3 Park Street Condominium

Key facts from 3 Park Street Condominium's documents

Reflects the 2020 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Title page; [[PAGE 1]] "3 PARK STREET CO)

Legal name

3 PARK STREET CONDOMINIUM

Developer / declarant

3PARK ST SV LLC

Governing law

Article 9-B of the Real Property Law of the State of New York ([[PAGE 1]] and Article 2 of Declaration)

Assessments & dues

Board determines Common Charges and Special Assessments based on annual budget (By-laws Section 2.4A(iv)(v); [[PAGE 25]])

Special assessments

Levy by Board pro-rata according to Common Interests; defined in Exhibit C (35) (By-laws Section 2.4A(v); Exhibit C (35) )

Reserves & fees

Board may establish reserve fund for capital expenditures not exceeding ten percent of operating expenses for next twelve months; during Declarant control limited to such reserve (By-laws Sections 2.4A(viii), 2.5B(i); [[)

Voting & meetings

Each unit has votes equal to its common interest percentage; cumulative voting allowed; Sponsor can vote as long as it owns units; units with perfected lien cannot vote (By-laws Sections 4.8, 4.9; [[PAGE 36]]-[)

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