The Club at Briarcliff Manor has announced that it has closed on the purchase of the former Kings College property in Briarcliff Manor where it is developing a new $300 million fee-for-service Continuing Care Retirement Community (CCRC). The closing on the purchase of the 59-acre site closely follows the announcement last month when The Club at Briarcliff Manor received its Certificate of Authority from the New York State Department of Health. The Certificate of Authority culminates a nearly two-year intensive licensure application process and is only the 14th CCRC in New York State to have received state approval.
The Club at Briarcliff Manor will feature 325 Independent Living residences with amenities and services and a 60-unit Supportive Living Center where a licensed and professional staff will provide assisted living, memory support and skilled nursing care on-site 24 hours a day. The community is comprised of two residential “villages” complemented by the Clubhouse; Aquatics, Spa and Fitness Center; tennis courts; walking paths; beautifully landscaped grounds and a pond. The Upper Village will feature 288 unfurnished one- and two-bedroom independent living apartments ranging in size from 930 square feet to 2,030 square feet and a Clubhouse in Tudor-style buildings. The Lower Village will consist of 24 townhomes ranging in size from 2,097 square feet to 2,234 square feet, and 13 free-standing villages ranging in size from 2,769 square feet to 3,221 square feet designed for today’s active adult lifestyle with first-floor master suites and attached two-car garages. Each is sited to maximize views of the pond and meadows.
Entrance fees for residences, which are 90% refundable, will start at $750,000. Monthly fees for amenities and services are projected to start at approximately $3,400. Services provided by the Supportive Living Center are not included in the monthly fees and will be charged at market rate.
“We are very pleased to have completed the purchase of this magnificent property which will become the home of a world-class Continuing Care Retirement Community. This is another important milestone for the development of this exciting new project,” said Matthew K. Phillips, President and Chief Executive Officer of Integrated Development Group (IDG). IDG is developing The Club at Briarcliff Manor in a joint venture with the National Electrical Benefit Fund, a Washington D.C. based pension fund with over $10 billion in assets.
