59 South Madison Avenue Condominium

Key facts from 59 South Madison Avenue 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

59 SOUTH MADISON AVENUE CONDOMINIUM

Governing law

Article 9-B of the Real Property Law of the State of New York (the Condominium Act) (Declaration p.5)

Assessments & dues

Common Charges determined by Board based on budget, allocated per Unit's Common Interest percentage (Unit 1: 46.43%, Unit 2: 53.57%) (Bylaws §6.1; Declaration Art. 8; Exhibit)

Special assessments

Charges allocated by Board pro-rata per Common Interests for specific purposes (Definition (33) and Bylaws §6.1(C))

Reserves & fees

Common Expenses may include a general operating reserve or a reserve fund for working capital and replacements (Definition (6) of Common Expenses)

Voting & meetings

Each Unit Owner entitled to one vote per unit owned; initially Sponsor controls until less than 25% of units or 5 years after first closing, whichever earlier (Bylaws §4.8, §2.7)

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