Build­ing As­sisted Liv­ing for the 1 Per­cent

Re­tire­ment ▶ A place for ag­ing Man­hat­tan­ites— if they can pay $20,000 a month ▶ “It be­came a pas­sion for me to find a site on this is­land”

Bloomberg Businessweek (North America) - - Markets/personal Finance -

It’s no ac­ci­dent that Man­hat­tan’s new­est se­nior­liv­ing fa­cil­ity will rise just blocks away from the gilded co- ops of Park Av­enue. The res­i­dents of those build­ings might call the place home some­day.

Well­tower, a real es­tate in­vest­ment trust that in­vests in se­nior hous­ing, is push­ing into New York City. Last month it joined with lux­ury de­vel­oper Hines to buy a site at 56th Street and Lex­ing­ton Av­enue, and it’s plan­ning a tower to ac­com­mo­date wealthy Man­hat­tan­ites. It will in­clude both as­sisted liv­ing and mem­ory-care ser­vices, which are in

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