Eight years later, Waldorf-Astoria condo conversion welcomes first residents
For the last half-decade, anyone roaming the halls of the Waldorf-Astoria claiming to be a resident was more likely to be a ghost of the past than a paying tenant.
But the historic hotel is now welcoming its first resident owners in the nearly 100-year history of its current iteration (it was demolished and rebuilt in 1931).
The conversion, which will hold 375 hotel rooms and 375 condos, has sold a one-bedroom for over $3 million, a one-bedroom for $2.5 million and a studio for $1.8 million, according to public records.
The one-bedrooms sold for $3,380 per square foot and $3,040 per square foot, respectively. The studio went for $2,540 per square foot.
The project also has contracts signed on apartments ranging from studios to larger units, split equally across local, domestic and international buyers, according to senior sales director Loretta Shanahan.
The closings are a shot in the arm for a project that has suffered a series of setbacks since work began back in 2017.
That process was disrupted in 2018 when the Chinese government seized Anbang Insurance Group, the original developer, as part of a crackdown on companies with large foreign outlays. Months later, Anbang CEO Wu Xiaohui was sentenced to 18 years in prison.
Angbang had originally purchased the building in 2015 for $1.95 billion.
The hotel was eventually transferred to Dajia US, the American subsidiary of a Chinese government-established entity, and sales launched in early March 2020 — days before the physical sales gallery had to be shut down due to Covid.
Two years later, the chief executive of Dajia US left the project amid pandemic-induced cost overruns and project delays, as well as difficulties converting the landmarked property. At that time, sources familiar with the development projected work being finished by the end of 2023 at the earliest.
That estimate eventually got pushed back to 2025, and the hotel is currently accepting reservations beginning this September.
Residents living in the condo units above the hotel will have access to over 50,000 square feet of private amenities, including a 25-meter pool with a skylight overlooking Park Avenue, as well as a fitness center, theater and gaming room.
Starting this spring, residents will also get access to the hotel’s amenities, including a 30,000-square-foot spa, according to Andre Zotoff, CEO of Strategic Hotels & Resorts, the hotel’s asset management company.
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This article originally appeared on The Real Deal. Click here to read the full story.
