Kayne Anderson Real Estate Advisors acquires Brooklyn property for $200m
Kayne Anderson Real Estate Advisors has acquired The Towers, a historic, 16-story building located at 21 Clark St. in the heart of Brooklyn Heights in New York City.
Terms of the transaction were not disclosed; however, the sales price is estimated to be $200 million.
The property will be renamed The Watermark at Brooklyn Heights and will be turned into a senior residence.
“Increased demand for urban senior living options, coupled with shifting demographic trends, makes The Watermark at Brooklyn Heights an attractive seniors housing investment opportunity,” said Al Rabil, managing partner and CEO of KAREA. “Meticulously maintained since its inception in the late 1920s, The Watermark at Brooklyn Heights epitomizes a class A property with a unique redevelopment opportunity: to introduce modern, luxury living for seniors in Brooklyn and Manhattan. This acquisition will enable KAREA to create value by delivering seniors housing to this incredibly supply-constrained market. We believe that this investment will further strengthen our best-in-class seniors housing portfolio while enabling us to continue to generate exceptional returns for our investors.”
Formerly the Grand Leverich Towers Hotel, the building has more than 310,000 square feet, including 295 residential units, a lobby, commercial kitchen, large dining rooms, offices, community facility space, library, and a 20,000-square-foot rooftop terrace.
Kayne Anderson is the third developer to try its hand at high-end New York senior living sector, according to Bloomberg. Hines and Welltower Inc. are beginning work on a 16-story tower that will rise at the corner of 56th Street and Lexington Avenue in Manhattan.
