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Midtown TGI Friday’s to Become the One57 of Assisted Living

  • Welltower to build assisted living at 56th and Lexington
  • Residents' monthly costs at Midtown building to top $20,000
TGI Friday's serves up 700 new jobs
Photographer: Chris Ison/PA Wire

It’s not an accident that Manhattan’s newest senior living facility will rise just blocks away from the gilded co-ops of Park Avenue. Their residents might live in the building someday.

Welltower Inc., the biggest U.S. senior-housing owner by market value, is seeking to push into New York, where there’s a dearth of options available for the elderly and those with cognitive issues. Last month, it teamed with luxury developer Hines to buy a site at 56th Street and Lexington Avenue, and is planning a tower to accommodate wealthy Manhattanites in need of assisted-living and memory-care services.