Golden years: Spitzer, Related bringing senior housing to Hudson Yards tower

Developers received permission in 2017 to build residential portion before offices
By Kevin Sun | June 12, 2019 07:00AM

From left: Related’s Stephen Ross and 517 West 35th Street (blue) and Eliot Spitzer and neighboring parcels (red) (Credit: Google Maps and Getty Images)

From left: Related’s Stephen Ross and 517 West 35th Street (blue) and Eliot Spitzer and neighboring parcels (red) (Credit: Google Maps and Getty Images)

The next new development to ride Manhattan’s senior housing wave could soon be coming to Hudson Yards.

Eliot Spitzer and the Related Companies’ mixed-used project at 451 10th Avenue is now set to include 126 “long-term care facility dwelling units” across the fifth through 12th floors, according to plans pre-filed with the city’s Department of Buildings on Friday. The 44-story tower will also contain roughly 400 apartments on its upper floors, in line with the developers’ previously-disclosed plans for the site, which represent the first phase of an apartment-and-office development totaling 1.4 million square feet.

In an application to the City Planning Commission in 2017, the partners stated that the first phase of this development, located at the northwest corner of 10th Avenue and West 35th Street, would include “up to 400 market-rate dwelling units, and 73,950 square feet of office and retail uses below the residential floors.” It now appears that much of the space designated for “office and retail uses” will contain senior housing instead, though part of the lower floors is still set aside for retail, community facilities, and one or more eating and drinking establishments.

Spitzer declined to comment on the latest plans. A representative for Related did not respond to requests for comment.

The entire development site is currently comprised of vacant lots and parking facilities. Spitzer picked up the vacant parcels in the middle of the block for $88 million in 2013, and in 2015 quietly took over the ground lease at 451 10th Avenue from Jorge Madruga’s Maddd Equities by taking control of the tenant LLC. Maddd had entered into a 99-year ground lease with Superpark Realty for $62 million the year before.

Meanwhile, Related signed a contract to buy its site at 517 West 35th Street in 2013, and finally closed on the $96 million acquisition last September, city property records show.

Though Spitzer was originally reported to be planning a boutique office building and hotel on his parcels, the partnership with Related evidently led to a change in plans. In May 2017, the partners received permission from the city to split the project into two phases, and to build all 341,000 square feet of residential space first, despite local zoning rules that prioritize the development of commercial space.

Plans for the second phase of the development, a roughly 950,000-square-foot office tower overlooking Hudson Boulevard Park, have yet to be filed with the DOB.

This won’t be this first time Related has expressed interest in developing senior housing in Manhattan. In October, the company announced that it would be partnering with senior care management company Atria Senior Living to develop $3 billion worth of high-rise luxury apartments for seniors across the country, starting with developments in Manhattan and San Francisco set to break ground this year. The joint venture announced details of its 214-room San Francisco project last month, but has not yet disclosed the location of its Manhattan project.

Elsewhere in Manhattan, Welltower and Hines recently announced plans to build their second luxury assisted-living tower in New York at 2330 Broadway, a development site they picked up for $61 million in November.