The Welltower 16th floor The Welltower, rendering of 16th floor interiors provided by SLCE Architects

NEW YORK CITY—Welltower, a REIT focused on seniors housing and medical office buildings, and real estate investment firm Hines have closed on a limited partnership interest with a confidential institutional investment for the construction of Sunrise at East 56th Street, an assisted living and memory care facility in Midtown East.

Construction has begun on the 16-story, 130,000 square-foot facility, with completion scheduled for the first quarter of 2020. The scale of the project has slightly increased from when the developers first released the architectural renderings of the building at 139 E. 56th St. in June 2016, as reported in Although development costs were not released for the project, Bloomberg News had reported that Welltower and Hines paid $115 million for the development site.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Betsy Kim

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

More from this author


GlobeSt. Healthcare Real Estate 2023Event

Join the industry's top owners, investors, developers, brokers and financiers for the real estate healthcare event of the year!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.