Related Cos., Eliot Spitzer Propose Senior Living for Highrise Near Hudson Yards

Senior living could be coming to a mixed-use highrise to be built just north of Hudson Yards, the Related Companies’ mega-development on the west side of Manhattan.

A planned 44-story tower at 451 10th Avenue would potentially include 126 long-term care facility dwelling units, The Real Deal reported Wednesday, citing plans pre-filed last week with New York City’s Department of Buildings (DOB).

The highrise is a joint project involving former New York Governor Eliot Spitzer and New York City-based Related, according to The Real Deal. Spitzer and Related separately acquired neighboring parcels of land that now make up the project site.

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The document filed with the DOB does not state what levels of care would be provided in the senior housing units or identify any senior living operator involved.

One operator that has a relationship with Related is Louisville-based Atria Senior Living. Last fall, Related and Atria announced a joint venture to develop a $3 billion pipeline of urban senior housing. They announced their first project, in San Francisco, last month.

Related and Atria did not comment to Senior Housing News for this story.

The forthcoming NYC building — at 10th Avenue and 35th Street — will be just beyond the official border of Hudson Yards, which is located between 10th and 12th Avenues from West 30th to West 34th Street. A joint venture of Related and Oxford Properties Group, Hudson Yards is the largest private real estate development in the history of the United States, and officially opened to the public on March 15.

Among other features, Hudson Yards includes: a 1-million-square-foot retail center with shops and dining; public parks and gathering spaces; multifamily housing; offices; and hotels.

The mixed-use vibe will carry over into the planned 10th Avenue highrise. In addition to the senior housing units proposed for floors 5 through 12, the plans call for Class A apartments on upper floors, with retail, food and drink establishments, and amenity spaces such as a yoga room listed for the lower floors.

Other senior living projects are currently underway in New York City. Real estate developer Hines and real estate investment trust Welltower (NYSE: WELL) are collaborating on two buildings in Manhattan, and Maplewood Senior Living and Omega Healthcare Investors (NYSE: OHI) are partnered on a highrise called Inspir that is also going up in the borough. In Brooklyn, Kayne Anderson Real Estate Advisors (KAREA) and Watermark Retirement are repurposing an existing building for senior living.

A variety of factors are smoothing the way for senior living to be integrated into urban markets, including as part of mixed-use developments, Atria CEO John Moore said last month at Senior Housing News’ BUILD event in Chicago. These factors include the cooling of the residential real estate market and pent-up demand in areas that have long been underserved by senior housing.

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