112 North Cole Condominium

Key facts from 112 North Cole Condominium's documents

Reflects the 2019 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

112 North Cole Condominium

Developer / declarant

112 NORTH COLE AVENUE, LLC (PAGE 1, PAGE 3)

Governing law

Article 9-B of the Real Property Law of the State of New York (PAGE 1, PAGE 3)

Assessments & dues

Common Charges and Special Assessments allocated pro rata according to Common Interests (percentage based on unit floor area) (Declaration Article 12; By-laws Article )

Special assessments

Condominium Board may levy Special Assessments for capital improvements, reserves, etc., subject to limitations (By-laws Section 6.1(C))

Collections & liens

Condominium Board may enforce collection of Common Charges through legal means, likely including lien (Section 6.2 implied) (By-laws Section 2.4(xviii) and Article 6)

Reserves & fees

Established by Board; during Sponsor control, only a 12-month contingency reserve not exceeding 10% of budgeted operating expenses unless required by law (By-laws Section 2.5(A)(iii) and Section )

Leasing & rentals

Yes, but subject to Right of First Refusal by Board (By-laws Article 7 (Sections 7.1, 7.2))

Architectural approval

Yes, for alterations to exterior, changes in layout, and improvements differing from original design (Declaration Section 10; By-laws Section )

Maintenance

Unit Owners: interior of Unit and Limited Common Elements. Association: Common Elements. (Declaration Section 8; By-laws Section 5)

Insurance

Fire and extended coverage, vandalism, malicious mischief, with standard mortgagee clause (By-laws Section 5.4(A))

Use restrictions

Yes, each Unit may be used only in accordance with local law and zoning, and not more than one family may occupy a Unit at one time (Declaration Section 9)

Voting & meetings

One vote per percentage of Common Interest owned; cumulative voting allowed (By-laws Sections 4.9 and 4.8)

Amendments

By vote of 66 2/3% of Unit Owners in number and common interest; material amendments require consent of eligible mortgage holders representing 51% of mortgaged units; Sponsor may amend solely for floor plans without vote (Declaration Section 19)

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