About

ABOUT

Our roots run deep at Gramercy Park.

Gramercy Park Senior Cooperative of Rochester opened our doors in May of 1997. We were founded on a vision and goal to create an unequaled senior cooperative living community in Rochester. We believe that we’ve achieved just that.

The concept of cooperative housing has roots from well over 180 years ago, with a visionary man named Samuel Ruggles. With an objective to create and foster common interest communities, Ruggles developed just such an environment in the Gramercy Park neighborhood of New York City. His idea caught on and his vision lives on in the values of Gramercy Park of Rochester.
 
Twenty years have passed since our launch, and our solid foundation has enabled the Gramercy Park community to develop in some very important ways. We are stable, established, and have a great foundation of management and operations. That, coupled with our community, amenities, activities, and exceptional floor plans and solid construction, make Gramercy Park the premier choice for senior cooperative living in the Rochester area.

How cooperative housing works

A housing cooperative is a unique opportunity to jointly own a common property with other individuals. When members purchase a share into the cooperative, they own their respective residence within the property, as well as, share a joint ownership of the common areas of the property.
 
Becoming a member owner in the Gramercy Park Cooperative involves only two financial investments.

One-Time Membership Investment

There is a one-time financial investment to purchase your share into the cooperative. This purchase gains your membership, ownership, and guarantees your opportunity to participate in the direction of the cooperative. The cost of this one-time purchase is determined by the housing floor plan that you select at the time that you become a member.
 
You will be happy to know that when you select your residence and purchase your share, you won’t pay “market price!” Rather, you’ll pay “member” price. Because we all share in the common expenses, you can own your share of the cooperative for a fraction of what the typical marketplace cost would be for a living space of this quality and distinction.


Monthly Membership Fee

Each member will pay a monthly fee as a carrying charge to the cooperative. This monthly fee contributes to the mortgage and real estate taxes of the cooperative for the property and facility. You can rest assured, because this fee also includes a tremendous number of amenities, utility costs, and benefits for you as a member. In addition to funding the mortgage, real estate taxes, and general operating expenses, the monthly fee provides our members with an enormous list of additional amenities!

Heated underground parking

Private locked storage space

Expanded cable TV

Laundry hookups in every residence

Water and sewer utilities

Trash and recycling

Fully furnished kitchen and event area

Large community room

Indoor car wash

Free laundry facilities on each floor

Computer area

Outdoor patio area with grills

Local shuttle van service

Pets welcome (restrictions apply)

Deck or patio with every apartment

Interior and exterior maintenance

Professional onsite management

Guest suites available for visiting family


Cooperative ownership has unique benefits

As an owner of a share of the property, each member has the ability to deduct their individual share of the real estate taxes and mortgage interest from their income taxes.
 
Typically, as real estate grows in value, so does the equity that the property owner holds. Similarly, each owner in the cooperative earns limited annual equity on their share within the cooperative.
 
One of the hallmarks of equal ownership is adhering to a democratic model and standard. All members in the cooperative have a vote. Decisions that impact the owners are made “cooperatively” by those members. Additionally, an active Board of Directors that are made up of Gramercy Park residents are elected, and faithfully provide leadership to the cooperative.


Becoming a member of our cooperative

Since we live closely in community, and share a family environment, we take time to get to know each other before a new member joins our community. We invite you to come and meet us. While you’re here, we’ll give you a tour, tell you about all the great amenities that you can expect, and take some time to acquaint ourselves with each other.
 
If our cooperative seems like the right choice for your next home, the next steps will include an application, and since keeping our environment safe is a priority, a background check is required. Once you are on our waiting list, it is only a matter of time before you are a part of our community, and part of our friendly neighborhood!

Are you ready to find out more? Contact us today to learn more and schedule your tour!
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