After a long and storied past with its seniors housing community in lower Manhattan, Brookdale Senior Living is leaving its Battery Park location. Ventas, the landlord, selected Sunrise Senior Living to be the community’s new manager, adding a third community to the operator’s Manhattan portfolio.
Anyone who heard former Brookdale CEO Mark Schulte address the ASHA annual meeting in the aftermath of 9/11 will never forget it. He talked about their newest project in lower Manhattan, and there was nary a dry eye in the room. The community, called The Hallmark at Battery Park at the time, was still in lease-up, covered in inches of dust and debris, and had to be evacuated. The industry at other communities pulled together, took in as many Brookdale residents as possible, not knowing how long they would stay, not knowing how they would get paid. They just did it. Everyone helped out, and the empty building became a sort of headquarters for rescue workers. The residents eventually came back, and it has been a success story ever since.
The 14-story building with 217 units blends in with the neighborhood, which has changed for the better since the 2000 opening date. There are also plenty of amenities, like a wellness center and an indoor heated pool. In August 2018, Brookdale sold the building to Ventas for $194 million, or $894,000 per unit, which was a record price for a single property and a record per-unit price as well. Net of debt, Brookdale expected to reap proceeds of $140 million and continued to manage it for Ventas. That was a win-win for the company and another step towards cleaning up its capital structure. Now, Sunrise is taking over with a plan to elevate the hospitality offerings and amenities at Battery Park. The operator also operates trophy properties in the Upper East Side and in midtown Manhattan.
Ventas is also making the commitment to invest in extensive renovations to the building’s infrastructure and common areas to elevate its sustainability and adapt to the tastes of today’s seniors. Planned investments include the complete modernization of the HVAC and main building systems, aiming for greater efficiency and sustainability to meet LEED building standards.
