NYC approves its first CCRC

The council’s Zoning and Franchises Subcommittee approved plans, on Thursday, for RiverSpring Health to expand its existing footprint at the Hebrew Home campus in Riverdale. As reported by Crain’s NY, the expansion on Palisade Avenue is expected to be occupied in two phases in 2022 and 2024. Once entirely completed, the CCRC, named River’s Edge, would include 386 independent-living units, 70 assisted-living units, and 44 skilled nursing units not exclusive to the CCRC, said Daniel Reingold, President and CEO of RiverSpring Health.

According to The Jewish Voice, the Bronx campus overlooking the Hudson River, would increase the density in its primary 12-story building on the north side , and construct two new smaller buildings, four-stories and six -stories tall, to the south. Hard costs of the first phase to be financed are projected to be $200 million.

Prospective residents can expect the living fees to range from $450,000 to $1.9 million, which are up to 90% refundable if a resident moves out or dies. Monthly maintenance fees, which are not refundable but would not increase if a resident relocated into skilled nursing, are expected to cost between $6,000 and $8,000. Long-term-care insurance can reduce the monthly cost. “It’s not an apartment building, there is no purchase price,” Reingold said. “It is not for the wealthy. It’s intended for, believe it or not, the middle class population.”

“Our hope is that New Yorkers can age in their communities with these different types of support,” said Andrea Cianfrani, director of public policy at LiveOn NY, a senior-focused non-profit which supports the RiverSpring expansion.

Read the full story at The Jewish Voice.

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