Related Companies Enters JV For Hudson Yards Senior Living Facility
Related Companies, a national privately-owned real estate firm, has entered a joint venture with Atria Senior Living, Spitzer Enterprises and Welltower Inc. on a partnership to develop an upscale senior living community at 451 10th Ave.
NEW YORK CITY- Related Companies, a national privately-owned real estate firm, has entered a joint venture with Atria Senior Living, development company Spitzer Enterprises and Welltower Inc. on a partnership to develop an upscale senior living community at 451 10th Ave. in Hudson Yards. The property is anticipated to be the first of its kind on the East Coast.
Related and Atria formed the “Related|Atria JV” joint venture in 2018 to develop, own and operate modern urban communities catering to seniors living in major metropolitan areas, and as a result, came the development of 451 10th Ave. The development intends to give seniors access to the amenity dense community that is Hudson Yards. Development for the project began in late 2019 and is dated for completion in 2022.
Welltower, an S&P 500 healthcare infrastructure company headquartered in Toledo, Ohio, is the long-term strategic capital partner for the Related|Atria JV for both 45110th Ave. and the previously announced 1001 Van Ness project in San Francisco. The Hudson Yards project is Welltower’s third senior living community in Manhattan.
Atria, a provider of high-quality senior living, will manage the community and currently provides senior living services to more than 4,000 New Yorkers across its 27 communities in the state.