N.Y. Real Property Law 339-M – Common profits and expenses
§ 339-m. Common profits and expenses. The common profits of the property shall be distributed among, and the common expenses shall be charged to, the unit owners according to their respective common interests, provided however, that expenses of insurance may be charged as provided in section three hundred thirty-nine-bb. Notwithstanding any provision of this article, profits and expenses may be specially allocated and apportioned by the board of managers in a manner different from common profits and expenses, to one or more non-residential units where so authorized by the declaration and bylaws. In the case of units in any building, residential or non-residential, or a combination thereof, profits and expenses may be specially allocated and apportioned based on special or exclusive use or availability or exclusive control of particular units or common areas by particular unit owners, if so authorized by the declaration and bylaws, in a manner different from common profits and expenses. Notwithstanding any provision of this article, common expenses may be charged to the owners of units that are subject to a regulatory agreement with a governmental entity or instrumentality limiting the household income of the residents of such units upon initial occupancy that are less than the common expenses charged to owners of other units where such lesser charges are necessary to ensure that the combined common expenses, mortgage and other housing costs paid by owners of units subject to such regulatory agreements do not exceed thirty percent of the household income limit specified in such regulatory agreements. Where so authorized by the declaration and bylaws, common expenses may be charged to owners of units subject to such regulatory agreements in a manner that (i) is not proportional to the respective common interests of such owners, (ii) limits the amount charged to such owners, or (iii) limits the rate at which the amount charged to such owners may increase. The existence of such special allocation of common expenses and its financial impact upon all units shall be disclosed as a special risk in any offering plan.
Terms Used In N.Y. Real Property Law 339-M
- Building: means a multi-unit building or buildings, or a group of buildings whether or not attached to each other, comprising a part of the property. See N.Y. Real Property Law 339-E
- Common expenses: means and includes:
(a) Expenses of operation of the property, and
(b) All sums designated common expenses by or pursuant to the provisions of this article, the declaration or the by-laws. See N.Y. Real Property Law 339-E - Common profits: means the excess of all receipts of the rents, profits and revenues from the common elements remaining after the deduction of the common expenses. See N.Y. Real Property Law 339-E
- Declaration: means the instrument by which the property is submitted to the provisions of this article, as hereinafter provided, and such instrument as from time to time amended, consistent with the provisions of this article and of the by-laws. See N.Y. Real Property Law 339-E
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: means and includes the land, the building and all other improvements thereon, (i) owned in fee simple absolute, or (ii) in the case of a condominium devoted exclusively to non-residential purposes, held under a lease or sublease, or separate unit leases or subleases, the unexpired term or terms of which on the date of recording of the declaration shall not be less than thirty years, or (iii) in the case of a qualified leasehold condominium, held under a lease or sublease, or separate unit leases or subleases, the unexpired term or terms of which on the date of recording of the declaration shall not be less than fifty years, and all easements, rights and appurtenances belonging thereto, and all other property, personal or mixed, intended for use in connection therewith, which have been or are intended to be submitted to the provisions of this article. See N.Y. Real Property Law 339-E
- Unit: means a part of the property intended for any type of use or uses, and with an exit to a public street or highway or to a common element or elements leading to a public street or highway, and may include such appurtenances as garage and other parking space, storage room, balcony, terrace and patio, but in no event may utility facilities such as those for water or sewerage treatment or power generation appear as single units. See N.Y. Real Property Law 339-E