Assisted living in New York: a new means for retiring

Real Estate Weekly, Feb 24, 1999 by Jeffrey E. Levine

The vibrant economy, drastically reduced crime rate and neighborhood beautification and revitalization projects taking hold throughout the city, have helped reposition New York City as an extraordinary place to live. Middle class families are staying here, record numbers of young people are applying to New York's many colleges and universities and, in a new trend, senior citizens are demanding their share of the city as well.

Closer to family and friends, as well as to the New York culture they know and love, it has become evident that today's elderly want to stay in "The City That Never Sleeps" rather than settle for the sunny shores of the Sun Belt. Statistics support that for every one senior who flocks to Florida, 19 stay in New York City. As a result, the heady growth of this "golden market" has led to the increased demand for assisted living developments, which have become one of the hottest trends in residential housing.

Modem medical technology has paved the way for seniors to strive in their golden years, and demographic studies ensure that the enormous increase in the number of people over the age of 85 is expected to double in the next 20 years, followed by a doubling again in the next 30 years. Seniors today are more independent, adventurous and are living healthier lives. Our forebears have produced an unprecedented demand for living in an environment that promotes their independence and their dignity and choice.

As a result, there is a need for a new "retiree infrastructure," making sure there are facilities that offer certain amenities and services necessary for senior living, with greater independence than traditional nursing homes. In order to meet the needs of this ever-growing "golden market," assisted living facilities are being developed.

The real estate community has recognized these changing dynamics in New York City, and has stayed ahead of the curve when it comes to building assisted living developments. Projects that are now underway have certainly revolutionized the senior housing market and cater to those seniors who do not wish to leave their families and familiar northern homes. With hotel-style senior accommodations, new facilities offer seniors an alternative lifestyle, with amenities including meal and housekeeping services, individualized health-care assistance and supportive services, an in-house beauty parlor/barbershop, and a billiard room.

In 1997, as part of the first wave of development in New York City, Levine Builders, along with Kapson Senior Quarters, broke ground on two assisted living facilities in New York City. Last year, the first of these facilities - a 143-unit luxury senior complex in Kew Gardens, Queens - opened. The other project, a 206-unit complex in Riverdale, The Bronx, is slated to open this year. Both complexes reflect the new assisted living model: apartment living with hotel-style services.

The floodgates will open as the baby boom generation nears retirement, and the demand for assisted living facilities will soar. We, in the years to come, will want to be in the thick of all the action in this exuberant and magnificent city - after all, there really is "no place like home." Assisted living has already proven to be the answer, and has given back to seniors their dignity and independence. Rest assured that this "golden market" and demand for assisted living senior housing will remain strong as the millennium heads our way.

(Jeffrey E. Levine was named the "1997 Freddie Mac Builder of the Year" in recognition of his construction and management of affordable, high-quality multi-family housing.)