59 North Cole Condominium

Key facts from 59 North Cole Condominium's documents

Reflects the 2018 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Title and Article 2, Submission of the P)

Legal name

59 NORTH COLE CONDOMINIUM

Developer / declarant

44 HOLDING

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Page 1; Article 26)

Special assessments

Defined in By-Laws Section 6.1(C) and Definition 32; levied by Board pro-rata. Also for casualty/condemnation deficiency (By-Laws 5.5(C)). (By-Laws Definition 32 (page 18); Section)

Collections & liens

Amendments that affect assessment liens or priority require mortgagee consent (Declaration Article 19(ii)). Board may enforce by legal means (By-Laws 2.4(xviii)). Remedies include self-help, abatement, injunction (By-Laws Article 9). (Declaration Article 19(ii); By-Laws Sect)

Reserves & fees

Not explicitly required; Sponsor consent needed for creation of reserve or contingency funds (By-Laws Section 2.5(ii)), except a twelve-month reserve for contingencies is allowed. (By-Laws Section 2.5(ii) and (C) (pages 2)

Leasing & rentals

Implied; right of first refusal exists (By-Laws Article 7). Leasing restrictions can be imposed by amendment (Declaration Article 19(ix)). No short-term rental prohibition mentioned. No minimum lease term specified. No rental cap mentioned. (By-Laws Article 7 headings (page 20); De)

Architectural approval

Yes, Board approval required for alterations, additions, improvements to a Unit (Declaration Article 10; By-Laws 5.2). Also for changes to layout of unit. (Declaration Article 10 (page 5-6); By-La)

Maintenance

Unit owner responsible for interior painting, decorating, maintenance, repairs. Association responsible for Common Elements. Limited Common Elements (decks/terraces) maintained by owner. If damage caused by building condition or insured, co (By-Laws Section 5.1; Declaration Article)

Insurance

Board may determine deductible amounts. (By-Laws Section 5.4(C) (page 40))

Use restrictions

Each Unit may be used in accordance with local Law and Certificate of Occupancy, and not more than one family may occupy a Unit at one time. (Declaration Article 9; By-Laws Section 5)

Voting & meetings

Each Unit Owner (including Sponsor for unsold units) casts one vote per Unit owned. For Board elections, each Unit Owner elects one Board Member after Sponsor Control. During Sponsor Control, Sponsor designates Board Members. (By-Laws Section 4.9; Section 2.7; Defini)

Amendments

By unanimous vote of all Unit Owners or written consent. Certain amendments require mortgagee consent (e.g., affecting assessment liens, changing common interests, leasing restrictions, etc.). Board may amend without consent for specified m (Declaration Article 19 (pages 9-10); By-)

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