NYC’s Waldorf Astoria Follows a Trend to Convert Hotel Space to Condos

Background

The Waldorf Astoria is a historic building where every president has stayed, dating back to Herbert Hoover. The hotel first opened in 1931, so officials and locals will be glad to see it carefully preserved.

It’s been quite a few years since the Beijing-based Anbang Insurance Group purchased the famous Waldorf Astoria hotel in 2015 to renovate it into condominiums. However, in light of the pandemic and the complexity needed for luxury renovations, construction remains ongoing and hopeful expectations have the end of construction slated for the fourth quarter of 2022. 

What Are the Details of the Project?

There are 375 condos in total planned for the project, with studios starting at $1.7 million and four-bedroom condos starting at $18.5 million. The hotel closed its doors in 2017 to begin renovations, and developers began to launch condo sales for the property in March of 2020. 

Interiors of the condos are expected to include vanities with marble countertops, herringbone floors, and antique bronze hardware. Some units will also have private balconies. 

There will be many amenities within the building as well. Residents will have access to a winter garden, four private bars, a 25-meter swimming pool, a children’s playroom, a theater, a gym, and private spas. 

There are plans to continue to have hotel spaces below the condos, known as the Towers of the Waldorf Astoria, that the Hilton hotel chain will continue to manage. 

The local developer on the project is AB Stable LLC, the design firm is Skidmore Owings & Merrill, and the contractor is AECOM Tishman

Why Is This Project Important?

The NYC hotel industry has had to deal with many challenges over the past decade. Services such as Airbnb have allowed competition with a very low barrier to entry, and a brand new market which is not subject to the same laws and restrictions as traditional hotels. Then the coronavirus global pandemic, which was particularly severe in New York, shut down the entire city and travel across the world.

The renovation of the hotel to condo units ensures it can still thrive during an unsure hotel market. New York City’s luxury apartment and condo market are still reeling from the mass-departure of residents caused by the pandemic, but analysts say that the building has a good chance of being successful because it is reasonably priced for its category.

 For more information on this project and others, visit the CIS Leads website today.

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