“We are proud to build on our partnership with Welltower to identify and secure excellent urban sites for the creation of extraordinary senior living communities,” says Tommy Craig, senior managing director of Hines. 

“We are very pleased to expand our partnership with Hines, which is focused on developing state-of-the-art residential senior care buildings in major urban markets like New York City,” says Tom DeRosa, CEO of Welltower. “The Upper West Side of Manhattan is a uniquely distinct neighborhood with a large population of affluent seniors yet zero supply of modern, purpose built residential care communities.”

DeRosa adds that the location of the Welltower West is in the top percentile of the demand curve for their target households.

Design and development plans are currently underway and will be announced in greater detail at a later date. But the developer, in sharing the first rendering of the project, says the development will complement and integrate with the well-established Upper West Side residential neighborhood. SLCE Architects, LLP, which also designed Sunrise at East 56th Street, will design the new facility.

Sarah Hawkins and Bevin Littlehale of Hines and John Olympitis and Talal Khan of Welltower, all in New York, led the buyers' transaction teams.

On the seller's website, the Beekman Estate provides a historical summary that in 1647, William Beekman emigrated from the Netherlands to the Dutch Colony of New Amsterdam with Governor Peter Stuyvesant, and became active in Manhattan and upstate New York real estate. It states that in 1905, the descendants of Beekman incorporated the company, and that descendants continue to own a majority of the corporation's stock. The Beekman Estate has diversified with additional properties in Westchester County, CT and NJ.