A few years back, a real-estate developer purchased a failed nursing home and set his sights on converting the building to residential condos, until a friend advised him otherwise. Now, as per this recent Wall Street Journal article, Greg Smith of Maplewood Communities LLC is working on getting 15-25 assisted living homes for seniors up and running in the New York region.
Interestingly enough, prior to this venture, Smith had no idea what assisted living even was. But now, he fully understands the need for such senior housing in New York. According to the National Investment Center for the Seniors Housing & Care Industry, the New York metro area has “the second lowest number of available assisted living units in the country with 2.6 units for every 100 households with seniors aged 75 years and older.” Nationally, the number of assisted living units has grown 7.4%, but in New York, it’s remained at 3% for the past five years.
Given that those 75 and up comprise almost 20% of NY metro area households (as compared to a national average of 14.7%), it’s time for more assisted living communities to make an appearance in NYC and the surrounding vicinity.
- Michelle Seitzer