111 Grove Street Condominium

Key facts from 111 Grove Street Condominium's documents

Reflects the 2021 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

111 Grove Street Condominium

Governing law

Article 9-B of the Real Property Law of the State of New York (Preamble; Article 1; Section 339-i(1)(iv)

Assessments & dues

Condominium Board prepares budget, allocates Common Charges pro-rata according to Common Interests of each Unit (Section 6.1: 'allocate and assess such C)

Special assessments

Condominium Board may levy Special Assessments pro-rata according to Common Interests, subject to certain conditions (e.g., for deficits, reserves, improvements) (Exhibit C definition (33); Section 2.4(v)

Collections & liens

Condominium Board may file a lien for unpaid Common Charges, and may foreclose; also may acquire Unit through foreclosure or other sale for benefit of Unit Owners (Section 6.4; Article 13 (Acquisition of )

Reserves & fees

Mentioned; creation of reserve, contingency, or surplus fund requires Sponsor's prior written consent while Sponsor owns ≥25% units or within 5 years of first closing (Section 2.7: 'assess any Common Charges )

Leasing & rentals

Yes, subject to right of first refusal and other restrictions; no short-term transient occupancy (Article 7 (Selling and Leasing of Units))

Architectural approval

Yes, for alterations, additions, improvements to Units, and for changes to Common Elements; Board approval required (Section 5.3(A): 'No alteration, addition)

Home business

Partially; a Unit may be used as a professional office by the owner, subject to local law (Section 5.7(A): 'Any Unit may be partial)

Setbacks / home size

Three stories (as described) (Article 4: 'three (3) stories')

Maintenance

Roof is part of Common Elements (Article 7: 'roofs ... to the extent not included in Unit'); thus maintenance by Association (Article 7(ii): 'roofs and ceilings ... n)

Insurance

Fire insurance with all risk extended coverage, vandalism, malicious mischief; covering Building, Units, fixtures (except owner's personal property); also rent insurance, workers comp, boiler and machinery, and other as determined (Section 5.4(A) and (B))

Use restrictions

Yes; each Unit shall be used for residential purposes and not more than one family per Unit; but professional office use is allowed (Article 9(a): 'each Unit ... in accordan)

Voting & meetings

Each Unit Owner has one vote per unit owned; Sponsor also may vote while owning any Unsold Units (Section 4.8(A): 'Each Unit Owner ... sha)

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