Family Compounds, By Elevator

(The New York Times)  Some parents dream of owning a home where their adult children and grandchildren also can live. For those with the means, that translates into a family compound, with several generations living in their own houses within the same property line. But here in New York City, creating such expansive homes can be prohibitively expensive. Nevertheless, a lucky few are building multigenerational compounds in the sky.

At 10 Madison Square West, a 125-unit condominium at West 24th Street where asking prices top $4,000 a square foot, four separate families are hoping to create multigenerational homes. In each case, parents bought apartments for themselves and then a second, noncontiguous unit for their adult children.

Patrice Jacobs, right, calls the same building home as, from left: her daughters Stacy Westreich and Allison Schulman; their husbands (only Richard Westreich was home); and their children. Katherine Marks for The New York Times

Source: http://www.nytimes.com/2013/09/29/realesta...