NEW YORK CITY—Welltower, a REIT focused on seniors housing and medical office buildings, and real estate investment firm Hines have closed on a limited partnership interest with a confidential institutional investment for the construction of Sunrise at East 56th Street, an assisted living and memory care facility in Midtown East.
Construction has begun on the 16-story, 130,000 square-foot facility, with completion scheduled for the first quarter of 2020. The scale of the project has slightly increased from when the developers first released the architectural renderings of the building at 139 E. 56th St. in June 2016, as reported in GlobeSt.com. Although development costs were not released for the project, Bloomberg News had reported that Welltower and Hines paid $115 million for the development site.
The building is located at 139 East 56th St., on the northwest corner of Lexington Avenue and 56th Street.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
