- 28 Aug
Manhattan Getting High-End Assisted Living Towers
Two developers in the Manhattan area are testing out a new idea in the urban market: catering to the affluent elderly. They’re raising buildings designed to be usable by anyone advanced in age, as well as those who may be suffering from a mental decline. The developers are banking on the concept that many people have lived in New York City for their entire life and would seek to continue doing so in old age, even with rents starting as high as $12,000 a month.
That’s the starting price for the building being put up on Second Avenue and 93rd Street by the group Maplewood Senior Living and Omega Healthcare Investors Inc. A short distance away, Welltower Inc. and Hines are beginning a project catered to the elderly with an expected rent of over $20,000 a month. These buildings hope to incorporate the typical luxuries found in NYC such as large landscaped gardens on the roof and uniformed doormen throughout the building. However, the developers also plan on having specifically designed rooms to aid the elderly and memory impaired, including contrasting walls in rooms to help those with poor eyesight and colored hallway lights to promote sleep.
Currently, NYC is poorly equipped to handle elderly consumers wishing to stay within the city. In Manhattan, it was found to have only 70 beds licensed to provide aid for those with declining memory. As well, no assisted-living facilities have been built in the area since 2005, and national organizations could find just 622 units with the proper facilities in the borough.
The average rent of those units was around $6,000, a price not considered at the two properties currently being built. The $270 million Maplewood-Omega tower boasts a spa, movie theater and a cultivated walking path. If the supply is in the area, The group has plans for a series of assisted-living facilities throughout New York through a brand called Inspir, and aims to expand to Los Angeles, Miami, and London. Meanwhile, The Welltower and Hines property is set to be a 16-story tower at 56th Street and Lexington Avenue, complete with marble bathrooms and an exterior hopefully matching the types of buildings its clientele have lived in for their entire lives.
While the demand is largely unseen today, the developers are envisioning the near future when hundreds of thousands of the “baby-boomer” generation reach retirement age. Many of these people will require special assistance, and builders are hoping that they’re willing to pay high rent to have the services they need while staying in the city they call home.
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