Soho Properties pivots to senior living with contract for large site in Jamaica: Exclusive

By Adam Pincus

Developer Sharif El-Gamal is in contract to buy a site in Jamaica, Queens, where he plans to build an approximately 400,000-square foot development with a focus on senior living, he exclusively told PincusCo Media.

The builder, who recently opened the Margaritaville Resort Times Square at 560 Seventh Avenue at the corner of 40th Street, also has a 50-unit condominium development under construction at 45 Park Place, in Lower Manhattan.

Listen to live conversation with Sharif El-Gamal, Tuesday, May 17 at 2 p.m.

There are currently no licensed senior living facilities in Jamaica, according to a PincusCo analysis of state licensing records.

There are 84 licensed senior living properties in the city, with a total of 11,972 beds, and the bulk of those, or 4,118 beds, are in Queens. But many of those, totaling 1,759 beds, are in the Rockaways, far from the center of the city.

The Jamaica development site is made up of multiple parcels at 153-02 to 153-12 Hillside Avenue, at the corner of 153rd Street and Hillside Avenue. The property has 480 feet of frontage on the two streets. The property is being marketed by a Cushman & Wakefield team including Brian Sarath, Daniel Abbondandolo and Michael Wuest. The listed asking priceis $23.5 million. The listing gives the buildable as 224,462 square feet but notes there are bonuses for senior facilities.

There is a lack of senior care facilities, El-Gamal said.

“I know the demand is there. There is a shortage of beds and a shortage of product,” he said. “It’s not about warehousing old people. It’s about building a lifestyle that allows them to continue thriving and living.”

The number of options has increased, according to a survey by Curbed earlier this year.

Several of the nation’s largest senior care owners have properties in New York City, including the real estate investment trust Atria Senior Living and Sunrise Senior Living. Other players include large regional owners such as Maplewood Senior Living, which developed the high-end Inspir Carnegie Hill, a $320 million development at 1802 Second Avenue at East 93rd Street, which opened in late 2020.