budget includes reserves (By-laws Art VI Sec 2). No specific reserve requirements. (By-laws Article VI Section 2: 'reserves,)

Leasing & rentals

Yes, but subject to Board's right of first refusal (By-laws Art XI Sec 1). (By-laws Article XI Section 1, PAGE 21)

Parking & vehicles

Commercial license plate vehicles limited to 24 hours (By-laws Art VIII Sec 8(e)). (By-laws Article VIII Section 8(e), PAGE )

Architectural approval

Yes; written consent of Board required for exterior alterations, structures on common elements, and interior alterations impairing structural soundness (Declaration Art 17(b); By-laws Art VIII Sec 7). (Declaration Article 17(b), PAGE 7; By-la)

Home business

Not explicitly prohibited beyond residential use, but likely prohibited due to residential occupancy provision. (Declaration Article 17(h) implies reside)

Use restrictions

Yes; Units are for residential occupancy (Declaration Art 17(h)). (Declaration Article 17(h), PAGE 8)

Voting & meetings

Each Unit Owner shall have one vote for each percentage of common interest set forth in EXHIBIT B (Declaration Art 8); see also By-laws Art II Sec 2: each Unit Owner one vote per Unit (Declaration Article 8, PAGE 6; By-laws A)

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