(NEW YORK and TOLEDO, OH) – Welltower Inc. (NYSE:HCN), a leader in health care infrastructure, and partner Hines, the international real estate firm, today unveiled the first rendering of a 15-story, 125,000-square-foot property they will develop at 139 East 56th Street on the northeast corner of Lexington Avenue and 56th Street in midtown Manhattan. The property, designed by SLCE Architects, LLP, is an as-of-right development that will have retail at its base and a senior living and memory care community above.
Located at the intersection of the Midtown East commercial district and the Upper East Side residential district, the building is inspired by classic Park Avenue apartment houses and updated to include energy-efficient design features. The primary community spaces are located on the second floor which will include oversized floor-to-ceiling glass windows designed to maintain a close physical connection between the residents and the neighborhood. The residential units begin at the 3rd floor and continue to the 14th floor. A variety of additional community spaces are interspersed throughout these floors, creating mini neighborhoods on each floor. Generous outdoor living spaces on the 4th, 11th and 15th floors, will provide landscaped terraces and gardens for residents to enjoy throughout the year, creating a safe, multi-sensory environment.
“This Midtown Manhattan development is the first of its kind: a senior living environment that promotes wellness and community with the latest innovations focused on residents’ needs for cognitive engagement, mobility and nutrition,” said Mercedes Kerr, Senior Vice President, Business Development at Welltower. “Demographic trends point to significant growth in the New York City’s elderly population over the next decade and the current availability of assisted living is five times less than the national average. Welltower is proud to be at the forefront of solutions for helping New Yorkers live well as they age.”
“Hines has built its reputation as an industry leader in urban locations, and particularly in New York City, by delivering superior developments, especially when moving into diverse product types with best-in-class partners such as Welltower,” stated Hines Senior Managing Director Tommy Craig. “We believe this design by SLCE Architects, with whom we have worked on several other projects in New York City, reflects that commitment, which in the end will deliver a residence that sets a new standard for seniors housing and memory care and will be an asset to the neighborhood.”
"This building is organized vertically unlike most typical senior living communities. Inspired by classic Park Avenue apartment houses, its design and layout reflects New York City apartment living,” said Saky Yakas, Partner, SLCE Architects, LLP. “We expect Manhattan's seniors will be very comfortable transitioning into this community."
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 182 cities in 20 countries. Hines has $89.1 billion of assets under management, including $42.5 billion for which Hines provides fiduciary investment management services, and $46.6 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world, including several major projects in Manhattan. Historically, Hines has developed, redeveloped or acquired 1,126 properties, totaling over 350 million square feet. The firm’s current property and asset management portfolio includes 457 properties, representing over 193 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
Welltower Inc. (NYSE:HCN), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower™, a real estate investment trust (“REIT”), owns more than 1,400 properties in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties. More information is available at www.welltower.com.
