Residential hotels are nothing new in Manhattan. After all, the Ansonia opened in 1904 (complete with an urban roof farm!) long before the Mandarin Oriental began selling condominiums on Columbus Circle or the Ritz-Carlton in the Battery housed Sandra Lee. But with headlines screaming about a mass exodus, the new crop of luxury hotel brands offering full-service residences feels timely: On an island where the average price per square foot can easily top $1,500 even before a buyer takes into account monthly condo fees, these innovative cult brands are reinventing what a New York pied-à-terre can deliver. And they are helping to bring people back to Manhattan.
Inside The Fasano, run as a members-only club with private residences.
“For many people who moved away during the pandemic, the idea of losing the city forever is just unimaginable,” says Dan Tubb, senior sales director for the Towers of the Waldorf Astoria, set above the iconic building on Park Avenue. “We are seeing people who moved to Florida but are looking for an easy, luxurious home in New York City, and the Waldorf Astoria is an obvious choice since this is a home that could previously never be owned.”
While the landmark hotel is being renovated from tip to toe at a cost of around $1 billion, the 1,400 guest rooms have been dropped down to 375 to accommodate 375 residences with 124 different floor plans, many with private terraces. One-bedrooms start at $1.8 million, with four-bedrooms going for around $18.5 million. Owners in the 1931 Schulz & Weaver building will have exclusive access to 50,000 square feet of residential amenities including a spa and pool, along with a dedicated staff and entrance. Interiors will be designed by Jean-Louis Deniot (an AD100 designer), who is modernizing the Art Deco look without venturing into pastiche. A furniture package will allow homeowners to purchase move-in-ready pads.
“We have had nearly 7,000 inquiries from all over the world, from coast to coast, throughout the heartland, and even from just a few blocks away,” says Tubb. He thinks the Towers of the Waldorf Astoria may be the most distinctive residential offering in the world, since “the Waldorf Astoria set the standard and defined ultra-luxury hotel service,” he says.
The luxurious winter garden inside The Waldorf Astoria’s glamorous new Park Avenue outpost.
