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Welcome to our Community of Neighbors!
Summer, Fall, Winter and Spring, living at Gramercy is a wonderful thing!

A better way to live...

PHILOSOPHY
We uphold the values of self-help, responsibility, democracy, equality, equity, and solidarity. In the tradition of the first cooperative founders, cooperative members encourage the ethical values of honesty, openness, social responsibility, and caring for others. 

MANAGEMENT
Democratic control is the cornerstone to cooperative living. Members have equal voting status in electing the board of directors from the ranks of their neighbors. The board decides all policy and budget matters and determines what professional management, oversight, legal and accounting expertise is needed. We have an on-site staff to supervise and perform all repairs, maintenance, and upkeep for members.

OWNERSHIP 
Members own stock in the non-profit corporation that holds title to the building. Each month, member/shareholders pay an amount  (monthly carrying fees) that covers operating expenses. These include  the mortgage payment and the property taxes. Mortgage interest and property taxes represent about 60% of your monthly charge and are deductible on your income taxes. Monthly charges will increase only when the board of directors determines that taxes or operating costs justify an increase.

 

Compare Cooperative Living

 

  Cooperative Condominium
/Town Home
Rental
How to Purchase Purchase a share in the cooperative. One share for each unit in building. Sign a purchase agreement of real estate transaction. No purchase - sign rental agreement.
Financing One mortgage on entire building. Member monthly fees pay real estate taxes and mortgage. Owner(s) obtain a mortgage and have liability. No ownership.
Equity Limited equity based on initial share cost and amount of time lived in unit. Dependent on existing market rate of comparable sales. Not applicable
Receive Homeowner Tax Benefits Yes. Members may deduct real estate taxes and mortgage interest. Yes. Homeowners may deduct real estate taxes and mortgage interest paid. Not available
Day-to-day Operation Building operated under terms of bylaws, occupancy agreement and regulatory agreement. Board, along with management company, oversees general operation. Common elements of building (e.g. grounds, pool) administered by association and/or for-hire property manager. Individual home controlled exclusively by mortgage holder. Property manager only.
Building Governance Member-elected board of directors, made up of members. Each unit has one vote. Most often an association made up of owners. Property manager only.
Resale Procedure Cooperative has first option to sell unit. Has "buyers wait list" to assist member in resale. Owner's responsibility to start process of sale of real estate (i.e., contract with real estate agent). You cannot sell.

 

                       The Share Value is a one-time payment that purchases a voting share in the Cooperative.
                       Members also pay the monthly carrying fee which includes the mortgage payment,real estate taxes,
                       operating expenses, indoor heated parking, digital cable, interior and exterior maintenance,
                       central air, heat water sewer, trash pick-up and recycling. Members pay only for phone and electricity.

                 


Floor Plan

Description
Square
Feet
Units

 2016 Share

Value 

Monthly Fees
2016 Value Increase

Qualifying

Income

Aspen

1 BD/1BA

710

13

$46,126

$1,033

$290

$26,948

Birch

1BD/1BA-BALC

857

16

$59,560

$1,161

$380

$30,287

Chestnut

1 BD/1BA

939

16

$59,560

$1,187

$380

$30,965

Cypress

2BD/1.5 BA

992

37

$ 72,514

$1,268

$470

$33,078

Laurel

2BD/2BA-BALC

1087

48

$84,088

       $1,309

$560

$34,148

Madison

 2DB/DEN/2BA  1710  3  $114,516  $1,873  $720  $48,861
Franklin 3 BD/2 BA
BALC
        1713            6      $114,516       $1,904         $720       $49,670


Jefferson

3BD/2.5BA-BALC

2002

6

$135,542

$2,174

$850

$56,713

Washington

3BD/2.5BA-BALC

2354

12

$142,763

$2,344

$895

$61,148

 Current Membership Costs | (Dimensions approximate)

Effective through December 31, 2016

 

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