(Bloomberg)—New York City is getting another luxury senior-living development. This time, in Brooklyn.
Kayne Anderson Real Estate Advisors bought a 16-story building in Brooklyn Heights from the Jehovah’s Witnesses, according to a statement Wednesday that didn’t disclose a price. The Boca Raton, Florida-based private equity investor is teaming with Watermark Retirement Communities to redevelop the site, at 21 Clark St., into senior housing with 75,000 square feet of amenities and picturesque views of Manhattan and the Brooklyn Bridge.
“Increased demand for urban senior-living options, coupled with shifting demographic trends, makes The Watermark at Brooklyn Heights an attractive seniors-housing investment opportunity,” said Al Rabil, chief executive officer of Kayne Anderson Real Estate Advisors, using the name given to the project.
Kayne Anderson is the third developer to try its hand at high-end New York senior living, a niche of development aimed at serving an expected boom of well-heeled elderly who can no longer live on their own. Hines and Welltower Inc., the largest publicly traded senior-housing investor, are beginning work on a 16-story tower that will rise at the corner of 56th Street and Lexington Avenue in Manhattan. It will have uniformed doormen, marble bathrooms and care staff that can also book tickets to Broadway shows.
On the Upper East Side, Maplewood Senior Living and Omega Healthcare Investors Inc. are building a 23-story senior tower that promises residents farm-to-table dining, a spa and a movie theater.
The Brooklyn tower, a Romanesque-style former hotel that opened in 1928, has large dining rooms, community space, a library and a 20,000-square-foot rooftop terrace. The Jehovah’s Witnesses had owned the building since 1975. The religious group has been selling off its properties in the borough, including its Watchtower headquarters complex, purchased last year by a partnership including Kushner Cos.
To contact the reporter on this story: Oshrat Carmiel in New York at [email protected] To contact the editors responsible for this story: Daniel Taub at [email protected] Christine Maurus, Kara Wetzel
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