Park 79 will Become Senior Housing (Amsterdam, Washington Heights: low income, apartments, rental)
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The Park 79 is undergoing a renovation which will turn the seven story building into housing for limited income seniors, Bloomberg reports. The agreement signed between the developers and NYC assures these units will remain affordable for at least 60 years.
The apartments will be renting for between $550 and $700 per month. Residents will be chosen through a housing lottery.
Located at 117 West 79th Street, between Amsterdam and Columbus Avenues, the former SRO was shut down for being used as a tourist hotel. The current owner, Fairstead, acquired the Park 79 for $22.5 million in 2016.
Another senior housing facility is being constructed at 2330 Broadway, on 85th Street. However, this one is being branded as a luxury senior development.
The Park 79 is undergoing a renovation which will turn the seven story building into housing for limited income seniors, Bloomberg reports. The agreement signed between the developers and NYC assures these units will remain affordable for at least 60 years.
The apartments will be renting for between $550 and $700 per month. Residents will be chosen through a housing lottery.
Located at 117 West 79th Street, between Amsterdam and Columbus Avenues, the former SRO was shut down for being used as a tourist hotel. The current owner, Fairstead, acquired the Park 79 for $22.5 million in 2016.
Another senior housing facility is being constructed at 2330 Broadway, on 85th Street. However, this one is being branded as a luxury senior development.
There are 1.2 million people aged over 65 in NYC, and the majority of them could probably be described as "limited income". Great, this building takes care of the whole lot of 77 of them :-).
Incidentally, senior housing (not low income, but all senior housing) has been the leading sector of developer investment in Los Angeles, with 15% increases in investment per year in several recent years, which has not slowed down during Covid. It certainly is an area of high consumer demand everywhere. Even if nobody else wants to buy coops or rent apartments any more, seniors will always remain interested in small units in multi-unit buildings, particularly in senior buildings.
PS - regarding the other "luxury" senior building, if you follow the link in the text of the article, it says that half of the units will be memory care for people with Alzheimer's (I guess the type of folks who have full appreciation for luxury :-).
The Park 79 is undergoing a renovation which will turn the seven story building into housing for limited income seniors, Bloomberg reports. The agreement signed between the developers and NYC assures these units will remain affordable for at least 60 years.
The apartments will be renting for between $550 and $700 per month. Residents will be chosen through a housing lottery.
Located at 117 West 79th Street, between Amsterdam and Columbus Avenues, the former SRO was shut down for being used as a tourist hotel. The current owner, Fairstead, acquired the Park 79 for $22.5 million in 2016.
Another senior housing facility is being constructed at 2330 Broadway, on 85th Street. However, this one is being branded as a luxury senior development.
A few more remarks about thus. If you go on Apartments.com, and type Manhattan as the location, and click on Lifestyle tab and choose "senior", the search returns 63 buildings (mostly highrises), about 60% of them north of 100th St (ie, Harlem or Washington Heights). Only 1 out of these 63 buildings (located on W 177th St) has any availability, with only large (2 bdrm to 4 bdrm) units available for the rent in the range of $2,950 to $4,050. While the rent is actually lowish for such large units, I wonder what kind of senior needs 4 bedrooms (ie, it might be some type of affordable housing that is not exclusively a senior housing).
If I were a landlord right now in NYC who has trouble finding tenants due to Covid scare, I would repurpose the building as a senior housing. There would be probably 1,000 applications for each rental unit in less than 3 days :-). And if I were a landlord required by NYC rules to set aside "affordable units" in a market rate building, I would advertise them as "suitable for seniors". Definitely a housing niche that guarantees consumer interest, and relatively non-disruptive, non-destructive tenants.
A few more remarks about thus. If you go on Apartments.com, and type Manhattan as the location, and click on Lifestyle tab and choose "senior", the search returns 63 buildings (mostly highrises), about 60% of them north of 100th St (ie, Harlem or Washington Heights). Only 1 out of these 63 buildings (located on W 177th St) has any availability, with only large (2 bdrm to 4 bdrm) units available for the rent in the range of $2,950 to $4,050. While the rent is actually lowish for such large units, I wonder what kind of senior needs 4 bedrooms (ie, it might be some type of affordable housing that is not exclusively a senior housing).
If I were a landlord right now in NYC who has trouble finding tenants due to Covid scare, I would repurpose the building as a senior housing. There would be probably 1,000 applications for each rental unit in less than 3 days :-). And if I were a landlord required by NYC rules to set aside "affordable units" in a market rate building, I would advertise them as "suitable for seniors". Definitely a housing niche that guarantees consumer interest, and relatively non-disruptive, non-destructive tenants.
You may have something there. Don't know how big a niche it is or how profitable but if landlords are facing huge vacancies they should look into it. I wonder if there is enough a demand for it though. I see more senior housing in the outer boroughs. Primarily, Queens where there is more space.
I've been to some of them with my mom when they have their open houses. They're nice! If I was ever in a situation where I'm past 80 and alone, I'd think of living in one of them. The security and the amenities (nurse on staff, medical facilities, cleaning, dining services, senior events/activities, etc) make it attractive.
You may have something there. Don't know how big a niche it is or how profitable but if landlords are facing huge vacancies they should look into it. I wonder if there is enough a demand for it. I see more senior housing in the outer boroughs. Primarily, Queens where there is more space.
Well, among the 63 buildings in Manhattan listed on Apartments.com as a senior housing, 62 have no vacancies whatsoever, at the time when landlors in the city are offering 2 to 5 months of free rent for new leases. I believe that says something about enough demand for senior housing in Manhattan :-).
Well, among the 63 buildings in Manhattan listed on Apartments.com as a senior housing, 62 have no vacancies whatsoever, at the time when landlors in the city are offering 2 to 5 months of free rent for new leases. I believe that says something about enough demand for senior housing in Manhattan :-).
Wow. Really? I can see how it would be attractive for some. You have the convenience. Everything is at your fingertips. As long as there's heavy security (and in most of these places there are), why not Manhattan? If you can afford it. I've been to some of these places. The high end ones are expensive but like all things now, it may be greatly reduced. Landlords should really look into it.
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