New York—The New York office of Hines, along with Welltower Inc., a specialist in healthcare properties, have closed on the acquisition of a development site at 139 E. 56th St. The location is on the northeast corner of Lexington Ave. and 56th, in Midtown Manhattan.
The partners will demolish the existing commercial structures on the site to make way for a new construction, 15-story senior housing property with retail at the base. Design and development plans for the new facility are currently underway, and will be unveiled in greater detail at a later date.
Stephen Meringoff and Dennis Riese, the owners of the two adjacent properties that comprise the site, joined together and engaged Eastern Consolidated to represent them in the sale. Terms of the deal weren’t disclosed.
According to the buyers, they plan to address the area’s aging demographic—Manhattan’s underserved senior population—by offering assisted living and memory care services at the development. Toledo, Ohio-based Welltower invests with seniors housing operators, post-acute providers and health systems to fund new facilities such as this.
“We expect the project will support a more connected model for health care delivery to seniors, especially those who face cognitive challenges,” said Welltown Senior Vice President of business development, Mercedes Kerr. Welltown currently owns 1,400 properties in the United States, Canada and the U.K. For its part, Hines counts as one the world’s major developers, with 109 developments currently underway worldwide, including several major projects in Manhattan.