Westport-based Maplewood Senior Living, which owns six regional senior-living facilities ”“ all bearing the Maplewood name ”“ is developing a $246 million residence in Manhattan.
Maplewood Senior Living runs facilities in Stony Hill, Danbury, Darien, Strawberry Hill, Newtown and Orange as well as facilities in Ohio and Massachusetts. Its next venture is on Manhattan”™s Upper East Side.
The company said it purchased five lots via use of two subsidiaries of Maryland-based Omega Healthcare Investors Inc., a real estate investment trust. The plan is to raze the existing on-site buildings to build a single tower.
“The total project cost will be $246 million, inclusive of the land acquisition price,” company officials said.
The residence ”“ described by the company as luxury ”“ will be developed on a site comprised of 1802, 1804-06, 1808 and 1810 Second Ave. and 303-305 E. 93rd St. The properties were purchased for a total $112 million in an all-cash transaction from five sellers. Michael Besen and Rolfe Haas of Manhattan-based Besen & Associates represented all five of the sellers.
Demolition and site preparation are slated to begin mid-year 2016 with the 201,000-square-foot tower expected to be complete by early 2018.
The building will feature 20 stories incorporating 214 independent-living, assisted-living and memory-care units.
“We are excited to be able to provide true luxury senior living to the Upper East Side of Manhattan,” Gregory D. Smith, chairman and CEO of Maplewood Senior Living, said. “This marketplace is greatly underserved in senior living accommodations and we look forward to developing a project of this magnitude.”
The architect is New York City-based Handel Architects.
