Anbang might convert 1,000 rooms at Waldorf into condos: report

Chinese insurance company paid nearly $2B for hotel in 2014

TRD New York /
Jun.June 14, 2016 02:50 PM

The new Chinese owner of the legendary Waldorf Astoria is planning to turn up to 1,000 rooms at the storied Midtown hotel into condominiums.

Anbang Insurance Group, which paid $1.95 billion for the hotel at 301 Park Avenue South in 2014, may turn the vast majority of the hotel’s 1,400 rooms and suites into condos, sources told Crain’s.

The Chinese insurance company previously said it would convert the top floors of the 47-story hotel into “luxury residential apartments with world-class amenities,” as The Real Deal first reported in February 2015. “A potential buyer needs to have more than money to qualify for our apartments,” Anbang chairman Wu Xiaohui said during a 2015 talk at Harvard University.

Anbang bought the Waldorf from Hilton Worldwide Holdings in a deal that closed last year.

The Chinese company subsequently filed plans with the city’s Department of Finance to carve out 1.2 million square feet, or roughly 75 percent of the building, for residential use, according to Crain’s. The Waldorf — with 1,232 hotel rooms — also has an 182-room boutique section called the Towers. Apartments are available for rent in the Towers.

But a company spokesman said plans for the hotel are up in the air. “We continue to explore all options,” the insurance giant said to Crain’s in a statement.

Last year, the City Council passed a law preventing hotels with more than 150 rooms from converting more than 20 percent into apartments without a public review. But recent deals, including the sale of the Waldorf, are exempt from the law. [Crain’s] – E.B. Solomont


Related Articles

arrow_forward_ios
Here are the week’s top luxury sales

Here are the week’s top luxury sales

Here are the week’s top luxury sales
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

For 15 years, David Koch lived at the world’s “richest building”
Here are the week’s top luxury sales

Here are the week’s top luxury sales

Here are the week’s top luxury sales
76 Schermerhorn Street and 378 5th Street in Brooklyn (Photos via The Symon and StreetEasy)

It’s just one week, but Brooklyn luxury contract signings fell 50%

It’s just one week, but Brooklyn luxury contract signings fell 50%
209 Dean Street and 315 Adelphi Street (Google Maps)

Sprawling Brooklyn townhouses drive week’s priciest deals

Sprawling Brooklyn townhouses drive week’s priciest deals
Andre Balazs  and 158 Mercer Street (Getty; Google Maps)

André Balazs lists lavish Soho condo for $12M

André Balazs lists lavish Soho condo for $12M
220 Central Park South and Steve Roth (Google Maps, Getty)

Another 220 Central Park South condo sells for $61.6M

Another 220 Central Park South condo sells for $61.6M
301 East 80th Street and 27 East 79th Street

Manhattan records 10 luxury deals in week after Labor Day

Manhattan records 10 luxury deals in week after Labor Day
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...