Frank Sinatra once paid $1 million a year for a suite at the hotel Waldorf Astoria. Now its new owner is banking on the hotel’s glamorous past to sell luxury condos. First pictures of the conversion have now been published.
It’s been more than two years since the famed Waldorf-Astoria Hotel shut its doors in preparation for its transformation into a hotel/condo hybrid, and in that time, much has changed in New York’s luxury real estate market. A one-time mansion tax has high-rollers on edge, and a glut of unsold condos (particularly the more expensive ones) is making developers nervous.
But those facts haven’t deterred Anbang Insurance Group, the Chinese owner of the Waldorf Astoria and the driving force behind its residential conversion; the developer will bring the project’s 375 condos, rebranded as the Towers of the Waldorf Astoria, to market in early 2020, and it’s betting on the property’s long history to help sell apartments. The condo residents’ amenities will include a private porte cochere, an 82-foot lap pool, and private entrances separate from the hotel itself.
The hotel/condo conversion of the famed property has been in the works for several years: Anbang bought the Waldorf in 2014 for a whopping $3 billion, and the hotel closed in 2017 to facilitate construction. In addition to the 375 condos, the Waldorf will have 350 renovated hotel rooms when it reopens to the public in 2021. Anbang is will restore some of the hotel’s interiors—including the West Lounge, formerly known as Peacock Alley, the Grand Ballroom and balconies on the third floor; and the Park Avenue lobby, with its 13 murals and a floor mosaic designed by French artist Louis Rigal—that were designated landmarks in 2017.