5 Vincent Road Condominium

Key facts from 5 Vincent Road Condominium's documents

Reflects the 2023 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Throughout document)

Legal name

5 Vincent Road Condominium

Developer / declarant

1 Vincent Road LLC and Herman 42nd Street, LLC

Governing law

Article 9-B of the New York Real Property Law (First page of Declaration)

Assessments & dues

Condominium Board determines Common Charges based on annual budget adopted for each fiscal year. (By-Laws Section 6.1 and Section 2.4(iv))

Special assessments

Permitted; charges allocated and assessed by Condominium Board pro-rata in accordance with Common Interests, except as otherwise provided. (By-Laws Section 6.1(C); Exhibit C defini)

Collections & liens

Condominium Board may enforce payment by legal action, including lien and foreclosure in accordance with Condominium Act. (By-Laws Section 6.4; Article 9-B)

Reserves & fees

Condominium Board may open and maintain a reserve fund for replacement items and to make up deficits. (By-Laws Section 2.4(xii) and Section 6.1)

Leasing & rentals

Yes, Article 7 of By-Laws governs selling and leasing of Units. (By-Laws Article 7)

Architectural approval

Yes for structural alterations. No Unit Owner may make any structural alteration in or to his Unit without prior written approval of the Board of Managers. Non-structural alterations do not require approval. Modifications requiring Board ap (By-Laws Section 5.1(D))

Maintenance

Common Element - maintained by Condominium Board. (By-Laws Section 5.1(A)(ii) and Article 7)

Use restrictions

Each Unit may be used in accordance with local law and zoning regulations; occupied only by individual owners, officers, partners, employees, or family members. (Article 9 of Declaration)

Voting & meetings

Each Unit Owner entitled to one vote per unit owned. Co-owners entitled to one-half vote each. Sponsor may vote while owning Unsold Units. (By-Laws Section 4.8(A), (C); Section 2.7)

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