Florida Elder Law & Estate Planning Blog


Luxe Living for Seniors a New Trend

August 22, 2017
Wealth

While the majority of Americans worry about having enough money just to last their lifetime, there’s a vastly smaller group with a different set of concerns: Ultra-wealthy seniors who live in luxurious surroundings, and want to keep it that way. It’s that group that’s starting to catch the eye of developers.

Enter a new housing market: upscale, boutique-style living that goes above and beyond the traditional senior living community in furnishings and services. Not surprisingly, Manhattan is where the new trend is getting its start.

For example, Bloomberg reports that Maplewood Senior Living, which owns assisted living properties nationwide, has invested with Omega Healthcare Investors to build luxury housing for aging individuals on 93rd Street and Second Avenue, on Manhattan’s east side. Assisted living, enhanced care and memory care units will be available. With high-end finishes and furnishings throughout, the 23-story building will have a doorman, movie theater, salon, spa, heated indoor swimming pool, library, and a skypark indoor garden on the 16th floor. Maplewood’s own farm will supply food, so the property’s various dining venues will provide farm-to-table gourmet fare. Staff, who will not wear clinical-looking clothing, will be able to arrange for Broadway tickets and restaurant reservations. The building is set to open in 2019.

I bet I know your next question. Here’s the answer: Units start at $12,000 per month.

Manhattan’s midtown area, at Lexington Avenue and 56th Street, is also getting an upscale property for seniors. Welltower Inc. and Hines’ 16-story project will feature luxury apartments with 10-foot ceilings. The developers are consulting with designers to produce an environment that is as safety-conscious as it is sumptuous. Carpet and wall colors and patterns will not be too contrasting or confusing. Handrails will be integrated with hallway wainscotting. During the day, hallway lighting will have a blueish cast to promote wakefulness; in the evening, it will have a yellow tint to promote sleep. Bloomberg reports that rent for some units will exceed $20,000 per month.

Can you afford this kind of lifestyle but don’t want to move to New York? Not to worry. Similar projects are being eyed for Miami, Los Angeles and London.