Newly Developed Midtown Apartments are Going for the Hotel Experience

Written By Debbie Fleury | August 31, 2015 | Published in Real Estate Market Trends, Urban Design
2016%2f01%2f17%2f21%2f27%2f18%2f9b2e1557 5b33 4745 b4b0 039fd19ab63a%2fsky building

New York City is a museum of high-rises. With a constant flow of new towers undergoing development each year, some of the biggest names in the architectural industry have been testing their limits and taking new risks in the residential market.

Architect Rafael Viñoly sparked interest in 2013 with his vision for 432 Park Avenue, a new tower in Midtown that is now the tallest residential building in the nation. But another one of the most talked about new developments this year has been the tower at 605 West 42nd Street. It's not the tallest, nor the biggest, nor the most record-breaking in expenses, but it has its own persona and philosophy. And it's going by the name: Sky.

At 62 stories high, Sky is a luxurious rental tower that is structured to look like a sleek model of glass planks overlooking Central Park. With a development cost of $820 million, the building has a total number of 1,175 apartments. To put that into perspective that is more than 10 times the number of units available at 432 Park Avenue, and 70 units shy of matching the total number of rooms at the Waldorf-Astoria.

Hotel sales are now thriving with investors, making a world-wide profit of $42 billion in the first half of 2015. In response to this growing interest, architects and developers are putting together a new creature in a market: residential buildings that feel like hotels.

The data projections indicate that Sky is a strategic effort in the apartment-hotel niche. It has the highest number of rentals of any residential building in the city, but its main attraction is its likeness to the quality resort experience.

Designed by the Goldstein, Hill & West Architects; an architecture firm that specializes in high-rise hospitality buildings, the Sky residential tower is asymmetrical in shape with a futuristic spin in its appearance. But inside it has all the nuances of a cozy lodge. The ground floor is a post-modern replication of a luxurious hotel's lobby and its centerpiece is an sculptural receptionist desk made of marble. The hallways upstairs have a rich, multi-colored texture of dark and light wood that's combined with the shimmering accent of wall lighting, a decorative choice that is most unique to luxurious resorts. Other amenities include: a concierge, valet, virtual doorman, a children's room, a Turkish bath, outdoor and indoor pools, as well as pied-à-terre accommodations.

Having a great view of Central Park is a thing of the past. In this year’s trend, New York City buyers want more amenities. And developers are fulfilling that need at a premium. 

Joseph Moinian, the lead developer behind the construction, intended Sky to be a luxurious living experience for both travelers and New York City residents. About 80% of the apartments will follow the market, with studio apartments starting at $3,000. Moinian originally planned to have condos on the upper floors but has since changed his plans. Now the standard one-bedroom apartments will share the same lobby as the more luxurious units in the Sky tower.

New York high-rise architects have been adding their own individuality to their creations. Manhattan skyscrapers are now slimming down in size, and in the residential front, apartment rentals are being packaged with new attractions most commonplace in resorts. In short, New York — ”based architects are going ahead of our time by transforming the landscape of Manhattan, at the risk of losing the interest of their investors in mind."

Blog Archive


This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. © 2021 REBNY Listing Service, Inc. All rights reserved. RLS IDX Data display by Elegran LLC. IDX information is provided exclusively for consumers’ personal, non- commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Elegran LLC may or may not be the exclusive listing agent of the properties being displayed on All data displayed on is presented for informational purposes only and should be independently confirmed by all customers. All Information is compiled from both public and private sources including, but not limited to the RLS, MLS and ACRIS; each of which is assumed to be reliable. All information displayed is subject to errors and omissions regarding apartment specifications and final sale prices, and further, any unit listed may have had its listing withdrawn without notice subsequent to such information being compiled. No representation is made as to the accuracy of any description (ie: listing, close sale data, and/or building description) of any building or individual unit. All measurements and square footage are approximate and all information herein should be confirmed by customer and/or their attorney. Elegran LLC, its members, affiliates, and contributors adhere to New Your City, New York State, and United States Fair Housing Laws.