Some of you may have seen this New York Times article about how families in NYC are trying to create family compounds within high-rise buildings. While it was common to have multiple generations under one roof during the recession, high net-worth families are now taking it to new extremes. The article highlights how some members of the family are now only an elevator ride away, or in some cases people have bought units side by side to combine them and give more space to relatives. It’s important to note this philosophy is not limited only to New York, in some of Boston’s newest luxury buildings this is taking place as well.
When the W Boston opened its doors, many people who had bought 2 bedroom units also bought a separate studio space in the building for out of town relatives or guests to stay in when they visited. While others, were considering using the space an employment perk for their nannies. More recently this has been happening at Sepia at Ink Block. These condos that aren’t expected to open for another 2 years, already have buyers lining up to buy multiple units to combine or use for family members. Even in smaller buildings at the high end of the market we see a few instances where one family might own separated units in a 16 unit building. Perhaps most interesting to see will be if this trend continues when Millennium Tower opens.