1421 Hancock Street Condominium Inc.

Key facts from 1421 Hancock Street Condominium Inc.'s documents

Reflects the 2021 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

1421 Hancock Street Condominium

Units / lots

6 (f/k/a Lot 71, n/k/a Lots 1101-1106) (Declaration: Schedule A and cover page l)

Governing law

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

Assessments & dues

Board of Managers prepares budget annually, determines Common Charges, and allocates according to Common Interests. (By-Laws Art VI §1: 'The Board of Manager)

Special assessments

Board may impose an assessment or additional Common Charge to meet any unanticipated Common Expense. (By-Laws Art VI §1: 'The Board of Manager)

Collections & liens

Foreclosure of liens for unpaid Common Charges is permitted. (By-Laws table of contents: Art VI §7: 'F)

Reserves & fees

Reserve fund equal to 10% of projected annual budget, used only for capital expenditures. (By-Laws Art II §2(r): 'The amount of the)

Insurance

Fire insurance with extended coverage, vandalism and malicious mischief, at least 80% replacement cost of Building, including all Units and fixtures initially installed by Sponsor, with Condominium Property Endorsement and New York standard (By-Laws Art VI §2(a))

Use restrictions

Each Unit may be used as a residence only. (Declaration §7: 'Each Unit may be used a)

Voting & meetings

Each Unit Owner casts one vote for each 1% of Common Interest. For board elections, one vote per 0.01% per position, no cumulative voting. (By-Laws Art III §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.