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Midtown East Assisted Living Facility Will Charge Rents Upwards Of $20,000 A Month

Midtown East Assisted Living Facility Will Charge Rents Upwards Of $20,000 A Month

A senior living facility to be built near Billionaire’s Row will be among the highest-end the city has seen, according to its developers, Welltower and Hines.

The facility, built on an assemblage at 56th Street and Lexington Avenue that sold last month for $115M, is now home to a TGI Friday's. When it's built, it will house aging wealthy Manhattanites

“You take someone who’s lived at 88th and Park their entire life and you, all of a sudden, say I’m moving you to New Canaan, CT, because that’s the closest assisted living facility I can get you into—that is unacceptable,” Welltower CEO Thomas DeRosa tells Bloomberg.

He went on to tell the publication the ultra-luxury condo market’s ongoing slowdown helped the numbers make sense for the acquisition of the site, which will eventually host the 15-story building.

Here’s a zinger: rent at the facility will likely tick in at over $20k a month.

The developers say that price tag isn’t actually much of a leap when compared with what it costs to maintain a luxury residence in Manhattan and have an in-home caregiver. Staying at the facility won’t be covered by insurance. [Bloomberg]

Related Topics: Hines, Billionaire's Row, Welltower