24 Francis Place Condominium

Key facts from 24 Francis Place Condominium's documents

Reflects the 2008 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Article 9-B of the Real Property Law, De)

Legal name

24 FRANCIS PLACE CONDOMINIUM

Developer / declarant

YISROEL HERZOG (Declaration first page, signature)

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Declaration opening paragraph, Section 2)

Assessments & dues

Common Charges determined by Board pro rata in accordance with Common Interests; Special Assessments similarly (Definitions (6) and (33); By-Laws Sectio)

Special assessments

Allowed; defined as charges allocated pro rata per Common Interests; certain special assessments require 75% unit owner approval if for capital improvement or addition (Definitions (33); By-Laws Section 2.5(B))

Collections & liens

Condominium Board may enforce liens; notice of unpaid common charges; release of judgments; mortgagee protections (By-Laws Sections 8.3, 8.4; Declaration A)

Reserves & fees

Mentioned; Sponsor cannot assess for reserve or contingency fund in excess of 5% of estimated annual Common Expenses without Sponsor consent while Sponsor controls Board (By-Laws Section 2.5(B)(ii))

Leasing & rentals

Implied; entire unit may be leased; no portion may be leased or subleased; Board may permit occupancy by others (By-Laws Section 5.7(B): 'no portion of a)

Architectural approval

Yes; alterations, additions, improvements to unit require written approval of Board of Managers (By-Laws Section 5.2(ii); Declaration Sec)

Home business

Professional office by owner only; no other business use mentioned (By-Laws Section 5.7(A))

Maintenance

Unit owner responsible for interior painting, decorating, maintenance, replacements of unit (walls, ceilings, floors, fixtures, windows, doors, plumbing, gas, heating fixtures); Board responsible for Common Elements; Limited Common Elements (By-Laws Section 5.1(A); Declaration Sect)

Insurance

Fire insurance with all risk extended coverage, vandalism, malicious mischief; comprehensive general liability; boiler and machinery; workers' compensation; rent insurance; cross-liability cover (By-Laws Section 5.4(A) and (B))

Use restrictions

Yes; each unit to be occupied only by owner and immediate family; professional office permitted for owner only (Declaration Section 9; By-Laws Section 5)

Voting & meetings

One vote per unit owned; cumulative voting allowed; Sponsor votes as long as owns Unsold Units; owners with unpaid common charges cannot vote (By-Laws Section 4.8(A), 4.8(B), 4.9(A))

Amendments

Declaration: vote of at least 66 2/3% in number of all unit owners; certain amendments require mortgagee consent or written consent of affected unit owner; Board may amend for certain structural changes; By-Laws: amendment possible (Article (Declaration Article 19; By-Laws Article )

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