An "elevator" apartment is an apartment in a building that has one or more elevators accessible to tenants. Contrast this to a "walk-up" apartment, which is an apartment for rent in a building that doesn't have an elevator (you'll have to walk-up stairs to get to your home).
Buildings with elevators can be any height; the vast majority of walk-up apartments in New York are in buildings that are five stories high or less. By law, a walk-up building in New York cannot exceed six stories. Usually (but not always), elevator apartments are more expensive than walk-up apartments.
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