A housing cooperative forms when people come together to own and control the buildings in which they live. They form a not-for-profit cooperative organization and pay a monthly ‘carrying charge’ to cover operating expenses and help build up reserves for future repairs and improvements to common spaces. It is the cooperative that owns the building, land and common areas, and members buy shares in the cooperative. The share gives you the right to occupy a specific unit in the building while enjoying all the amenities of the entire cooperative.
Gramercy Club at Burnhaven is a market rate, full equity cooperative. Here are some of the benefits of full equity ownership vs. limited equity ownership:
Gramercy Club at Burnhaven is a market rate, full equity cooperative. Here are some of the benefits of full equity ownership vs. limited equity ownership:
- No HUD involvement
- No master mortgage on the building
- Lower long-term net costs
- You set your own selling price and are free to negotiate as a buyer or seller
- You can make improvements to your unit (with board approval)
Health and wellness benefits of living in a cooperative
Strong social connections (like those at Gramercy) help lower blood pressure, reduce inflammation and improve cardiovascular health. Research has shown that people with robust social support networks are less likely to develop chronic health conditions like heart disease, diabetes and even certain types of cancer.
The impact on mental health is equally as significant. Strong social connections (like the ones you'll form at Gramercy) buffer against depression, anxiety and other mental health disorders. A sense of belonging and validation fosters personal growth and a resilient mindset to help you navigate life’s challenges.
Your new home awaits at Gramercy!
Strong social connections (like those at Gramercy) help lower blood pressure, reduce inflammation and improve cardiovascular health. Research has shown that people with robust social support networks are less likely to develop chronic health conditions like heart disease, diabetes and even certain types of cancer.
The impact on mental health is equally as significant. Strong social connections (like the ones you'll form at Gramercy) buffer against depression, anxiety and other mental health disorders. A sense of belonging and validation fosters personal growth and a resilient mindset to help you navigate life’s challenges.
Your new home awaits at Gramercy!
