Yup, you read the headline right. Seniors will be moving into the new hot spot in NYC at a mega-development north of Hudson Yards. Leading the way are former New York Governor Eliot Spitzer and New York City-based Related Companies.
The project is a mixed-use high-rise which will include a 44-story tower at 451 10th Avenue at 35th Street. According to The Real Deal, who cited plans pre-filed last week with New York City’s Department of Buildings (DOB), the site would potentially include 126 long-term care facility dwelling units. The filed documents do not reveal what levels of care would be provided in the senior housing units or identify any senior living operator involved.
Some can speculate that Louisville-based Atria Senior Living might be the operator, since they have a relationship with Related. Atria also recently announced a joint venture to develop a $3 billion pipeline of urban senior housing, with a project in San Francisco topping the list.
Hudson Yards is an exciting place for eminent domain, real estate, and tourism, and is the largest private real estate development in the history of the United States. (As they say in the Big Apple: GO BIG OR GO HOME!)
Hudson Yards opened to the public on March 15, 2019 and includes: a 1-million-square-foot retail center with shops and dining; public parks and gathering spaces; multifamily housing; offices; and hotels. (Our own personal note is that if you haven’t been there yet, make sure you make time for a visit. It is free to climb the Vessel, but make sure you get a timed ticket first.)
In addition to the senior housing units proposed for floors 5 through 12, the mixed-use site calls for Class A apartments on upper floors, with retail, food and drink establishments, and amenity spaces such as a yoga room listed for the lower floors. (Sign me up, grandma!)
This is not the first or only other senior living project. Currently in NYC, real estate developer Hines and real estate investment trust Welltower (NYSE: WELL) are making plans. Then we have Maplewood Senior Living and Omega Healthcare Investors (NYSE: OHI) who are partnered on an NYC high-rise called Inspir. Move over hipsters, and even Brooklyn, because there is senior sizzle. Kayne Anderson Real Estate Advisors (KAREA) and Watermark Retirement are revamping an existing building for senior living.
Why focus on seniors? As the Atria CEO, John Moore, said at the Senior Housing News’ BUILD event in Chicago: the cooling of the residential real estate market and pent-up demand in areas that have long been underserved by senior housing are driving the development.
Although there is lots of eminent domain happening in Hudson Yards (see our other posts) we are happy to see that Seniors will not be left out of the newest development boom.