Sky's the limit for garage concept

Real Estate Weekly,  Oct 17, 2007  by Danielle Wolffe

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The Sky Garage, the space-age service being built into Annabelle Selldorf's 200 Eleventh Avenue that allows residents to drive into an elevator to be shuttled up to a parking spot directly adjacent to their homes, was always considered a risky proposal.

The facility required developers to sacrifice 9000 s/f of space and, revealed Glauco Lolli-Ghetti, director of development with Youngwood and Associates which developed the concept, "When we first came up with the concept, a few developers were concerned about my mental health."

However, Lolli-Ghetti added, "I really believe in this concept, especially now we think it is particularly important to separate ourselves in the market. We are placing value in these condominiums simply by creating something you can't get in another city anywhere in the country." The bold move certainly seemd to be paying off. Average prices for homes in the building are $2300 psf and already 11 out of the 16 units have been sold.

Youngwood and Associates came up with the concept after examining commercial projects like Trump Towers and Sotheby's where trucks are shuttled up the side of the building in elevators to offload materials.

COPYRIGHT 2007 Hagedorn Publication
COPYRIGHT 2008 Gale, Cengage Learning