2131 Ocean Avenue Condominium, Inc.

Key facts from 2131 Ocean Avenue Condominium, Inc.'s documents

Reflects the 2020 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Declaration & By-Laws passim)

Units / lots

33 (16 Residential, 14 Parking, 3 Community Facility) (Declaration §4)

Governing law

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

Assessments & dues

Not predetermined; set by Board in annual budget (By-Laws VI §1)

Special assessments

Board may assess for capital expenditures; borrowing over $50,000 requires majority Unit Owner consent (By-Laws II §2(o))

Collections & liens

Board has lien for unpaid Common Charges and may foreclose; also power of attorney to acquire units in foreclosure (By-Laws VI §7; Declaration §11)

Reserves & fees

Reserve fund established equal to 10% of projected annual budget; used only for capital expenditures (By-Laws II §2(r))

Architectural approval

Unit Owner alterations require approval; Board may adopt rules; Sponsor has broad rights to alter Unsold Units (By-Laws VI §13; Declaration §16)

Home business

Not explicitly addressed; residential use implies no business (Declaration §7 (Residential Unit may be )

Signs & flags

Sponsor may erect sales signs; Community Facility Unit Owners may install illuminated signs for identification, subject to city laws (Declaration §10C, D)

Use restrictions

Residential Units for residence only; Community Facility Units for any legal use per certificate of occupancy; Parking Units for passenger motor vehicle storage (Declaration §7)

Voting & meetings

One vote per 1% of Common Interest on all matters; for Board election, one vote per 0.01% Common Interest per member; no cumulative voting (By-Laws III §8)

Amendments

By 66 2/3% in number and Common Interest of Unit Owners; certain amendments require mortgagee consent (51% of votes of mortgaged units); Sponsor can amend for floor plan filing without consent (Declaration §15)

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