Maplewood, Omega deliver luxury tower for NYC seniors

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Maplewood Senior Living and Omega Healthcare Investors have
officially opened Inspīr Carnegie Hill, a new luxury senior living community on
the Upper East Side.

Offering “next-generation urban senior living on a luxury
level,” the 23-story tower at 1802 Second Avenue was designed by Handel
Architects.

It offers assisted living, memory care and enhanced care
community within 215-units ranging from studio to two-bedrooms and over 50,000 s/f
of amenity spaces designed with a focus on luxury as well as health and
wellness.

“It is with great excitement that we officially open the
doors of our flagship Inspīr residence and first Manhattan-based community, and
welcome our residents to their exceptional new home,” said Gregory D. Smith,
President and CEO of Inspīr and Maplewood Senior Living.

“Offering the first world-class care of its kind combined with unmatched health and wellness amenities, awe-inspiring design, exclusive partnerships and immersive experiences, our residents will have access to unlimited opportunities right at their doorsteps.”

Inspir Carnegie Hill

Inspīr Carnegie Hill will offer its residents five-star
dining options and partnerships with cultural institutions such as 92Y, Jewish
Museum, New York Public Library and the JCC.

House Geriatrician, Dr Claire Davenport, M.D., M.S., will
lead its Integrated Care Team, which will collaborate with the Brookdale
Department of Geriatrics and Palliative Medicine at the Icahn School of
Medicine at Mount Sinai, the #1 geriatrics program in the country, according to
U.S. News & World Report.

Dr Davenport and her team will provide on-site primary care, geriatric consultations and on-site laboratory services. Residents will also have access to services at the Martha Stewart Center for Living and the Mount Sinai Health System.

Inspir Carnegie Hill

Amenities include a luxury salon, an open-air SkyPark on the
17th floor, a lounge and library, fitness center, heated saltwater pool,
screening room, two dining options, a 24-hour attended lobby, concierge,
Mercedes-Maybach house car available daily and limousine service available upon
request, as well as other services.

The development is among several luxury senior properties in
the pipeline in New York as developers press ahead with plans despite the
disproportionate hit the sector has taken during COVID.

Others include The Watermark at Brooklyn Heights from Watermark Retirement Communities and 2330 Broadway and Sunrise at East 56th, in Manhattan from Hines and Welltower Inc. Related Companies and Spitzer Enterprises are also working with Welltower and Atria Senior Living to develop a 44-story tower with 526 units at 451 10th Avenue as part of Atria and Related’s $3 billion senior housing partnership.

Inspir Carnegie Hill

The senior living sector is expected to enter recovery mode
this year and independent living in particular is considered an attractive
investment. Fitch has given the sector a stable outlook, maintain that the
pandemic will not permanently dampen older adults’ enthusiasm for living in
urban centers such as New York.

“While the coronavirus pandemic has created uncertainty
in the sector, the key drivers of fundamental credit quality that have
benefited the sector in recent years should remain in place,” said
Margaret Johnson, Director and Sector Lead for Senior Living. “We expect
continued favorable demographic trends, healthy residential real estate markets
and good access to the capital markets.”

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