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Construction & Design

Historic Brooklyn hotel reopens as luxury senior community

The first new luxury retirement community in New York City in 20 years has opened its doors.

The Watermark at Brooklyn Heights is a joint venture of Kayne Anderson Real Estate,  Watermark Retirement Communities and Tishman Speyer.

A lending consortium that included BMO Harris, as well as Wells Fargo and Capital One, provided a $200 million acquisition and redevelopment loan for the $330 million transformation of the former Leverich Towers Hotel at 21 Clark Street.

Architect Richard J. DeMarco, AIA, principal of Montroy DeMarco Architecture, and interior designer Andres Escobar, ASID, Partner and Design Principal at Lemay+Escobar Architects, designed luxury senior community once best known as the pre-game home of the Brooklyn Dodgers’ players in the 1930s and 1940s.

The Watermark has three restaurants.

The building’s 275 apartments now include 145 for independent living, 88 for assisted living, and 42 for memory care.

The 310,000 s/f property offers more than 50,000 s/f of amenities, including three restaurants, an art gallery curated by nAscent Art, a performing arts stage, multiple wellness venues, a heated indoor pool, a salon and spa, and a rooftop terrace with views of the Manhattan skyline, the Statue of Liberty, and New York City waterways.

“We are passionate about building extraordinary, innovative communities, where residents thrive with an abundance of engaging choices,” said David Freshwater, Chairman of Watermark Retirement Communities (WRC).

“We are proud to lead the luxury urban senior living property market nationally with our partner, Watermark Retirement Communities,” stated Al Rabil, CEO, Kayne Anderson Real Estate.

Watermark and Kayne Anderson’s partnership owns and operates a portfolio of 17 retirement communities totaling more than 2,300 residences of independent living, assisted living, memory care, and skilled nursing, valued at approximately $1.2 billion in deal capitalization.

 The Watermark at Brooklyn Heights is one of five properties managed by Watermark Retirement Communities in their Élan Collection.

Kayne Anderson, a Florida-based private-equity firm, purchased the property from the Jehovah’s Witnesses for about $200 million in 2017.

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