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Luxury Senior Living Targets Boomers

November 30, 2021

On November 27th in The New York Times, Steven Kurutz reviewed three luxury senior living locations in New York City, as representing a small but recent trend in senior living for Baby Boomers. They were the Watermark at Brooklyn Heights, The Sunrise at East 56th, and the Inspir Carnegie Hall.

Kurutz surmises that the old senior living contract for the World War II generation of a clean bed and three meals a day won’t cut it for the Boomers, who want to be engaged and active. Hence, these luxury ALF facilities offer the atmosphere of a wellness center, with staff and facilities for exercising, theatres, and multiple dining experiences.

The Watermark has a 148-room dining room with European-style furnishings (read plush), a gastro pub, brick pizza oven, and a Mediterranean café. There is an indoor heated pool and other such amenities.

The cost is steep. At the Watermark, a studio is $8295.00 per month for a studio, and $20,295.00 for a two-bedroom—plus a membership fee of $50K for independent living, and $20K for ALF and memory care.

The Watermark opened in October 2020, and has 30 residents with a capacity for 275. (The Inspir has 60 residents with 215 units.)

With the average cost of an ALF being $4K per month, it is obvious that these luxury ALFs will be limited in the number of people that can afford them, but they are another sign that Boomers are changing the landscape of senior living in the country.

This blog was originally posted on Gray Area of the Law.

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Shawn Rader focuses his practice on real estate litigation, commercial litigation, commercial leases and senior housing, and is a member of the firm’s practice groups that deal with these topics.

A frequent author and speaker, Shawn is a charter member of the American Bar Association Title Insurance Litigation Committee, serving as its first Vice-chairman in 1993, and as its second Chairman the following year. He is a member of the Florida Land Title Association, where he is a charter member of the Title Claims Roundtable.

He has had four articles published in the Florida Bar Journal, and was the co-author of the Title Insurance Law Article in the ABA Tort & Insurance Law Journal, Vol 31, No. 2 (Winter 1996).  Shawn served as Chairman of the Florida Bar Grievance Committee for Orange County and also served as President of the Orange County Bar Association Legal Aid Society.  He was Chairman of the City of Orlando Civil Service Board, served as Chairman of the City of Orlando Chapter 57 Board, and Vice Chairman of the 2012 Orange County Charter Review Commission.  Shawn is also a member of the Honorable Order of Kentucky Colonels.

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