Hines and Welltower have picked up a development site at 139 East 56th St, aka 677 Lexington Ave. The JV plans a 15-story senior housing development to replace the site’s current use as a two-level retail property anchored by TGI Friday’s.
The new development will have retail at the base. Meringoff Properties and the Reise Organization reportedly put the site up for sale this past fall. The entire lot, which, according to city records, includes four properties with frontage on Lexington, last sold for $46.6M in 2011.
Eastern Consolidated's Peter Hauspurg, Brian Ezratty, Ronald Solarz and Adelaide Polsinelli and Gary Meese, repped the seller.
Ronald and a spokesperson for the buyers declined to disclose the sale price.
"I think it's a wonderful use for the site," Ronald told Bisnow. "New York's senior community is underserved, so there's a strong demand. And the area's strong retail means the retail space at the base should also do well."
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