40 North Cole Condominium

Key facts from 40 North Cole Condominium's documents

Reflects the 2023 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

40 North Cole Condominium

Developer / declarant

ACE BUILDERS NY LLC (Page 1, 'DECLARANT: ACE BUILDER S@P RC' )

Governing law

Article 9-B of the Real Property Law of the State of New York (Page 1, Paragraph 'PURSUANT TO ARTICLE 9)

Assessments & dues

Board determines amount of Common Charges and assesses them pro-rata according to Common Interest. (By-laws Section 6.1 (Page 22), Declarati)

Special assessments

Charges allocated by Board to Unit Owners pro-rata according to Common Interest, for capital improvements, reserve, or deficit. (By-laws Section 6.4; Definition (32) in )

Collections & liens

Unpaid Common Charges and Special Assessments constitute a lien on the Unit, enforceable like a mortgage lien. (By-laws Section 6.4 (reference); also De)

Reserves & fees

Common Expenses include allocations to reserve fund for replacements. Sponsor consent required for special assessments to create or add to reserve during control period. (By-laws Section 2.5(A)(ii) and Declarati)

Architectural approval

Board approval required for any alteration, addition, improvement, or change to a Unit. (By-laws Section 5.2 (Page 38-39))

Maintenance

If work is necessitated by condition in the individual unit, that Unit Owner is liable for costs not paid by insurance. (By-laws Section 5.1(A) (Page 38))

Insurance

Board determines deductible amounts. (By-laws Section 5.4(C) (Page 41))

Use restrictions

Units shall be used for residential purposes only, and not more than one family may occupy a Unit. (Declaration Section 9(a) (Page 6))

Voting & meetings

Each Unit Owner casts one (1) vote for each Unit owned. In Board elections, each Unit Owner elects one (1) Board Member. Sponsor or its designee may vote as long as it owns Unsold Units. (By-laws Section 4.8(A) and 4.9(A))

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