The facility is being co-developed by the minds behind 53W53
When the developer of the ultra-luxury MoMA tower at 53 West 53rd Street signed on to co-develop senior housing on East 56th Street in April, no one thought it was a pity project. And they were right. According to Bloomberg (h/t TRD), the facility will be the "One57 of assisted living," with monthly rent poised to hover around $20,000/month, including the cost of a room, medical care, and food.
That $20,000/month isn't covered by insurance, meaning residents will be paying out of pocket. But that shouldn't be a problem given the facility's pointed location near the Upper East Side, and in the figurative backyards of some of NYC's most wealthy.
"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, Connecticut, because that’s the closest assisted-living facility I can get you into—that is unacceptable," the Chief Executive Officer of co-developer Welltower, Thomas DeRosa, told Bloomberg. "You will kill that person."
The facility will stand 15 stories on the former site of a T.G.I. Friday's, which Hines and Welltower purchased for $115 million last month, according to TRD.
- Midtown TGI Friday's to Become the One57 of Assisted Living [Bloomberg via TRD]
- 53W53 Developer Plans a Senior Housing Project in Midtown [Curbed]