64 Washington Avenue Condominium

Key facts from 64 Washington Avenue Condominium's documents

Reflects the 2005 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

64 WASHINGTON AVENUE CONDOMINIUM

Developer / declarant

MICHAEL BUCHINGER and MIRIAM BUCHINGER, and USHER SPIRA and YITTY SPR

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Section 2, Submission of the Property)

Assessments & dues

Board determines Common Charges and Special Assessments based on adopted budget. (By-laws Section 2.4(iv)(v))

Special assessments

Permitted with approval of Majority of Unit Owners for capital improvements, new services, or reserves beyond 5% of budgeted operating expenses. (By-laws Section 2.5(iii)(iv))

Collections & liens

Board may perfect a lien against a Unit for unpaid Common Charges; owner cannot vote if lien perfected. (By-laws Section 4.8(B) and reference to )

Reserves & fees

Board may establish reserves only up to a twelve-month reserve for contingencies not exceeding 5% of budgeted operating expenses unless approved by Unit Owners. (By-laws Section 2.5(iv))

Leasing & rentals

Yes; lessees are permitted occupants. (Section 9)

Maintenance

Not explicitly stated; implied as Common Element (association responsibility). (By-laws Section 5.1(A) and definition of)

Insurance

Property insurance covering building (excluding appliances, furniture, etc.) at least 80% of replacement cost. Comprehensive general liability insurance with minimum $500,000 aggregate until first elected board. (By-laws Sections 5.4(A) and 5.4(C)(ii))

Use restrictions

Each Unit may be used only as a single-family residence; occupancy by one family, their lessees and immediate family members. (Section 9 - Use of the Units)

Voting & meetings

Each Unit Owner entitled to one vote per unit owned; cumulative voting allowed in Board elections. Sponsor retains voting rights while owning units. (By-laws Section 4.8, Section 4.9)

Amendments

Requires 66 2/3% in number and Common Interest of all Unit Owners, or written consent. Sponsor may amend unilaterally for floor plans. Board may amend to divide board into separate boards. (Section 19)

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