Laserfiche WebLink
Gramercy Park Cooperative has been planned as a "limited equity" <br />development. What does that mean? <br />The value of each share is under control of the cooperative. Membership <br />shares can be sold for the original share cost plus accrued equity. Under the formula <br />prescribed in the by -laws, member shares accrue equity at the rate of one percent <br />each year. For example, a unit valued at $80,000 would increase in equity by $800 <br />per year. After 10 years, the total equity would be $8,000. The modest increase <br />means that shares remain affordable and in high demand. <br />The best example of the success of this concept is 7500 York in Edina. <br />This limited equity cooperative currently requires a $5,000 reservation <br />deposit. The waiting list includes the names of 900 individuals willing to <br />wait 5 to 10 years for a share in the cooperative. <br />How much does it cost to purchase a share in Gramercy Park <br />Cooperative and to live in the community? <br />There are two primary costs involved. Members make a one -time "down <br />payment" which purchases a share in the cooperation, one share per apartment. <br />home. Members also pay monthly fees which cover each resident's share of the <br />mortgage payment, real estate taxes, operating expenses, and lender required <br />reserves. Share costs and monthly fees vary with the floor plans. In Rochester, there <br />are 87 shares available. <br />PLAN Wn1 <br />Aspen 1B /1BA 695 12 $16,500 $495 <br />Birch 1B /1BA 876 16 $20,800 $630 <br />Cedar 2B/1.5 BA 1025 12 $22,700 $730 <br />Deerwood 2B /1BA 1074 12 $24,500 $775 <br />Hawthorne 2B /2BA -SP 1076 10 $25,500 $780 <br />Laurel 2B /2BA -E 1090 6 $25,900 $795 <br />Maple 2B /1BA 1091 12 $24,900 $785 <br />Oak 2B /2BA -SP 1217 1 $28,900 $880 <br />Willow 2B /2BA 1477 6 $35,000 $1065 <br />As is the case in traditional home ownership, members are responsible for their own <br />phone, heat, and electricity. <br />Page 44 <br />