NEW YORK & TOLEDO, OH — The New York office of Hines, the international real estate firm, and Welltower Inc., a leader in health care infrastructure, have closed on the acquisition of a development site at 139 E. 56th Street on the northeast corner of Lexington Avenue and 56th Street in midtown Manhattan. The existing commercial structures on the site will be demolished to make way for construction of a 15-story senior living community with retail stores at the base.
With this development, Hines and Welltower aim to address the aging demographic with a new residential building for Manhattan’s vastly underserved senior population in need of assisted living and memory care services. The new residence will offer the highest quality of care and the latest in health care innovation, while creating an environment focused on wellness and community. Design and development plans are currently underway and will be announced in greater detail at a later date.
“Hines is delighted to partner with Welltower in our first venture into the senior living sector. Welltower’s proven track record and vision in health care infrastructure combined with our local development expertise will complement one another well,” stated Hines Senior Managing Director Tommy Craig.
“Consistent with Welltower’s focus on high-quality assets in major metropolitan markets, we expect this project will support a more connected model for health care delivery to seniors, especially those who face cognitive challenges, helping them live better as they age,” said Mercedes Kerr, Senior Vice President, Business Development. “Welltower is known in the investment community for its unparalleled partnership network. We’re very pleased to be partnering with global real estate leader Hines and believe it exemplifies that we are the partner of choice in health care real estate.”
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 this sale. Terms of the transaction were not disclosed.