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Branching Out: Hines Begins Its First Seniors Living Facility

NEW YORK – Hines has partnered with Welltower Inc. to acquire a site at corner

Gerald D. Hines

Gerald D. Hines

northeast corner of Lexington Avenue and 56th St. in Midtown Manhattan where a 15-story seniors living facility will be built.

“Hines is delighted to partner with Welltower in our first our first venture in the senior living sector,” said Hines senior managing director Tommy Craig.

The Manhattan senior population is “vastly underserved” in the assisted living and memory care sectors, said Hines and Toledo, Ohio-based Welltower in a press release. The project will have ground-level retail space

Stephen Meringoff and Dennis Riese, the owners of the two adjacent properties that comprise the site, joined together and engaged Eastern Consolidated to represent them in this sale. Terms of the transaction were not disclosed.

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 182 cities in 20 countries.

April 28, 2016

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