When the reimagined Waldorf Astoria New York opens its doors next spring—the culmination of an eight-year long, rumoured $1 billion restoration project—it will set a new standard for luxury in New York City.
The Manhattan hotel, which has welcomed a long line of prestigious guests since it first opened in 1931, has reduced its total number of bedrooms down from 1,400 to 375, allowing the rooms to be some of the largest in the city, starting at a sizable 570 square feet. Waldorf Astoria New York will also be rich with amenities, home to a signature restaurant from chef Michael Anthony, the Peacock Alley lounge—a hallmark of the Waldorf brand—, a 30,00 square-foot spa and 17 hosting spaces for events.
Those looking to buy into the Waldorf’s refreshed brand of luxury long-term can do more than just book a room for the night. Atop the reimagined hotel sits 375 new private residences, known as Waldorf Astoria Residences New York, which are available to purchase.
The private homes, which range from studios to four-bedroom apartments, feature interiors designed by Jean-Louis Deniot and boast sweeping views of the city, as well as ‘world-class’ amenities.
“The combination of convenience, exclusivity and experiential desire is driving demand”
“In response to the rising popularity of branded luxury residences, the team behind Waldorf Astoria New York saw an opportunity to extend its prestige into the luxury real estate market,” says Andre Zotoff, CEO at Strategic Hotels & Resorts, a subsidiary of Dajia US and asset management company of Waldorf Astoria New York.
“With these branded residences, this legacy property is now offering discerning buyers a prestigious address on coveted Park Avenue and delivering a “home away from home” experience for its devoted guests, all while preserving the storied legacy and timeless elegance of one of New York City’s most iconic buildings.”
Back to the future
Branded residences may feel like a fairly modern phenomenon—there are reportedly more than 71 in forward-thinking Dubai alone—but the concept can actually be traced back to 1920s New York City. The Sherry-Netherland Hotel, which opened its doors in 1927 (four years before the Waldorf Astoria) is widely considered the pioneer of branded residences. It offered hotel services to permanent residents, combining hospitality and residential living for the first time.
The more modern iteration of the concept began in 1985 however, when Four Seasons unveiled its first branded residences within Four Seasons Hotel Boston. Today, luxury branded residences are gaining serious popularity in the US, with several high-end hotel brands getting in on the action.
New developments
In 2027, Mr C West Palm Beach will open as a 27-story condominium hotel comprising 110 guest rooms and 146 branded residences, while the same year Standard International will open The Standard Residences in Miami’s Brickell neighbourhood with 422 units. Also in 2027, a $2 billion multi-use development will open in Beverly Hills, home to Aman-branded residences across two towers, a members club and a 78 unit all-suite Aman hotel.
There is strong demand for this new kind of luxury home. In May, Four Seasons announced its new private residences development in Las Vegas had surpassed over $400 million in sales to date, ahead of its anticipated late 2026 debut.
It’s not just hotel brands that are seeking a slice of this lucrative pie either, with fashion houses such as Armani and crystal maker Baccarat all having launched or announced residential projects around the world in recent years. In the US, luxury car maker Mercedes-Benz will open Mercedes-Benz Places in Miami: a mixed-use tower home to 791 residences, a 174-key hotel, 20,000 square-feet of office space, health and wellness facilities, retail shops, and on-site parking.
The concept is picking up pace in Europe too, with Rocco Forte hotels having opened residential projects in Rome and Milan. Charles Forte, the brand’s director of development, says there is a noticeable shift toward luxury private residences as travellers “increasingly seek accommodation that offers the privacy of a home, without compromising on personalised service location or experiences within the destination.”
Forte expands: “We’re seeing a growth in demand for accommodation that offer both intimacy and exclusivity, enabling guests to immerse themselves in local life without sacrificing luxury. Residences like Rocco Forte House in Rome and Milan meet this demand by blending a warm, residential feel with access to tailored amenities, expert local insight and the excellent service that guests would receive at any of our hotels.”
Pros and cons
Incorporating residences into a hotel development is appealing to hospitality brands for a number of reasons. Financially, residences with hotel access command a premium, while on a per-square-foot capital value, residences can deliver higher values than normal hotel accommodation. There is also the potential to implement substantial management fees if you self-manage the project upon completion.
