56 North Cole Ave Condominium

Key facts from 56 North Cole Ave 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

56 NORTH COLE AVE CONDOMINIUM

Developer / declarant

ACE BUILDERS

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration, page 1, 4, 12, etc.)

Assessments & dues

Common Charges and Special Assessments determined by the Condominium Board, allocated pro-rata according to Common Interests. (By-Laws Section 2.4(A)(v); Definitions o)

Special assessments

Special Assessments may be levied by the Board; certain limitations apply during sponsor control. (By-Laws Section 2.5(ii); Definitions)

Leasing & rentals

Leasing of Units is permitted but subject to Right of First Refusal (Article 7) and no transient occupants. (By-Laws Article 7; Section 5.7(B), page )

Use restrictions

Units shall be used for residential purposes only (Declaration, page 6 ("used only for resi)

Voting & meetings

Each unit owner has one vote per unit owned. During sponsor control, sponsor designates board members. After sponsor control, each unit owner elects one board member. (By-Laws Section 2.7, 4.8, 4.9; Declarati)

Amendments

Requires unanimous vote of all Unit Owners, or written consent. Certain amendments require mortgagee consent. Material amendments require consent of mortgagees holding 51% of unit estates subject to mortgages. (Declaration Article 19, page 10-11)

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