SKY LAS VEGAS NEARING SELL OUT OF LUXURY STRIP HIGH RISE

LAS VEGAS, April 7, 2006…Sky Las Vegas, the luxury high-rise condominium residence on The Strip, is nearing a sellout of its 409 units and an eclectic group of celebrities, tourists and locals are ready to become permanent residents at one of the world’s most magical addresses.

The topping off of the 45-story structure is on schedule for this June and while the construction contract calls for a January 15 completion, residents could start moving in by the holidays if the contractor maintains the current pace.

“Mid December is not out of the question,” David Pourbaba, co-developer and president of Sky says, “but we will have to maintain the current schedule.”

When they move in, Sky Las Vegas will become home for singles and families literally from everywhere.  Celebrity residents already include a well-know name on the NASCAR racing circuit, a National Football League defensive back and two World Series of Poker champions. 

“We have only 10 percent of our inventory available for purchase right now,” said Gina Jackson, Sky’s director of sales and marketing. Some families will move to Sky Las Vegas from as far away as Borgata, Colombia and as close as Henderson, Nev., a Las Vegas suburb.

“There are many variables to success in this high-rise market, location and price per square foot perhaps the most important.   The Las Vegas market has been ideal for our product,” said M. Aaron Yashouafar, Sky’s co-developer and chief executive officer.

The influx of Las Vegas families from the surrounding suburbs is a part of the Sky Las Vegas success equation that has been better than expected.  Local industry statistics for all high-rise condominium sales in Las Vegas show that between 15 and 35 percent are local buyers who have attained good equity in their homes and are now ready for a more carefree lifestyle.   Locals will comprise almost 25 percent of Sky Las Vegas residents.

In 2005, Southern Nevada continued to be one of the fastest growing metropolitan areas of the country.  According to the Nevada State Demographer, the Clark County population grew by more than 60,000 residents, or 3.8 percent, from 1.7 million in 2004 to 1.8 million in 2005.  In 2005, nearly 15,500 jobs were created in the leisure and hospitality industries and 18, 100 jobs were created in the Valley’s industrial-using sectors, such as construction, manufacturing, transportation and warehousing and wholesale industries.  According to the Nevada Department of Employment, Training and Rehabilitation, the 2005 unemployment rate reached a low of 3.5 percent, compared to 3.8 percent in 2004.

That environment has created an excellent market for Sky Las Vegas’ luxury amenities offered with each condominium including marble flooring in kitchens and bathrooms with European-style cabinetry, sub zero refrigerators, stainless steel BOSCH appliances, marble surround showers and jetted bathtubs and Kohler fixtures.  Premium carpeting and floor to ceiling windows are standard in all units.

World class amenities also include 24/7 security, concierge services, a business center with conference space, a private movie screening room, private billiards room, the Sky Plaza with three levels of retail, dining and entertainment, a banquet room, dry cleaning and laundry service, a spa fitness center, a pool and cabanas with Jacuzzi, indoor racquetball, barbecue and golf putting areas, a dog park and complimentary valet.

“Las Vegas will continue to be a very strong market for residential growth and development.  We know more people will come here looking for an urban environment and the high-rise market will answer their needs.  It is a healthy market that will get even better,” Yashouafar said.

 Sky Las Vegas is a project of Sky Las Vegas Condominiums, Inc., a joint effort of M. Aaron Yashouafar, chief executive officer of Milbank Real Estate Services, Inc., a 27-year-old Los Angeles-based full service real estate company specializing in development and commercial property management, and David Pourbaba, founder and president of 4D Development, a California-based development company with projects in Texas, California and Nevada.

The Sky Las Vegas sales center is located at 2780 Las Vegas Boulevard South, adjacent to the condominium tower site.  For more information, visit www.skylasvegas.com or call 1-877-SKYLIFE.