Of course, there are operational challenges that come with managing residences, including recruiting staff with the right experience, upholding service standards and most importantly, ensuring that residents actually feel at home.
Zotoff explains: “A delicate challenge will be making sure residents feel genuinely at home while also delivering the excitement and novelty of a luxury hotel experience. And while the Waldorf Astoria New York is famously known as the place “to see and be seen,” for the residences, it’s more like “to see and be seen—at your own discretion.”
To ensure things run smoothly, Waldorf Astoria Residences will boast a dedicated on-site director of residences, while a team of personal concierges will ensure seamless service and access to the very best of NYC’s hospitality scene.
Driving demand
It’s clear that a combination of convenience, exclusivity and experiential desire is driving demand for luxury branded residences.
For wealthy buyers who own multiple homes around the world, branded residences offer a ‘lock-and-go’ piece of mind, allowing them to enjoy carefree usage of their property, without having to worry about things like security and cleaning while they are out of town. Luxury residences can also cultivate a sense of community, allowing residents to feel like they are part of an exclusive club in which they can socialise with like-minded individuals.
In New York, those living at the Waldorf Astoria Residences will be able to enjoy everything the hotel has to offer, while also having exclusive access to over 50,000 square feet of private amenities, including a pool and fitness center, wellness facilities, private dining, theater and an outdoor terrace overlooking Park Avenue.
“Residences with hotel access command a premium”
A range of personalized services—such as 24/7 concierge, a private concierge closet for each residence, housekeeping, and valet parking—will also be offered.
Zotoff says branded residences make sense for high net worth individuals, because in a world where convenience is king, these accommodations offer “a level of service and lifestyle that traditional residential properties simply can’t match.”
He explains: “[Branded residences] represent more than just luxury; they encompass a holistic lifestyle. Buyers are not only investing in a home, but in a way of life that promises an enriched and elevated living experience.”
Dino Michael, SVP and global category head of Luxury Brands at Hilton agrees that the level of service residents can access is what sets concepts such as the Waldorf Astoria Residences apart from traditional apartment buildings.
“Residents will enjoy the comfort of a private home featuring artfully designed living quarters, unsurpassed amenities, and the legendary service of Waldorf Astoria,” says Michael. “Sincerely elegant service enables residents to feel distinguished yet blissfully at ease while enjoying the utmost quality of life, granting residents the greatest luxury of all—more time.”
There is historic appeal to an address like the Waldorf too, with former long-term guests including U.S. presidents, Marilyn Monroe and Cole Porter. Zotoff says Waldorf Astoria Residences New York enables clientele to “officially own a piece of this legacy.”
The buyer
According to Oliver Banks, partner at Knight Frank, the history and location of the residences is what helped sell the units in the beginning phases of the project. “Early buyers recognised the unique opportunity in this legacy property, purchasing units as a strategic investment noting the future potential value of such an iconic development located at the heart of Manhattan within New York’s resilient property market,” explains Banks.
As the project took shape though, a shift took place, with more purchases from clientele looking to make the accommodation their home base.
Banks explains: “More buyers are choosing the Waldorf Astoria Residences New York as a home or pied-a-terre, or as a residence for children studying or starting careers in New York. They are drawn to the unparalleled security, lifestyle, and luxurious amenities that the Waldorf Astoria brand offers in spades.”
In terms of demographic, Banks says residences have been snapped up by a “remarkably diverse” group, with buyers from every continent (“except Antarctica, of course!”, he jokes).
Banks expands: “What unites these discerning investors is a deep appreciation for the Waldorf’s iconic status and unmatched legacy in New York City. With over a century of history, the Waldorf Astoria offers something no other residence can: a revered brand that is synonymous with trust, quality, and a global standard of excellence.”
The future
The rise of luxury branded residences shows no signs of slowing down, with operators across the country seemingly realising their potential.
Most importantly, these residences are an excellent exercise in brand-building, allowing loyal customers not just the chance to own your products, but to live a lifestyle that is entirely curated by your brand.
“As buyers increasingly prioritize experiential living, these residences offer more than just a home,” concludes Zotoff. “From wellness to dining and events, branded residences offer residents what they love without having to leave the building. Moreover, with the growing trend of remote work, people are placing greater value on homes that offer both luxury and practicality.”
The Waldorf Astoria New York will open in the spring
