Think retirement homes lack glamour? Think again. Steps away from Billionaire’s Row a luxury assisted living development is rising and it’s being touted as the “One57 of Assisted Living.”
Welltower Inc., the country’s largest senior-housing owner by market value, is collaborating with developer Hines, the force behind the nearby MoMA Tower, to develop the high-end senior center.
The group is planning a 15-story tower “to accommodate wealthy Manhattanites in need of assisted-living and memory-care services,” according to Bloomberg. The site, located at 56th Street and Lexington Avenue, is currently home to a T.G.I.F. restaurant – good riddance.
Unfortunately, information on the sure to be luxe amenities has not yet been revealed. However, the price has been and it’s pretty staggering. Monthly rents will start at $20,000.
“There’s going to be a little bit of a learning curve on the demand side to see if residents are willing to pay those kinds of prices,” John Kim, an analyst covering real estate investment trusts with BMO Capital Markets Corp. told Bloomberg.