Posted by Leonard Steinberg on June 24th, 2012

Did you know that life expectancy has risen by over 10 years in New York since 1987? That is more than any other city in the USA. The average Manhattan based New Yorker is expected to live 82 years….that beats Hawaii!

A lot of this dramatic increase is as a result of sharply lower murder rates and the treatment of AIDS, almost eliminating the inevitable death sentence AIDS delivered 20+ years ago. Mayor Bloomberg’s efforts (he is 70 years old, by the way….) to reduce sugar intake, trans fats, smoking, install more parks, improve quality of life should not  be ignored either…..does this make him the most pro-life Mayor? We have been witnessing a dramatic trend in Manhattan where especially wealthy older people are moving to New York to ‘retire’……the retirement I refer to is not the traditional retirement, but a more contemporary version of one designed to address the needs of the “nouvelle elderly” (the NOUVELDERLY?)……those young-thinking, cosmetically preserved, fit, educated, wealthy older folks who view age purely as a number….. This group wants to be around younger people, go to the latest, greatest restaurants, attend theater and other shows within a cab ride, shop the best stores in the world….in their neighborhood…..oh and yes, they want the very best healthcare too. The thought of a Florida retirement home has never been an option.

The reality is real estate has to cater better to this market. Obvious pandering to the elderly would be foolish, as this is a very sophisticated crowd.  But there is a good checklist of subtle items that could address this strong demographic’s needs better. And lots of it lies in high tech and services.

We are entering an entirely new phase in Manhattan real estate where this powerful demographic are returning to the City and staying in the City as they age. How do we address them better in real estate land?