A better way to live…
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.
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.
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
|What You Purchase||Purchase a member share in the cooperative. One share for each unit in building.||Purchase a piece of real estate.||No purchase – sign rental agreement.|
|Financing||One master mortgage on entire building. Member monthly fees pay a portion of the real estate taxes and a portion of the mortgage. Members share the costs of management and maintaining the entire cooperative.||Owner obtains a personal mort-gage and pays the real estate taxes and mort-gage. Owner shares the costs of management and maintaining the common areas indoors and out.||No ownership.|
|Tax Benefits||Members may deduct real estate taxes and mortgage interest.||Homeowners may deduct real estate taxes and mortgage interest.||None|
|Maintenance||The Cooperative handles maintenance for Members’ homes.||Owner is responsible for maintenance.||Depends on owner’s policy.|
|Building Governance||Members elect a seven member board of directors. Each unit has one vote.||Most often a board of directors.||No voice in governance.|
|Equity||Determined by governing documents and market.||Dependent on current real estate market.||No equity.|
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||2021 Share Value||Monthly Fees||2020 Value Increase||Qualifying Income|
|Franklin||3 BD/2 BA-BALC||1713||6||$118,116||$1,980||$720||$59,400|
Share Values are in effect through December 31, 2021
*(square footage is approximate)
The Cooperative owns & maintains all Whirlpool appliances & fixtures. Heated parking, gas hot water heat, cable TV, internet (wi-fi),water, sewer, trash & recycling are included in the monthly carrying fee. Members are responsible for their own phone, electric including A/C and HO-6 policy.
Effective January 1, 2021