NEW YORK CITY—Two subsidiaries of Omega Healthcare Investors, which is a REIT, and Maplewood Senior Living were the buyer of five lots on the Upper East Side—in a deal announced Wednesday with some erroneous information—that will become a luxury senior living residence. Some reports have the buyer identified as Merchants Hospitality; GlobeSt.com couldn't clarify that firm's involvment in the deal at press time.
The development plan is to raze the buildings to build a single tower. The total project cost will be $246 million, inclusive of the land acquisition price. The luxury residence will be developed on a site comprised of 1802, 1804-06, 1808 and 1810 Second Avenue and 303-305 E. 93rd Street. The properties were purchased for a total of $112 million in an all-cash transaction from five sellers.
GlobeSt.com has confirmed that Michael Besen and Rolfe Haas of Besen & Associates represented two of the sellers, while three dealt directly with Merchants, as first reported in the New York Post. Ido Tzaidi of Epic Commercial Realty represented Maplewood.
Demolition and site preparation is slated to begin mid-year 2016 with the tower completion expected by early 2018. The luxury senior living residence will be a 201,000 square-foot tower. According to Maplewood Senior Living representatives, the tower will be a 20 story, 214 unit independent living, assisted living and memory care residence.
“We are excited to be able to provide true luxury senior living to the Upper East Side of Manhattan," says Gregory Smith, chairman and CEO of Maplewood Senior Living. This marketplace is greatly underserved in senior living accommodations and we look forward to developing a project of this magnitude,”
This will be the first Maplewood Senior Living facility in New York State; the company currently operates facilities in Connecticut, Massachusetts and Ohio.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
