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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.


How much does it cost to purchase a member share in Gramercy Park Cooperative at Lake Shore Drive and to live in this community?

There are two primary costs involved. The Membership Cost (share value) is a one-time payment that purchases a voting share in the Cooperative. If a Member decides to move, the Member share can be sold with the assistance of the Marketing Manager.

Members also pay monthly fees which include the mortgage payment, real estate taxes, operating expenses, lender required reserves (operating and replacement), indoor heated parking, interior and exterior maintenance.

Gramercy Park Cooperative at Lake Shore Drive has 157 apartment homes which include one, two, and three-bedroom floor plans.


Floor Plan

Description
Square
Feet
Units

2018 Share

Value

Monthly Fees
2018 Value Increase

Qualifying

Income

Aspen 1 BD/1BA 710 13 $46,706 $1,054 $290 $31,620
Birch 1BD/1BA-BALC 857 16 $60,320 $1,188 $380 $35,640
Chestnut 1 BD/1BA 939 16 $60,320 $1,222 $380 $36,660
Cypress 2BD/1.5 BA 992 37 $73,454 $1,301 $470 $39,030
Laurel 2BD/2BA-BALC  1087 48 $85,208 $1,349 $560 $40,470
Franklin 3 BD/2 BA-BALC  1713 6 $115,956 $1,969 $720 $59,070
Madison 2DB/DEN/2BA 1710 3 $115,956 $1,963 $720 $58,890
Jefferson 3BD/2.5BA-BALC  2002 6 $137,242 $2,249 $850 $67,470
Washington 3BD/2.5BA-BALC  2354 12 $144,553 $2,439 $895 $73,170

Share Values are in effect through December 31, 2018

*(square footage is approximate)


The Cooperative owns & maintains all Whirlpool appliances & fixtures. Heated parking, gas heat, cable TV, water, sewer, trash & recycling are included in the monthly fee. Members are responsible for their own phone, electric including A/C, internet and HO-6 policy.

Effective July 1, 2018

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