2 Second Avenue Condominium

Key facts from 2 Second Avenue Condominium's documents

Reflects the 2004 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Declaration: 'THE 2 SECOND AVENUE CONDOM)

Legal name

The 2 Second Avenue Condominium

Governing law

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

Assessments & dues

Common Charges allocated among Unit Owners in proportion to their respective Common Interests (Commercial Unit 75%, Residential Unit 25% per Schedule B). (By-Laws Article VI, Section 1; Exhibit B)

Special assessments

Board may assess Common Charges for deficits, reserves, and other purposes; not specifically called 'special assessment' but authority to levy as Common Charges. (By-Laws Article VI, Section 1)

Collections & liens

Board has a lien on a Unit for unpaid Common Charges per Real Property Law §339-z, may foreclose to collect. Foreclosure sale proceeds used to pay unpaid charges, expenses, then to other liens, surplus to owner. (By-Laws Article VI, Sections 5-6)

Reserves & fees

Board may establish a general operating reserve and a reserve fund for replacements. (By-Laws Article VI, Section 1: 'for a ge)

Leasing & rentals

Entire Unit may be rented; no separate rental of portion of Unit or Limited Common Elements. (By-Laws Article VI, Section 10(e))

Architectural approval

Yes, for structural additions, alterations, or improvements affecting the exterior of the Building's Units. (By-Laws Article VI, Section 11)

Home business

Home occupation use permitted under zoning; professional office by resident requires Board consent. (By-Laws Article VI, Section 10(a))

Signs & flags

Sponsor may erect signs on the Property for advertising sale of Units. Unit Owners: not addressed. (Declaration, paragraph 11(c); By-Laws Ar)

Maintenance

Unit Owner responsible for interior maintenance and repair (except painting exterior of unit entrance doors, windows, plumbing, heating fixtures, and air conditioning within unit). General Common Elements maintained by Board as Common Expen (By-Laws Article VI, Section 9; Declarati)

Use restrictions

Units shall be used for private residences only, except that professional offices by a resident are allowed with Board consent and subject to zoning. Sponsor may maintain sales offices. (By-Laws Article VI, Section 10(a))

Voting & meetings

Each unit has one vote. If jointly owned, single vote cast as agreed. Units owned by Board or designee not entitled to vote. (By-Laws Article II, Section 7)

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