245 East 53rd Street Condominium Inc

Key facts from 245 East 53rd Street Condominium Inc's documents

Reflects the 2019 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Article 2: name of condominium)

Legal name

245 East 53rd Street Condominium

Units / lots

6 (5 residential, 1 commercial) (Article 4)

Developer / declarant

245 East 53rd Street Realty, LLC, with an address at 41 Avenue A, New York, NY 10009 (Before Article 1)

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Article 1)

Special assessments

Board may impose an assessment or additional Common Charge to meet any unanticipated Common Expense (By-Laws Article VI Section 1)

Collections & liens

Board may foreclose liens for unpaid Common Charges (Subject to details in By-Laws Article VI Section 7) (By-Laws Article VI Section 7 (title))

Reserves & fees

Board shall establish reserve fund equal to 10% of projected annual budget of the Condominium, used only for capital expenditures (By-Laws Article II Section 2(r))

Home business

Commercial Unit may be used for any legal use permitted by certificate of occupancy, Zoning Resolution, or other applicable laws. (Declaration Article 7)

Use restrictions

Each Residential Unit may be used as a residence only. (Declaration Article 7)

Voting & meetings

Each Unit Owner entitled to one vote per 1% of Common Interest on all matters; for Board elections, each Unit gets one vote per 0.01% of Common Interest per member to be elected, no cumulative voting (By-Laws Article III Section 8)

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