The US real estate investment trust Welltower has just paid US$115 million for a block of soil on the corner of 56th Street and Lexington in Manhattan.

They plan to build a 15 story assisted living and memory care development and expect to charge US$20,000 a month per person. This will cover rent, food, care and medical services.

Welltower says across Manhattan there are just 70 care beds in total so New Yorkers will pay. They have partnered with luxury developer Hines to build the tower which they refer to as a Multifamily Development.

Welltower owns 1,500 seniors housing and medical properties across the US, Canada and the UK.