Gramercy Park offers a range of monthly costs to fit most budgets.
How much does it cost to purchase a Membership in Gramercy Park Cooperative of Duluth and to live in the community?
There are two primary costs involved: The Membership Cost and the Monthly Fee. These prices vary according to unit size and style. One share is issued per unit.
The Membership Cost (share value) is a one-time payment to purchase 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. The membership cost is return to the seller, including the accrued equity, less selling expenses.
The Monthly Fee, covers the shareholder’s proportionate cost of: the mortgage payment, real estate taxes, operating expenses, lender required reserves (operating and replacement), interior and exterior maintenance, professional management, heat, sewer, water, trash pick-up, recycling, cable television, internet, and underground heated parking. (Approximately 53% of your monthly fee is mortgage interest and property tax, which is deductible on your income tax).
Members are responsible for their own telephone, electricity, and insurance for personal belongings.
Gramercy Park Cooperative of Duluth has 74 apartment homes which include one and two-bedroom floor plans.
| Monthly Fee
|Aspen||1 BD/1 BA||683||6||$46,374||$918||$464||$39||$23,948|
|Deerwood||1 BD/1 BA||840||4||$55,705||$1,141||$557||$46||$29,765|
|Cypress||2 BD/1.5 BA||992||32||$62,898||$1,324||$629||$52||$34,539|
|Laurel||2 BD/2 BA||1064||12||$67,420||$1,402||$674||$56||$36,574|
|Willow||2 BD/2 BA||1237||20||$73,102||$1,523||$731||$61||$39,730|