Tom's condominium association in Westchester County is facing financial difficulties and needs to obtain a loan secured by the common elements. Under New York law, what vote is typically required for this action?
Correct Answer
C) Two-thirds of all unit owners
Under New York condominium law, mortgaging or encumbering the common elements typically requires approval by unit owners holding at least two-thirds of the common interest, unless the condominium documents specify a different percentage. This protects unit owners from having liens placed on commonly owned property without substantial consent.
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- → Jennifer inherits her grandmother's cooperative apartment in Brooklyn. The proprietary lease has 75 years remaining. What happens to Jennifer's ownership interest if the proprietary lease expires?
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