The 234 Apartment

(Bloomberg)—Manhattan is about to become a testing ground for what could be the next luxury real estate boom . Well, maybe mini-boom, considering the rather narrow target group : frail urban seniors with fat bank accounts . Developers are spending hundreds of millions on high-end assisted- living apartment projects , one on the Upper East Side and one in Midtown, and aiming for more in the area and across the U.S. The bet is that there are sufficient numbers of the affluent and aging in big cities who won’t want to leave their neighborhoods, even as they suffer cognitive decline . It is, of course, a rather small group of any age or mental ability that can handle the monthly rents these kinds of places will command. They’ll start at $12,000 at the complex that Maplewood Senior Living and Omega Healthcare Investors Inc. are putting up on Second Avenue and 93rd Street. Some will top more than $20,000 at the building Welltower Inc. and Hines are about to break ground for o...

Manhattan is about to become a testing ground for what could be the next luxury real estate boom . Well, maybe mini-boom, considering the rather narrow target group : frail urban seniors with fat bank accounts . Developers are spending hundreds of millions on high-end assisted- living apartment projects , one on the Upper East Side and one in Midtown, and aiming for more in the area and across the U.S. The bet is that there are sufficient numbers of the affluent and aging in big cities who won't want to leave their neighborhoods, even as they suffer cognitive decline . It is, of course, a rather small group of any age or mental ability that can handle the monthly rents these kinds of places will command. They'll start at $12,000 at the complex that Maplewood Senior Living and Omega Healthcare Investors Inc. are putting up on Second Avenue and 93rd Street. Some will top more than $20,000 at the building Welltower Inc. and Hines are about to break ground for on the corner of ...

SCHERERVILLE | “A little assistance … A lot of independence!” That motto of the Residences at Deer Creek illustrates the newest business model in senior living, according to executive director Karen Ayersman . “You don’t have a large buy-in. It’s upsetting to people to have to do that. Here you pay rent at the first of every month. You don’t sign a lease,” she said. “It’s all about choices here. You choose to stay. You choose to go.” The three- story facility offers a variety of independent living, assisted living and memory support apartments , and Monday was moving day for the first 20 residents. Rather than scheduled meals , independent living and assisted living residents can choose to dine anytime from 7 a.m. to 7 p.m. in the restaurant- style dining room and order from a menu prepared by an executive chef. The bistro/coffee shop offers small meals, snacks and coffee, and other beverages. And everything is included in the monthly fee. “It’s your home with added amenities ,” A...

NEW YORK – Aug. 22, 2017 – With all the talk about aging baby boomers and life- extending health care advances , it might be a bit bewildering deciding which seniors housing assets are best primed for success. Lee Everett, managing consultant at research firm CoStar Portfolio Strategy , might be able to provide some clarity. Two product types – active adult communities and continuing care retirement communities (CCRCs – will be the winners in the seniors housing race both in the short and the long term, Everett says. Everett and his CoStar colleagues are bullish about active adult communities , which are age-restricted developments that offer an independent lifestyle and relatively maintenance-free housing. Growth in this segment is "just around the corner," with more baby boomers getting older and seeking alternatives to traditional homes and apartments. "We're looking at a period where there's going to be a lot of fast and explosive growth in active a...

Old is (developer) gold: Builders targeting wealthy seniors with glitzy projects Hines’ Midtown project for graying New Yorkers will feature $20K a month rentals August 21, 2017 11:45AM Rendering of 139 East 56th Street New York City developers are betting big on a wave of demand coming from seniors who want luxury homes in the city and are willing pay handsomely for them. At Maplewood Senior Living and Omega Healthcare Investors Inc’s development at 93rd Street and Second Avenue, rentals will start at $12,000 a month, Bloomberg reported. Similarly, at Welltower Inc. and Hines’ 15- story senior living facility at 139 East 56th Street , some of the apartments will go for as much as $20,000 a month. While the city is grappling with a boatload of luxury new development inventory, developers expect seniors who will need assisted living in the city — and who have the means to pay for it — are a market that is majorly underserved. There are just 70 licensed memory-care beds in Manhatta...

Copper Creek Cottages in Litchfield held an open house of their new facility, located at 1007 E. Columbian Street, on Saturday, July 1. The new facility features 30 apartments in two intimate settings of 15 to provide better care and attention of each of the residents. They offer one and two-bedroom apartments, both with private bathrooms. The state-of-the-art facility provides spaces to explore, gathering areas, activity space and a beautiful and secure outdoor courtyard . At Copper Creek Cottages , residents are welcomed by characteristic cottage-front apartments for "home" recognition, just one of the things that owners Brad and Maura Voyles are proudest of. The unique and bold color cottage -fronts are such a help to the residents. Another detail the Voyles are very proud of is the ability of staff to know when a resident gets up in the night or when someone has been in the bathroom for an extended period of time. Voyles has been in the business for 20 years, and has bu...

The value of new construction starts in July advanced 6% from the previous month to a seasonally adjusted annual rate of $728.1 billion, it was reported by Dodge Data & Analytics. Leading the way was a 26% jump by the nonbuilding construction sector , which reflected an improved level for public works and the start of two massive power plants , located respectively in California and New York. Residential building in July increased 8 %, as multifamily housing rebounded after three consecutive monthly declines .  Running counter was a 7% slide for nonresidential building following its 14% hike in June, as both office buildings and hotels retreated from June’s elevated activity , outweighing a sharp rise for healthcare facilities in July.  During the first seven months of 2017, total construction starts on an unadjusted basis were $411.9 billion, down 1% from the same period a year ago.  Dampening the year-to-date performance for total construction was a steep 44% decline for t...

The value of new construction starts in July advanced 6 % from the previous month to a seasonally adjusted annual rate of $728.1 billion, according to the most recent report from Dodge Data & Analytics.   Leading the way was a 26% jump by the nonbuilding construction sector , which reflected an improved level for public works and the start of two massive power plants in California and New York.   Residential building in July increased 8 %, as multifamily housing rebounded after three consecutive monthly declines . Running counter was a 7% slide for nonresidential building , following its 14% hike in June, as both office buildings and hotels retreated from June’s elevated activity , outweighing a sharp rise for health care facilities in July.   During the first seven months of 2017, total construction starts on an unadjusted basis were $411.9 billion, down 1% from the same period a year ago. Dampening the year-to-date performance for total construction was a steep 44% declin...