The Waldorf Astoria hotel, after nearly ten years of renovations, has begun closing deals on condominium units, with varying prices between $1.8 million and $3 million. Despite renovation hurdles including executive turnover and COVID-related delays, the project is nearing completion. The property, acquired by China's Anbang Insurance Group for $1.95 billion in 2015, is being transformed into 375 condos and hotel rooms while preserving historic public spaces. There is significant interest among local and international buyers, indicating a promising market return for the legacy hotel.
"We have contracts signed on studio residences to our larger, expansive residences, with nearly an equal split of buyers locally from New York City, the domestic United States, and internationally."
"The storied midtown hotel, purchased from Hilton Worldwide Holdings by China’s Anbang Insurance Group for $1.95 billion in 2015, closed down two years later for a condo conversion and massive overhaul."
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