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...

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...

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 ...

A residential community with 250 town homes and 458 single-family houses is slated for Howell Branch Road in south Seminole County . Meritage Homes Corporation bought more than 200 acres on Howell Branch Road and east of Semoran Boulevard to develop a community being called Hawk’s Crest. The purchase price was about $40 million, property records show . New homes will have 1,600 to 5,200 square feet with three to six bedrooms. Prices are expected to range from $260,000 to $635,000 with sales starting in late 2018 and closings planned for early 2019, according to the company. South I-Drive acreage sells Windermere resident Alessandro Da Silva Oliveria purchased 9 acres of vacant land on South International Drive , Orlando, from the Southeastern Conference Association of Seventh Day Adventists Inc. for $950,000. The religious nonprofit plans to reinvest the proceeds to build a church at an undetermined Orlando location , according to a news release. NAI Realvest Partner Paul P. ...

PHOENIX, Aug. 21 -- Hines issued the following news release: Hines, the international real estate firm , has entered into a joint venture agreement with New York Life Real Estate Investors , on behalf of its institutional client , as its equity partner to develop the Offices at Chandler Viridian .The Offices at Chandler Viridian is a six-story, Class A office building with 250,000 square feet of space located at the intersection of Loop 101 and Loop 202 near the Chandler Fashion Center ."The Offices at Chandler Viridian is a highly desirable office building offering users the connectivity needed in today's business world. The addition of New York Life Real Estate Investors ' institutional client creates a powerhouse partnership for this project," said Chris Anderson, managing director and Arizona leader for Hines. "Without leaving the Chandler Viridian campus , tenants will be able to stay at a beautiful new hotel, live at a luxury multifamily complex , ea...

NEW YORK, Aug. 23, 2017 (GLOBE NEWSWIRE) -- Greystone, a real estate lending , investment and advisory company , today announced its closing of a $550,000, 000 permanent Freddie Mac loan made to joint-venture partners The Moinian Group and SL Green Realty Corp . for Sky Residences (“Sky”), one of Manhattan’s premier mixed-use residential buildings . The Greystone Bassuk debt advisory team , led by Richard Bassuk and Drew Fletcher, represented the Borrower and assisted in obtaining the Freddie Mac loan through Greystone’s Affordable Lending team . The transaction marks the largest-ever single-asset tax- exempt financing completed by Freddie Mac and a first-of-its- kind private placement structure that includes permanent financing for hundreds of affordable housing units in New York City. Steve Rosenberg , CEO of Greystone, together with Billy Posey, Joe Mosley, and Jeff Englund, collaborated with Freddie Mac on the structure for Moinian and SL Green, and spearheaded the loan proc...

As you do more banking by smartphone, that bank branch you used to visit may soon turn into a restaurant, a day care center or even a condo tower. After a branch building boom a decade or so ago, banks are closing offices by the thousands as more of their customers bank online . They're leaving behind space ready to be transformed into something else, whether an urban storefront or a free- standing brick building with a drive-thru in the suburbs. "If the real estate is strong, any number of things can happen to the property," says Kim McGuire, senior vice president in the Chicago office of CBRE. It's a problem or an opportunity, depending on your perspective, that will be here for a while. Banks operate about 89,300 branches in the United States today , down 8 percent over the past decade, according to Chicago- based real estate firm Jones Lang LaSalle . JLL expects an additional 20 percent drop over the next decade. In the Chicago area, the number of branches d...

Mill Creek Residential, a national apartment community operator , recently donated more than 200 household items to the Habitat for Humanity ReStore . The company donated furniture , cabinets, countertops and appliances; including refrigerators, stoves, microwaves and dishwashers from 40 apartments at an upscale property. "It takes donations from our community to make the Habitat Restore successful ," said Nancy Daly, ReStore co-chairwoman. Daly estimates $12,000 in projected sales from the donation will be put toward building a new home. Through Habitat for Humanity, hardworking families can apply to obtain affordable housing . They are required to contribute a combination of sweat equity, homeownership coursework and a zero-interest mortgage. "Habitat for Humanity of Broward is truly empowering families to improve their lives, while strengthening many of the neighborhoods we serve," said Jeff Meran, Mill Creek's senior managing director for the South Florida ...

By Mike Smollins Village of Lynbrook officials are mulling a proposal by development company Mill Creek Residential to build a luxury apartment complex on Rocklyn Avenue, near Merrick Road. Hot Skates, Fun Station USA and Hi Tech Security now occupy the three-acre site. “Today’s apartment residents are craving a downtown living experience along with convenient access to a mix of urban and suburban lifestyle experiences ,” Russell Tepper, a senior managing director at MCR, wrote in an email to the Herald. “Lynbrook’s new residential community would serve all types of residents … so that they may take advantage of the luxuries of suburban living , without sacrificing the trappings of an urban, modern lifestyle.” MCR acquires and operates high- end rental communities across the country, and has built complexes in West Hempstead, Mineola, Yonkers, Westchester County and New Jersey. Tepper said that the company would create a transit- oriented residential community — a walkable nei...

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...

Archstone Berkeley on Addison Berkeley, Calif.—Archstone has broken ground on Archstone Berkeley on Addison, the company’s first apartment community in Berkeley, Calif. The 94-unit asset will be located at the corner of Third and Addison, blocks from the Berkeley Marina and the San Francisco Bay . “Berkeley is an incredible city and an excellent fit for an Archstone apartment community ,” says Amir Massih, vice president of development at Archstone. “We’re excited about starting this project and look forward to providing an outstanding addition to the neighborhood and for our future residents.” The property’s amenity package will include a roof deck with a view of the Golden Gate Bridge , an open- air fitness center , and a pet salon. “This is the first Archstone development start in the Bay Area since completing the second phase of Archstone San Bruno in 2007,” adds Rick Lamprech , Archstone’s executive vice president of development for the West Region. “We’re pleased to be bac...

Developer Carl Dranoff is planning 28 stories of luxury condos at Broad and Pine Streets, instead of the hotel-and-apartment hybrid he previously had in mind for the site, as Center City heads toward a likely near-term glut of both rental housing and hotel guest rooms . The developer’s earlier vision of a 22-story building with 76 hotel rooms and 83 apartments known as the Hyde — to have been developed with the Los Angeles hospitality mogul Sam Nazarian ’s SBE Entertainment Group — has been supplanted by a new proposal with 56 “high-end” condos, Dranoff said in an email Tuesday. Dranoff ultimately decided that the location along the strip of Broad Street south of City Hall, known as Avenue of the Arts, “lends itself best to a condo project,” spokeswoman Barbara Gall Sheehan said in a follow-up email. “We think there is strong demand for high-end/luxury condos in premier neighborhoods, like Avenue of the Arts,” she said. Dranoff said th...