live@gramercyparkduluth.com Phone: 218-720-6275

Monthly Cost

Gramercy Park has offers a range of monthly costs to fit most budgets.

Monthly Fees

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 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 including accrued equity.

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, and underground heated parking. (Approximately 53% of your monthly fees are mortgage interest and property tax, which are deductible on your income tax).
Members are responsible for their own telephone, internet, electricity, and insurance for personal belongings.

Gramercy Park Cooperative of Duluth has 74 apartment homes which include one and two bedroom floor plans.

Plan Description Approx.
Square
Footage
Number
of Units
Share
(Membership Cost)
March 2018
 Monthly Fee
March 2018
1%
Annual
Equity
Monthly
Equity
(Rounded Up)
Qualifying
Income
Aspen 1 BD/1 BA 683 6 $44,124 $727 $441 $37 $18,965
Deerwood 1 BD/1 BA 840 4 $53,001 $903 $530 $44 $22,556
Cypress 2 BD/1.5 BA 992 32 $59,846 $1,048 $598 $50 $27,339
Laurel 2 BD/2 BA 1064 12 $64,147 $1,110 $641 $53 $28,965
Willow 2 BD/2 BA 1237 20 $70,249 $1,206 $689 $57 $31,460