33 Collins Ave Condominium

Key facts from 33 Collins Ave Condominium's documents

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

Community type

Condominium

Legal name

33 COLLINS AVE CONDOMINIUM

Units / lots

2 (Units 211 and 312, each with 50% Common Interest) (Exhibit B, Pages 14-15)

Developer / declarant

33-35 Collins LLC, with address at 9-11 Pearlman Drive, Suite 209, Spring Valley, New York 10977 (Page 3, F-1)

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Page 1, F-1)

Assessments & dues

Not predetermined; Board determines and collects Common Charges and Special Assessments (Section 2.4(A)(v), Page G-2)

Special assessments

Allowed; may be levied by Board for deficiencies in trust funds after casualty, or for other purposes as provided; requires unanimous Board consent for borrowing over $5,000 in a fiscal year (Section 2.4(A)(vi), Page G-2; Section 5.)

Collections & liens

Document references notices of unpaid common charges and performance by permitted mortgages; no explicit lien priority or foreclosure procedure detailed (Article 8 of By-Laws, Page G-30)

Reserves & fees

Board shall establish a reserve fund for capital expenditures not exceeding ten percent of the budgeted operating expenses for the ensuing twelve months (Section 2.4(A)(xii), Page G-2)

Architectural approval

Unit Owner may make interior alterations without approval? Actually Section 5.2 states that for alterations to the property not allocated to the unit, Board approval is required. Interior alterations are allowed subject to conditions (no da (Section 5.2, Pages G-15 to G-16; Article)

Insurance

Board may require Unit Owner to procure insurance for alterations work (Section 5.2, Page G-15)

Use restrictions

Residential use only; no trade or business in any Unit; occupancy limited to owner, family members, and certain related persons; no transient occupants; no subleasing of part of a Unit (Section 5.6, Pages G-20 to G-21)

Voting & meetings

Each Unit Owner has one vote per Unit owned; each Unit Owner elects one Board Member; Sponsor's voting rights continue as long as it owns Unsold Units (Section 4.9, Page G-13; Section 4.8, Pag)

Amendments

Requires unanimous vote of all Unit Owners (or written approval); certain amendments require mortgagee consent; material changes include voting rights, assessment increases >25%, reserve reductions, etc. (Article 19, Pages F-6 to F-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.