15 S Remsen Street Condominium

Key facts from 15 S Remsen Street Condominium's documents

Reflects the 2019 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

15 S. REMSEN STREET CONDOMINIUM

Developer / declarant

15 REMSEN HOLDS L

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Declaration, page 4 ([[PAGE 4]]) and Sec)

Assessments & dues

Board of Managers determines amount of Common Charges and Special Assessments based on adopted budget and Common Interests. (By-Laws Section 2.4(v) ([[PAGE 26]]): 'd)

Special assessments

Allowed; may be levied by Board for deficits, reserve funding, or other needs. (By-Laws Section 2.4(v) ([[PAGE 26]]) and)

Collections & liens

Unpaid common charges create a lien on the Unit; Board may foreclose. (By-Laws Section 4.8(B) ([[PAGE 35]]): 'C)

Reserves & fees

Permitted; during Sponsor Control, reserves cannot be established except a twelve-month reserve for contingencies not exceeding 10% of budgeted operating expenses. (By-Laws Section 2.5(B) ([[PAGE 28]]): 'e)

Leasing & rentals

Yes, with Right of First Refusal in favor of Board; restrictions on leasing units considered a material amendment. (By-Laws Article 7 (Sections 7.1-7.4) ([[)

Architectural approval

Yes, for alterations, additions, improvements to interior (with exceptions), exterior subject to Board approval within 15 business days; failure to respond deemed approval. (Declaration Section 9 ([[PAGE 6]]) and B)

Maintenance

Unit owner: all maintenance, repairs, replacements inside Unit (walls, ceilings, floors, fixtures, windows, doors, plumbing). Board: maintenance of Common Elements. If work necessitated by condition in Unit, Unit owner bears cost not covere (By-Laws Section 5.1 ([[PAGE 37]]-[[PAGE )

Insurance

Determined by Board; not further specified. (By-Laws Section 5.4(C) ([[PAGE 41]]): 'm)

Use restrictions

Not explicitly stated, but property submitted as condominium under Real Property Law implies residential use. (General context; no specific prohibition)

Voting & meetings

Each Unit Owner casts one (1) vote for each Unit owned; in Board elections each Unit Owner elects one Board Member. Sponsor controls vote for unsold units during Sponsor Control Period. (By-Laws Section 4.8 and 4.9 ([[PAGE 35]])

Amendments

By vote of at least 66 2/3% of all Unit Owners; or written approval by same. Material amendments (listed 13 categories) require consent of eligible mortgage holders representing at least 51% of votes of mortgaged units. (Declaration Section 19 ([[PAGE 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.