1 Park Street Condominium

Key facts from 1 Park Street Condominium's documents

Reflects the 2018 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

1 PARK STREET CONDOMINIUM

Developer / declarant

1 PARK-SPIRA LL

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration FIRST; By-laws Article I, Se)

Assessments & dues

Board determines and levies monthly assessments to cover common expenses, payable in advance; increase or special assessment pro-rata according to common interest (By-laws Article III, Section 4(1))

Special assessments

Board may vote special assessment if required, assessed pro-rata according to common interest (By-laws Article III, Section 4(1))

Collections & liens

Unpaid common charges constitute a lien on the Unit, prior to all other liens except tax/assessment liens and first mortgage; may be foreclosed like a mortgage (Declaration ELEVENTH)

Reserves & fees

Operating Account established; Board may maintain other accounts as deemed necessary (By-laws Article VI, Sections 6 and 7)

Leasing & rentals

Yes, but no Unit Owner shall lease unless all unpaid common charges have been paid; lease in violation is voidable (By-laws Article XI, Section 1)

Architectural approval

Written consent of Board required for (a) alterations to exterior of Unit or any part of common elements, (b) interior alterations impairing structural soundness, (c) fence or gate (By-laws Article VIII, Sections 7 and 8(d)

Maintenance

Board of Managers responsible for maintenance and repair of roofs (By-laws Article III, Section 5 (exterior)

Insurance

Fire insurance with extended coverage, water damage, vandalism, etc. for full replacement value of buildings; public liability insurance initially $1,000,000 single limit (By-laws Article VII, Section 1)

Use restrictions

Occupancy of the Units shall be restricted to Residential Occupancy in accordance with applicable zoning regulations (Declaration SEVENTEENTH (i))

Voting & meetings

Each Unit Owner shall have one vote for each percentage of common interest set forth in EXHIBIT "B" (Declaration EIGHTH)

Amendments

Withdrawal requires 80% of Unit Owners in number and in common interest; material adverse amendments require mortgagee consent (51% of mortgage votes) (Declaration TENTH; By-laws Article X (by)

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