Co-Op FAQ's

The cooperative is governed by its official documents — such as the proprietary lease, bylaws, and house rules — which outline how the community operates and protect the interests of all shareholders.
 
A Board of Directors, elected by the shareholders, is responsible for overseeing the property, enforcing the governing documents, managing finances, and making decisions that support the long‑term health and stability of the community.  A co‑op is a community where you buy shares in the corporation that owns the property, giving you the right to live in a specific unit and take part in how the community is run.

 
Here are frequently asked questions (click to expand each):

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  • chevron_rightWhy does our community have a Board? What are the board's responsibilities?
    A cooperative is an established corporation functioning within the parameters of New York State's Business Corporate Law. Corporations are required to have a board of directors and to appoint officers to perform business functions. Officer positions include president, vice president, secretary, and treasurer. The Board of Directors, elected by shareholders, are responsible to perform as fiduciaries of the corporation by establishing an annual operating budget, maintaining and using funds for purposes of property maintenance, and maintaining quality of life for all residents.
  • chevron_rightWhy are there House Rules? (Updated)
    House rules are guidelines designed to make living in our community a pleasant experience for all residents.  These rules contain limits on noise, pets, driving and parking while on the grounds, the appearance of the common areas, and many other issues that could impact living conditions. The Board of Directors have the authority to change or update the House Rules as needed. All shareholders are made aware of the House Rules before a unit is purchased, as well as when updates to the House Rules are made.  The House Rules were updated in 2018 by a committee comprised of Resident Shareholders and members of the Board. A copy of the House Rules is on this website. Hard copies can be obtained at the Front Office.
  • chevron_rightWhat is the proprietary lease and why is it so important?
    The proprietary lease is the most important governing document of a cooperative community. It is the contract between the shareholder and the cooperative corporation. It contains the terms that define the responsibilities of the shareholder and those of the coop corporation. Other governing documents are the house rules and the by-laws.  The by-laws govern the corporate aspects and procedures of the cooperative.
  • chevron_rightI want to sell my unit, what is the procedure? (Updated)
    When you are ready to list your unit, you must notify Maintenance so they can schedule and complete an inspection of your unit. You may then list your unit. 
     
    Once you have a buyer, the purchaser must complete the required application. Applications can be obtained by contacting the Property Manager. After the application package is submitted and reviewed, your buyer will be scheduled for an interview with the Board of Directors.
     
    The Board will not schedule your buyer’s interview until all inspection items for your unit have been completed. No closing will occur until the full application and interview process is completed and the Board grants approval.
     
    The co-ops at Stony Hollow must be owner-occupied, shareholders are not permitted to rent out their units. The only units allowed to be rented are 58 units owned by the Sponsor, 460 Old Town Road LLC. The number to call for information would be 631-476-2100 x214, ask for Nancy Fox.
     
    Visit our Purchasers Page for more information.
  • chevron_rightWhy must there be an approval by the board?
    Establishing qualifications for purchasing helps to prevent foreclosures and loss of value for the property, by confirming that prospective purchasers are financially capable of ownership.
  • chevron_rightWhat does my maintenance pay for?
    Monthly maintenance charges are used to keep the community operating. The Maintenance fee pays for natural gas for your heating, hot water, and stove usage. It also covers water consumption, and property taxes. In addition, it covers maintenance of the property which includes landscaping, snow removal, garbage removal, maintenance of the amenities, electricity and water usage of the property, the underlying mortgage on the property, management fees, payroll, sewage treatment plant operations, the exterminating service, general repairs and supplies, property insurance, and office operating expenses.
  • chevron_rightWhy do I need approval from the Board of Directors for renovations inside of my unit? (Updated)
    The Board of Directors requires all shareholders to submit an Alteration Application before starting any renovation inside their unit.  Your application must include the license and insurance certificates for every contractor involved (general contractor, plumber, electrician, etc.). Depending on the scope of work, you may also be required to provide stamped plans from a licensed engineer. No work can begin until the Board reviews and approves the full submission.
     
    This approval process exists to protect the building and everyone who lives in it. Work inside one unit can affect shared systems, neighboring units, and the overall structure, so the Board must ensure all renovations are done safely and correctly.