124 Fairview Ave Condominium

Key facts from 124 Fairview Ave Condominium's documents

Reflects the 2025 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

124 FAIRVIEW AVE CONDOMINIUM

Units / lots

2 (Unit 201 and Unit 202) (Exhibit B, page 13)

Developer / declarant

124 Fairview Ave LLC (Joseph Spitzer, Sole Member) (Declaration introductory paragraph, page)

Governing law

Article 9-B of the Real Property Law of the State of New York (Article 1, page 3)

Assessments & dues

Board determines and levies monthly common charges payable in advance, pro-rata according to each Unit's common interest. (Bylaws Article VI Section 3 (page 23))

Special assessments

Board may vote special assessment for additional expenses, levied and paid in same manner as regular assessments. (Bylaws Article VI Section 3 (page 23))

Collections & liens

Unpaid common charges constitute a lien prior to all liens except tax/assessment liens and first mortgages. Foreclosure after 90 days of unpaid common charges, in like manner as mortgage. Legal action includes recovery of costs and reasonab (Declaration Article 12 (page 7) and Byla)

Reserves & fees

Up to $15 per month for delinquency, plus interest at the highest legal rate allowed. (Bylaws Article VI Section 3 (page 23))

Leasing & rentals

Leasing is allowed, subject to Board's right of first refusal for 30 days; Unit Owner must pay all common charges before conveyance. (Bylaws Article XI Section 1 (page 28))

Architectural approval

Written consent of Board required for alterations to exterior of Unit or common elements, and for interior alterations impairing structural soundness. No structure may be built on common elements without written consent. (Declaration Article 17(b) (page 9) and B)

Insurance

Fire insurance and water damage insurance for full replacement value of Buildings; public liability insurance with $1,000,000 single limit. (Bylaws Article VII Sections 1 and 2 (pag)

Voting & meetings

Each Unit Owner is entitled to one vote per Unit at Unit Owners meetings; for Board elections, each Unit appoints one Manager, the two nominated individuals become Board members. (Bylaws Article I Section 1 (page 15) and)

Amendments

Declaration amendment: requires 80% of Unit Owners in number and common interest, plus approval by mortgagees representing at least 51% of unit votes (based on first mortgages). Bylaws amendment: requires unanimous consent of Unit Owners in (Declaration Article 7 (page 6) and Bylaw)

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