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Gramercy Park

Distinctive Senior Living

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About Us

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
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 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 2025 Share Value Monthly Fees 2025 Value Increase Qualifying Income
Aspen 1 BD/1BA 710 13 $48,736 $1,414 $290 $42,300
Birch 1BD/1BA-BALC 857 16 $62,980 $1,573 $380 $46,890
Chestnut 1 BD/1BA 939 16 $62,980 $1,617 $380 $48,060
Cypress 2BD/1.5 BA 992 37 $76,744 $1,710 $470 $50,790
Laurel 2BD/2BA-BALC 1087 48 $89,128 $1,772 $560 $52,500
Franklin 3 BD/2 BA-BALC 1713 6 $120,996 $2,506 $720 $73,560
Madison 2DB/DEN/2BA 1710 3 $120,996 $2,502 $720 $73,680
Jefferson 3BD/2.5BA-BALC 2002 6 $143,192 $2,837 $850 $83,190
Washington 3BD/2.5BA-BALC 2354 12 $150,818 $3,083 $895 $89,520
Share Values are in effect through December 31, 2025
*(square footage is approximate)

The Cooperative owns & maintains all appliances & fixtures. The monthly carrying charges include property taxes, heated parking, gas for hot water and heat, cable TV and internet, water, sewer,  trash & recycling, and a portion of building maintenance expenses. Members are responsible for their HO-6 insurance policy, telephone, and electricity.

Effective January 1, 2025

Learn More About Us

6711 Lake Shore Drive
Richfield, MN 55423
info@gramercylakeshore.com
612.861.1378
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