15 Collins Ave Condominium

Key facts from 15 Collins Ave Condominium's documents

Reflects the 2022 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

15 COLLINS AVE CONDOMINIUM

Developer / declarant

LEVAV NAYM@® LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration page 1 (header and Section 2)

Assessments & dues

Board adopts budget and determines Common Charges and Special Assessments (By-Laws Section 2.4(iv) and (v))

Special assessments

Allowed by Board; defined in Definitions; limitations during sponsor control (Definitions (Special Assessments), By-La)

Collections & liens

Board may perfect a lien against a Unit for unpaid common charges; owner cannot vote if lien perfected; foreclosure provisions not detailed but Article 8 of By-Laws refers to notice of unpaid common charges and performance by mortgagees (By-Laws Section 4.8(B) and Article 8)

Reserves & fees

During sponsor control, reserves limited to a 12-month contingency not exceeding 10% of budgeted operating expenses; otherwise Board may establish reserves (By-Laws Section 2.5(B)(ii))

Leasing & rentals

Leasing permitted but subject to restrictions that may be imposed by amendment; Board may acquire and lease Units (By-Laws Section 2.4(xiv); Declaration Ar)

Parking & vehicles

Two parking spaces per Unit as limited common elements; no other parking rules specified (Declaration Article 8(a))

Architectural approval

Board approval required for alterations, additions, or improvements to any part of the Property other than interior of Unit; also for changes to layout; interior alterations do not require approval (Declaration Article 10; By-Laws Section )

Use restrictions

Each Unit may be used only in accordance with local law and zoning regulations; not more than one family may occupy a Unit (Declaration Article 9)

Voting & meetings

Each Unit Owner casts one vote for each percentage of common interest owned; cumulative voting allowed; Sponsor controls majority vote as long as it owns majority of Units (By-Laws Sections 4.8(A) and 2.7)

Amendments

By vote of all Unit Owners (or written consent of all); certain material amendments require consent of eligible mortgage holders representing at least 51% of mortgage votes; no amendment affecting mortgage lien without mortgagee consent (Declaration Article 19)

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