Maplewood Plans Upper East Side Senior Housing
- Aug 10, 2015
New York–Maplewood Senior Living, a senior housing specialist based in Westport, Conn., has unveiled plans to develop a senior living residence on the Upper East Side of Manhattan. The facility will go on five lots recently purchased by two subsidiaries of the REIT Omega Healthcare Investors Inc.
The properties were purchased for a total of $112 million in an all-cash transaction from five sellers, with Michael Besen and Rolfe Haas of Besen & Associates representing all of the sellers. The total project cost will be about $246 million, inclusive of the land acquisition price.
The development plan is to raze the existing buildings on the sites to build a single tower at the current locations of 1802, 1804-06, 1808 and 1810 Second Avenue and 303-305 E. 93rd Street. Demolition and site preparation is slated to begin mid-year 2016 with the tower completion expected by early 2018.
According to Maplewood Senior Living representatives, the tower will be a 20-story, 214-unit independent living, assisted living and memory care residence. The marketplace is greatly underserved in senior living accommodations, according to Gregory D. Smith, chairman and CEO of Maplewood Senior Living.
“Our commitment is senior living residences with the highest standards of comfort, aesthetics, amenities and farm-to-table inspired dining,” Smith told MHN. “The Upper East Side residence, for example, will boast a rooftop solarium with garden and lounge, multiple floor outdoor gardens with al fresco dining options, numerous additional dining venues, and a cinema-style movie theater. The residence will feature such amenities as a salon and spa, wellness center and swimming pool and L’occitane products throughout the community.”
Maplewood has tasked Handel Architects to design the residence. It will be the first Maplewood Senior Living facility in New York State; the company currently operates facilities in Connecticut, Massachusetts and Ohio.