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”
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