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Acquisitions

Welltower and Hines buys 2328-2330 Broadway

Upper West Side development side allows for 91K SF

2330 Broadway (Credit: Google Maps)

Welltower and Hines have acquired a development site at 2328-2330 Broadway from the Beekman Estate for $61 million, according to Bloomberg. The two vacant properties sit between West 84th and West 85th Streets and allow for the development of 91,000 SF. 

Plans: The partnership plans build a luxury assisted-living center with 162 units, targeting seniors with Alzheimer’s Disease or other memory issues. The cost of living at the tower (not covered by insurance) could exceed $20,000 per month.

Doubling Down: The duo paid $115 million for 139 East 56th Street at the corner of Lexington Avenue in 2016. Construction has begun for a similar project that will span around 115,293 SF.

Sound Smart: As Baby Boomers age, demand for senior housing will continue to increase. Some contend that the sector will prove resistant to the normal boom-and-bust cycle.

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