In re City of New York

The Neponsit Property Owners' Association, Inc. (hereinafter called the association) is a membership corporation formed by the developer of the community known as Neponsit. The appellant bank owns certain real property in the development. By reason of such ownership it is a member of the association. The development consists of 1,663 lots divided among 500 to 600 separate ownerships. The beach front for which the award was made was conveyed by the developer to the association. Each lot owner became a member of the association by reason of easement rights granted to him affecting such beach…