loader image

Related Companies placing $3B bet on luxury senior housing

Related Companies’ Bryan Cho (Credit: The Bowery Mission)

Related Companies sees a golden opportunity in seniors with a taste for luxury. The company announced this week that it plans to build $3 billion worth of high-rise luxury condominiums for seniors across the country, according to Bloomberg.

The move follows a growing number of developers who have sought to accommodate a wave of Baby Boomers entering their twilight years. Last year, Maplewood Senior Living and Omega Healthcare Investors’s launched a development at East 93rd Street and Second Avenue, where rentals start at $12,000 a month. At Welltower and Hines’ 15-story senior living facility at 139 East 56th Street, those living costs jump to $20,000 a month.

Related’s initiative will begin next year with developments in each Manhattan and San Francisco, before building two new developments a year in Los Angeles, Boston, Washington and Miami.

“The average customer in our luxury residential portfolio is entering that phase of life where they’re increasingly looking for a solution for their parents,” said Bryan Cho, the executive vice president overseeing the plan.

He said the buildings would contain between 150 and 250 units, and around a quarter of those would be allocated to patients with cognitive issues. The company will partner with senior care management company Atria Senior Living [Bloomberg] — David Jeans

Recommend0 recommendationsPublished in Real Estate

Share this story with your network.

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on print


Recent Stories

Del Marie: locked down, but not out

The rapper-dancer-performance poet rolls with the pandemic punches. 2020 started off so well. January and February were great months for 27-year-old rapper, dancer, and performance

Read More »

Speak with a local expert now.

Learn more about this recent happening by speaking with an agent.