Midtown TGI Friday’s to Become the One57 of Assisted Living
- Welltower to build assisted living at 56th and Lexington
- Residents' monthly costs at Midtown building to top $20,000
It’s not an accident that Manhattan’s newest senior living facility will rise just blocks away from the gilded co-ops of Park Avenue. Their residents might live in the building someday.
Welltower Inc., the biggest U.S. senior-housing owner by market value, is seeking to push into New York, where there’s a dearth of options available for the elderly and those with cognitive issues. Last month, it teamed with luxury developer Hines to buy a site at 56th Street and Lexington Avenue, and is planning a tower to accommodate wealthy Manhattanites in need of assisted-living and memory-care services.