In a prior post, we identified several trends that could shape New York City real estate development in the future. An aging population in need of special case was one of them. As more baby boomers turn 65 each year, it is expected that many will need specified housing where residents can receive assistance to deal with many of the maladies of old age; including Alzheimer's disease, progressive memory loss and a number of cardiovascular conditions.
An example of these trends determining new real estate projects can be found with the development of a 15-story senior living center that is slated to be located in midtown Manhattan. According to a recent globest.com report, the assisted living and memory center will be managed by Sunrise Senior Living, a company based out of McLean, Virginia.
It will feature 125,000 square feet of living space, and is touted as being the city's first state-of-the-art senior living building. It has been said that senior housing has grown increasingly scarce as the elderly may not have the financial wherewithal to afford living on their own.
Sunrise was also tapped for managing the property because of its experience providing programming and services to residents who are in need of them. It is especially adept at providing care for residents who are suffering from many forms of dementia.
The tower is slated to be completed in 2019, and will be the first major project to serve the city's underserved aging population in New York City. With the number of people reaching age 65 by 2030, it is expected that more of these projects will open.