Skyline On Track Despite Economic Worries

By Michael Lanza

Officials behind the development of an anticipated retirement community say recent economic tremors haven’t affected their plans to bring the center to Queens.

Skyline Commons is a nonprofit endeavor that combines long term care with a state-of-the-art residential retirement community. Seniors pay a deposit and monthly fees for housing and long term care, 90 percent of which is refunded to them or their estates should they decide to leave or pass on.

But in a business where nightmare stories of seniors going bankrupt in nursing homes are commonplace, how can Skyline – especially in the current economic climate – maintain their services and still give 90 percent back?

“We’re a not-for-profit, we’re not taking money out and it’s going to shareholders,” Michael Bialek, Beth Abrahams’s senior vice president of real estate and one of Skyline’s leading managers, said.

Skyline officials say their status as a nonprofit allows them to create affordable plans for most middle income seniors. Of course, each senior is screened for income and assets to make sure they can afford to stay without breaking the bank. But even if things go awry during their stay, they say they’re not going to throw anyone to the curb.

The plans are likened more to an insurance policy than a residential community. Anyone paying the deposits and fees is entitled to receive on premise medical care and maintain a residence, they said, regardless of what may happen down the road.

And they say despite the housing bubble, they’re confident that the market for retirement communities and assisted living will remain stable – pointing to long waiting lists in similar facilities.

Skyline will include one and two-bedroom apartments located on Parsons Boulevard in the soon to be renovated Queens Hospital Center.

The community will feature a fitness center, library, a live performance theater, rooftop garden, day spa and on-site restaurant among many other amenities.

Seniors can reserve an apartment with a 10 percent deposit. The remaining 90 percent must be paid before moving in. The deposit will be refunded if the buyer decides not to move in, Bialek said. Senior will have one year to move in after making a deposit once renovations begin – leaving ample time to sell their houses or raise funds through other means, he added.

Skyline will begin renovations on the historic hospital building when 100 apartments are reserved. They’ve already sold 40 since February and expect the remaining 60 to sell sometime in 2009.

The renovations will take approximately 1 year, they said.