NEW YORK — Connecticut-based operator Maplewood Senior Living has announced the development of a luxury senior living residence on five plots that subsidiaries of Omega Healthcare Investors (NYSE: OHI) purchased on the Upper East Side of Manhattan for $112 million.
The development plan is to raze the buildings to build a single tower. The total project cost will be $246 million, including the land cost.
The luxury senior living community will be a 20-story, 201,000-square-foot tower featuring 214 units of independent living, assisted living and memory care.
The luxury residence will be developed on a site comprising 1802, 1804-06, 1808 and 1810 Second Ave. and 303-305 E. 93rd St. The properties were purchased in an all-cash transaction from five separate sellers. Michael Besen and Rolfe Haas of Besen & Associates represented all five of the sellers.
Demolition and site preparation is slated to begin mid-year 2016 with the tower completion expected by early 2018.
“We are excited to be able to provide true luxury senior living to the Upper East Side of Manhattan,” says Gregory Smith, chairman and CEO of Maplewood Senior Living. “This marketplace is greatly underserved in senior living accommodations and we look forward to developing a project of this magnitude.”
Maplewood selected Handel Architects to design the luxury senior living residence. Renderings have not yet been released.
This will be the first Maplewood facility in New York State; the company currently operates 11 facilities in Connecticut, Massachusetts and Ohio.
Based in Hunt Valley, Md., Omega is one of the largest real estate investment trusts (REITs) in the U.S. seniors housing sector. As of the close of business on Aug. 6, Omega’s stock price was $36.11 versus $35.98 a year ago.
— Jeff Shaw