28 Hammond Street Condominium

Key facts from 28 Hammond Street Condominium's documents

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

Community type

Condominium

Legal name

28 HAMMOND STREET CONDOMINIUM

Developer / declarant

CHAI X CHAI LLG

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration, Page 1 (preamble) and Page )

Assessments & dues

Condominium Board of Managers determines and collects Common Charges and Special Assessments; Board adopts budget for each fiscal year (By-Laws, Section 2.4(iv) and (v), Page 2)

Special assessments

Condominium Board may levy Special Assessments subject to limitations during first 3 years (Board may not assess without Declarant consent except for legal/insurance requirements) (By-Laws, Section 2.5(A)(ii), Page 27-28)

Reserves & fees

Board may establish a reserve fund not exceeding ten percent of budgeted operating expenses for ensuing twelve months; also a twelve-month reserve for contingencies up to 10% (By-Laws, Section 2.4(xii), Page 26 and S)

Leasing & rentals

Units may be leased; Right of First Refusal exists (By-Laws Article 7) but exact terms not fully visible; the document implies leasing is permitted subject to Board approval or right of first refusal (By-Laws, Article 7 (Right of First Refus)

Architectural approval

Yes, prior written consent of the Condominium Board of Managers required for alterations, additions, improvements, or changes to Units; failure to respond within 15 business days deemed approval (Declaration, Article 10(a), Page 6; By-L)

Home business

Use is limited to private dwelling; home business not explicitly prohibited but inferred by residential use only (Declaration, Article 9, Page 6)

Maintenance

Not explicitly stated; but Common Elements include mechanical and structural systems, and roof is likely part of Building maintained by Board as Common Element (By-Laws, Article 5.1 (Common Elements ma)

Insurance

Board may determine deductible amounts; no specific figure stated (By-Laws, Section 5.4(C), Page 42)

Use restrictions

Each Unit may be used for private dwelling purposes only; not more than one family may occupy a Unit at one time (Declaration, Article 9, Page 6 (Section )

Voting & meetings

Each Unit Owner (including Sponsor) entitled to cast one (1) vote for each percentage of interest owned; cumulative voting allowed (By-Laws, Section 4.8(A), Page 37)

Amendments

Amendment of Declaration requires consent of Unit Owners affected; material amendments require consent of eligible mortgage holders representing at least 51% of votes of mortgaged units; Board may amend to divide into separate boards withou (Declaration, Article 19, Pages 9-10)

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