55 West Street Condominium

Key facts from 55 West Street 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

55 West Street Condominium

Developer / declarant

Moshe Horowitz

Governing law

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

Assessments & dues

Board of Managers determines budget at least annually, including operating expenses, reserves, etc. Total required is prorated among units according to common interest percentages. Payable monthly in advance. (Bylaws, Article VI, Section 2)

Special assessments

Board of Managers may levy special assessments when required, payable in the same manner as regular assessments. (Bylaws, Article VI, Section 2)

Collections & liens

Board may foreclose lien on unit for unpaid common charges remaining unpaid 90 days from due date. Foreclosure in accordance with Section 339 of Real Property Law. (Bylaws, Article VI, Section 2; Declarati)

Reserves & fees

Budget includes reserves for maintenance, repair, and replacement. (Bylaws, Article VI, Section 2)

Pets

Pets are allowed (reference to 'their pets' in Section 3, and unit owner liable for damage caused by pets). (Bylaws, Article VIII, Sections 3, 5)

Leasing & rentals

Leasing is allowed but subject to Board's right of first refusal, payment of all unpaid common charges, and lease in violation is voidable at Board's option. (Bylaws, Article XI, Section 1)

Parking & vehicles

Commercial license plate vehicles may not be parked for a period in excess of 24 hours. (Bylaws, Article VIII, Section 8(e))

Architectural approval

Board must answer within 60 days; failure to do so means no objection. (Bylaws, Article VIII, Section 7)

Maintenance

Common elements (exterior walls, roof, roof members, public utility lines in common elements): common expense. Units (including windows, doors, interior electrical and plumbing, painting and decorating): Unit Owner expense. Board may do eme (Bylaws, Article III, Section 6)

Use restrictions

Occupancy of Units restricted to residential occupancy in accordance with applicable zoning regulations. (Declaration, Article 17(i))

Voting & meetings

Each Unit Owner (including Sponsor) has one vote per unit owned. Each unit appoints a Manager to vote. (Bylaws, Article II, Sections 2, 5)

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