The $330-million redevelopment of 21 Clark St. by Watermark Retirement Communities and partner Kayne Anderson Real Estate is proceeding on schedule for an early 2020 opening.
Reportedly Brooklyn’s first high-end senior housing community, the Watermark at Brooklyn Heights is a conversion of the historic Leverich Towers Hotel, which later served as Jehovah’s Witnesses residences.
“Urban senior housing properties are an attractive alternative real estate investment segment within a rapidly growing market,” said Kayne Anderson Real Estate CEO Al Rabil. “We are proud to lead this market sector nationally with our partner, Watermark.”
The building’s 275 apartments will include 29 for independent living, 204 for assisted living and 42 for memory care. It will also include 50,000 square feet of amenity spaces.
The Watermark project team also includes development partner, minority owner and construction owner’s representative Tishman Speyer; architect Montroy DeMarco Architecture; interior designer Lemay+Escobar; and contractor Hudson Meridian.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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