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2330 Broadway, design by SLCE Architects/ Rendering by ARC Shadow 2330 Broadway, design by SLCE Architects/ Rendering by ARC Shadow

NEW YORK CITY—Welltower, Inc., a senior housing and healthcare REIT, and global real estate investment firm Hines closed on a $61 million acquisition of a development site at 2330 Broadway at 85th Street. The joint venture plans to demolish the existing 9,100 square-foot commercial structures and to build a 140,000 square-foot, 17-story senior living and memory care facility at the Upper West Side location. The sellers have been identified as 2330 Broadway LLC and 2328 Broadway LLC. Real Capital Analytics notes the seller is the Beekman Estate.

The joint venture declined to disclose the estimated construction cost at this time. However, the buyer’s representative tells GlobeSt.com that the JV has possession of the building, and will start demolition in the beginning of 2019 with construction commencing in the second half the year.

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Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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