522 State Street Condominium Association Ltd.

Key facts from 522 State Street Condominium Association Ltd.'s documents

Reflects the 2024 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Declaration title: 'Establishing a Plan )

Units / lots

4 (tax lots 1301-1304) (Cover page: Lots 1301-1304; Declaration:)

Developer / declarant

522 State LLC (Declarant (page 1 of Declaration))

Governing law

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

Assessments & dues

Not fixed; determined annually by Board based on budget (By-Laws Section 6.1 (Determination of Co)

Special assessments

Allowed; Board may levy Special Assessments in accordance with By-Laws Section 6.1(C). Requires Board approval; during Sponsor Control Period, Sponsor consent needed for certain purposes. (By-Laws Section 6.1(C); also Section 2.4)

Collections & liens

Yes; By-Laws Section 6.4 provides for lien for unpaid assessments and foreclosure rights. (By-Laws Section 6.4 (Default In Payment))

Reserves & fees

Board may accumulate reserve funds for capital replacements or other purposes (By-Laws Section 2.4(A)(xii)). Minimum 10% reserve for capital replacement required in budget (By-Laws Section 2.7). (By-Laws Section 2.4(A)(xii); Section 2.7)

Pets

Not directly mentioned; Rules and Regulations may govern. (By-Laws Section 5.10 – Rules and Regulat)

Leasing & rentals

Yes; By-Laws Article 7 (Selling and Leasing of Units) indicates leasing is permitted subject to conditions. (By-Laws Article 7 (Table of Contents), S)

Parking & vehicles

Not governed by condominium documents. (N/A)

Architectural approval

Yes; Board approval required for alterations, additions, improvements to units (Declaration Article 12). Limited Common Element alterations also subject to Article 12. (Declaration Article 12; also By-Laws Sec)

Home business

Not explicitly prohibited; use limited to residential purposes per zoning. (Article 9)

Maintenance

Roof is a Common Element except for roof decks allocated as Limited Common Elements to Units 3 and 4 (Exhibit B). Association responsible for roof maintenance; unit owners maintain their limited common element roof decks. (Article 7 (Common Elements); By-Laws Sec)

Insurance

By-Laws Section 5.4 requires Board to obtain property insurance on the Building and liability insurance. Details not fully provided. (By-Laws Section 5.4 (Insurance))

Use restrictions

Yes; each Unit may be used for residential purposes only, subject to local law and zoning. No more than one family per unit. (Article 9 (Use of Units))

Voting & meetings

Each unit votes according to its Common Interest percentage: Unit 1: 27.01%, Unit 2: 26.27%, Unit 3: 22.99%, Unit 4: 23.73% (Exhibit B (Common Interest percentages);)

Amendments

Declaration may be amended by 66 2/3% vote of Unit Owners (Article 18). By-Laws amendment procedure in Article 12 (not fully provided). (Declaration Article 18)

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