The market for ultra-luxury condos may be cooling down, but developers appear to be much more optimistic about posh senior housing. Last year, 6sqft reported that Welltower Inc., the country’s largest senior housing owner by market value, had teamed up with Hines to develop the “One57 of Assisted Living,” an upscale facility at 56th Street and Lexington Avenue boasting $20,000/month rents. Now, it appears that the project is moving forward as Curbed tells us plans have been filed with the DOB to start construction.
SL Green Realty CEO Marc Holliday said Thursday that the midtown office tower One Vanderbilt is expected to pull in as much as $198 million a year in net operating income when complete in 2020 and fully leased, The Real Deal reports. That figure, in 2028 dollars, likely includes $42 million in admission fees for the building’s planned observation deck and is based on the assumption that the tower will be leased out at an average of $155 per square foot. If realized, that figure would put the 1.7-million-square-foot, 1,401-foot-tall tower in a league with some of the the city’s significantly larger trophy properties.
For new developments, 2015 was the year of reveals, but 2016 was all about watching these buildings reshape our city. Ahead we’ve narrowed a list of 12 news-making residential structures, each noted for their distinctive design, blockbuster prices, or their game-changing potential on the skyline or NYC neighborhoods.
Which of these you think deserves 6sqft’s title of 2016 Building of the Year? Have your say below. Polls for our third annual competition will be open up until 11:59 p.m., Sunday, December 11th*, and we will announce the winner on Tuesday, December 13th!
It’s being called the “One57 of Assisted Living,” and though the location near Billionaires’ Row and the exorbitant price points (rooms are expected to start at $20,000 a month, not covered by insurance) back up that claim, the team behind the project describes the building’s design as being inspired “by classic Park Avenue apartment houses.”
The Wall Street Journal brings the first official rendering of the 15-story structure that will rise at the northeast corner of East 56th Street and Lexington Avenue, replacing a T.G.I. Friday’s restaurant to offer assisted-living and memory-care services to wealthy Manhattanites. Designed by SLCE Architects, it will feature private apartments, some of which will have terraces. “This is a place where these people can be reminded of things in their past, potentially by the design of the building and by the location of the building and have a significantly better quality of life,” said Thomas DeRosa of co-developer Welltower Inc., clearly referring to nearby Park Avenue dwellers.
Luxury isn’t exactly the word that comes to mind when one thinks of a T.G.I. Friday’s, or an assisted living development for that matter, but the chain restaurant’s midtown location will soon yield the “One57 of Assisted Living.” Bloomberg reports that Welltower Inc., the country’s largest senior-housing owner by market value, teamed up with developer Hines (who is also behind the nearby MoMA Tower) to purchase the site at 56th Street and Lexington Avenue, just a few short blocks from Billionaires’ Row and the prestige of Park Avenue, where they’ll build a 15-story tower “to accommodate wealthy Manhattanites in need of assisted-living and memory-care services.” And wealthy is not an understatement — monthly rents will start at $20,000, and keep in mind that this isn’t covered by insurance.
Last January, 6sqft reported on the the progress of Alexico Group /Hines’ project 56 Leonard: The concrete structure was around 700 feet tall with little more than 100 feet to rise. Now, alas, the 821-foot Tribeca tower, playfully known as “the Jenga building” and designed by Swiss architects Herzog & de Meuron, has finally topped out! With a delivery date expected sometime next year, all that remains for its wacky floor plate configurations and erratic cantilevered projections is the remainder of its exterior cladding, which we hear will now also progress from the top down, and the interior fit-out of its 145 residences.
Hot off the purchase of $85 million in air rights, and with a new construction loan of $860 million in tow, Hines is back on track to bring the Jean Nouvel-designed MoMA residential tower to fruition. According to TRD, Hines just closed on two deals to buy more than 240,000 square feet of development rights from MoMA and the St. Thomas Episcopal Church for $85.3 million.