Gramercy Lakeshore Home Page

a community of neighbors
across from
Wood Lake Nature Center

6711 Lake Shore Drive
Richfield, MN 55423
612-861-1378
info@gramercylakeshore.com

Currently Available!
spacious 1 & 2 bedroom units

..Amenities include:

  • large kitchens,
    fully equipped
  • storage units on
    same floor
  • courtesy van
  • hair salon
  • library with
    computer center
  • heated garage
  • washer & dryer
    in your unit
  • guest suites
  • convenience store
  • fitness center
  • party room
  • secure entry

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


A Better Place to Live...

What is a cooperative?

PHILOSOPHY
As members of the Minnesota Association of Cooperatives (MAC) , Gramercy Park Cooperative upholds 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. As members of MAC's Senior Housing Network, we benefit from cooperation among cooperatives as well as educational seminars and conferences.

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 that covers operating expenses, including the mortgage payment, if any. Monthly charges will increase only when the board of directors determines that taxes or operating costs justify an increase.

Members can deduct their share of the real estate taxes and mortgage interest paid by the cooperative.

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 has no individual liability. 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. Non 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-toDay 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 owner's association made up of owners. Property manager only.
Resale Procedure Cooperative has first option to sell unit. Use wait list to assist member in resale. Owner's responsibility to start process of sale of real estate (i.e., enlist services of realtor). You cannot sell.

How much does it cost to purchase a share in Gramercy Park Cooperative and to live in this community?

There are two primary costs involved.  The Membership Cost is a one-time payment that purchases a voting share in the
Cooperative.  If a Member decides to move, the Cooperative has the option to manage the sale during the first 90 days,
returning the Membership Cost to the seller, plus accrued equity.

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 160 apartment homes which include one, two, and three-bedroom floor plans.

Floor
Plan
Desc
Sq
Ft
Units
Memb
Cost
Mnthly Fees
Constr. Cost
Equity
Qual. Income

Aspen

1 BD/1BA

710

16

$  43,806

$1,139

111,329

$1,113

$29,713

Birch

1BD/1BA-BALC

857

16

$  56,520

  $1,305

138,550

$1,385

$34,043

Chestnut

1 BD/1BA

939

16

$  56,520

$1,327

138,550

$1,385

$34,618

Cypress

2BD/1.5 BA

992

40

$  68,754

$1,439

161,696

$1,617

$37,539

Laurel

2BD/2BA-BALC

1087

48

$  79,608

$1,483

173,432

$1,734

$38,687

Franklin

3BD/2BA-BALC

1713

6

$108,756

$2,253

276,285

$2,763

$58,774

Jefferson

3BD/2.5BA-BALC

2002

6

$128,742

$2,506

329,097

$3,291

$67,983

Washgtn

3BD/2.5BA-BALC

2354

12

$135,603

$2,792

346,864

$3,469

$72,835

       Membership Costs are in effect until April 1, 2008
Monthly Fees are in effect until January 1, 2009
(Dimensions approximate)

Heated parking, central air, heat, cable, water, sewer, trash pick-up and recycling are included in the monthly fee. Members are responsible for their own phone and electricity.

See some of our homes here.