The Real Deal New York

Revealed: Here are the Waldorf Astoria’s condo floor plans

Average unit size is 1,747 sf
By E.B. Solomont | April 27, 2018 01:30PM

The Waldorf Astoria won’t have a single, grand penthouse when its condominium conversion is complete. Instead, there will be four sprawling units — each more than 6,100 square feet, plus terraces — according to floor plans reviewed by The Real Deal.

An offering plan submitted to the New York State Attorney General’s office last month by Anbang Insurance Group shows that the average unit size will be 1,747 square feet. That ranges from a modest studio or guest suite, to a 6,647-square-foot four-bedroom condo that comes with a library and a 3,589-square foot terrace.

The units do not yet have prices, with the exception of a two-bedroom residential manager’s unit. That is priced at $3.1 million, or $1,568 per foot.

AB Stable LLC, an affiliate of the Chinese insurance conglomerate, submitted the offering plan for “The Towers at 301 Park Avenue” in March.

Plans call for keeping 376 hotel rooms on the lower floors. Condos will be located on floors 12 through 43. While the lower floors will have 28 units each, floors 40, 41 and 42 will have two condos each.

According to the offering plan, condo owners can also license 150 storage bins, 41 wine lockers and 34 parking spots. Storage bins cost $180 to $1,440 for the year; wine lockers run $1,500 a year and parking spots are $6,000 a year.

Payroll for the condominium will top $3.7 million — including salaries for 29 doormen, concierge staff and valets.

Anbang bought the Waldorf from Hilton Hotel Group for $1.95 billion in 2014 amid an international buying spree that eventually prompted a crackdown by Chinese regulators.

In February, China’s insurance regulator seized control of Anbang after its chairman, Wu Xiaohui, was prosecuted for economic crimes.

In the same month, Hilton, which manages the hotel, reassured investors that although Anbang is under pressure to sell assets, the Waldorf is not for sale. At that time, “heavy demolition” was underway, CEO Christopher Nassetta said.