AECOM Tishman to begin construction work on Waldorf Astoria’s new hotels and condos

Completion for project has been pushed back a year to 2021

New York /
Aug.August 21, 2018 10:45 AM

AECOM Tishman President Jay Badame and the Waldorf Astoria at 301 Park Avenue (Credit: iStock)

AECOM Tishman signed a new deal with Anbang Insurance Group to start construction work at the Waldorf Astoria, which is now scheduled to reopen in 2021.

Tishman has been on the job since November 2017 doing mostly interior demolition work. But the contractor signed a new deal to start building the project’s planned 350 condominiums and 350 new hotel rooms, the New York Post reported.

“Some executives flew in from Beijing last week to finalize the contract with Tishman and to celebrate,” an insider told the newspaper.

The conversion had originally been planned for completion in 2020, but Anbang and Tishman are now targeting completion in 2021.

Anbang and hotel operator Hilton boasted that the Waldorf’s new hotel rooms — at a minimum of 650 square feet — will be much bigger than the Manhattan average of 325 square feet.

The 350 rooms, though, will be far fewer than the 1,413 rooms the hotel had before shutting down.

Condos will average 1,747 square feet, as The Real Deal reported in April.

One question that remains unanswered is how long Anbang will hold onto the hotel portion of the building. The Chinese government earlier this year took over the company, and Anbang is reportedly looking to sell its U.S. luxury hotel portfolio — including the Essex house on Central Park South —for $5.5 billion.

The Waldorf is not included in the portfolio up for sale. [NYP] – Rich Bockmann


Related Articles

arrow_forward_ios
270 W Montauk Hwy, Hampton Bays, NY (Loopnet)
Legendary Hampton Bays bar up for sale
Legendary Hampton Bays bar up for sale
Prologis Chairman and CEO Hamid Moghadam (Getty, Prologis)
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Aulder Capital CEO Jonah Bamberger and 162-164 East 82nd Street (Rosewood Realty Group, Slate Property Group)
Two Upper East Side apartment buildings head to foreclosure sale
Two Upper East Side apartment buildings head to foreclosure sale
Stripes founder Ken Fox and a rendering of 40 10th Avenue (Stripes, Neoscape)
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
CRE held up through the pandemic far better than most expected (iStock)
How commercial real estate survived the pandemic
How commercial real estate survived the pandemic
Harbor Group grabs $558M in financing for Black Rock purchase
Harbor Group grabs $558M in financing for Black Rock purchase
Harbor Group grabs $558M in financing for Black Rock purchase
arrow_forward_ios

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

Loading...