A fire damages the common areas of a Manhattan condominium building, requiring $2 million in repairs. The insurance coverage is insufficient. Under New York condominium law, how are the repair costs allocated among unit owners?
Correct Answer
C) Based on each owner's percentage interest in the common elements as stated in the declaration
Under New York Real Property Law Article 9-B, expenses for common elements are allocated based on each unit owner's percentage interest in the common elements as established in the declaration of condominium. This percentage is typically based on the relative size or value of each unit as originally determined when the condominium was created.
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