What happens when wealthy New Yorkers who enjoy the high life begin to need senior services and assistance? Welltower is banking it’ll be in their new high-rise, high-society senior living complex, to be located right in the middle of Manhattan.
The healthcare real estate investment trust has partnered with Hines, a real estate investment firm with a large portfolio of expertise in urban locations, to build a 15-story assisted living and memory care property at the juncture of Manhattan’s Midtown and Upper East Side. Plans include a large community space with floor-to-ceiling glass on the second floor, with residences on the floors above. Outdoor living spaces and terraced gardens are planned for several floors, including the top floor. The ground floor of the building will house retail stores.
“Demographic trends point to significant growth in New York City’s elderly population over the next decade, and the current availability of assisted living is five times less than the national average,” said Mercedes Kerr, Welltower’s senior vice president of business development, in a company announcement.
How much will it cost to live in the high-society property, inspired by classic Park Avenue apartments? No one is saying yet, but Himes’ Senior Managing Director Tommy Craig says, “We believe this design by SLCE Architects…will deliver a residence that sets new standards for seniors housing and memory care.”