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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.
| 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? |
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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.
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Floor Plan
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Description
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Square
Feet |
Units
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2018 Share
Value |
Monthly Fees
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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 |
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Share Values are in effect through December 31, 2018
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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. |
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Effective July 1, 2018 |