Condo sales launch at Waldorf Astoria in crowded luxury market

Developer released from control of Chinese regulators two weeks before sales debut

New York /
Mar.March 04, 2020 09:00 AM

History, exclusivity and timeless glamour.

These are the selling points developers behind the reimagined Waldorf Astoria are hoping will set them apart in an overstocked market as they launch sales Wednesday for the building’s residential condos.

The launch, marked with a new website, offers a rare look inside the building, which has been closed for renovations since 2017. The residential towers — sitting on top of the renovated hotel — feature 375 condos and 50,000 square feet of private amenities, including a 25-meter pool, fitness center and several residents-only bars. Prices start at about $1.7 million for a studio, reaching up to $18.5 million for a 3,000-square foot, four-bedroom unit. The building’s trophy penthouses are yet to be priced. Douglas Elliman is handling the project’s marketing.

It’s a difficult time to sell luxury condos: In addition to global concern about the coronavirus, New York’s luxury market is already laboring under huge amounts of unsold units, which has forced many developers to delay sales, offer novel concessions and cut prices in an effort to draw buyers.

But Andrew Miller, CEO of developer Dajia US, a company formed to manage the assets of original developer, China’s Anbang Insurance Group, said he is confident the building’s heritage will spur sales, despite the market’s oversupply problem.

“I think a lot of people have been waiting for something that inspires the urgency to buy now,” he said. “Something that feels unique and irreplaceable, and fundamentally special.”

Anbang Insurance Group purchased the building in 2015 for a record $1.95 billion, and poured an additional $1 billion into renovations. But the company’s path to launching sales was a rocky one: Anbang was seized by the Chinese government in February 2018 as part of a wider crackdown on companies spending big on foreign assets. Three months later, Anbang CEO, Wu Xiaohui, was sentenced to 18 years in prison for defrauding investors.

For two years, the company was under government control — a period that ended less than two weeks ago. In that time, the government unwound it and sought to sell off foreign assets

Miller said the Waldorf Astoria was never on the chopping block, despite the push.

“I’m pleased — and occasionally a bit surprised — that that never came up as a real option,” he said.

Douglas Elliman’s Dan Tubb is leading sales. The building is expected to open in 2022.

Write to Sylvia Varnham O’Regan at [email protected]


Related Articles

arrow_forward_ios
Jill Stuart and 113 Parsonage Lane (Getty, Google Maps)
Famous fashion designer sews up Sagaponack sale
Famous fashion designer sews up Sagaponack sale
Starwood's Barry Sternlicht
Starwood wheels and deals to fix $800M loan default
Starwood wheels and deals to fix $800M loan default
 Lloyd and Barbara Macklowe and Hard Rock Cafe's Peter Morton with  51 West End Road (Getty, Google Maps)
Macklowe Gallery founders sell East Hampton home to Hard Rock founder
Macklowe Gallery founders sell East Hampton home to Hard Rock founder
Steve Roth finally flips Madoff’s former Montauk home
Steve Roth finally flips Madoff’s former Montauk home
Steve Roth finally flips Madoff’s former Montauk home
188 Nelson Street and 483 13th Street
Zero deals signed for $4M homes in Brooklyn last week
Zero deals signed for $4M homes in Brooklyn last week
Douglas Elliman's Todd Bourgard (Douglas Elliman, Getty)
Elliman taps new head of Long Island
Elliman taps new head of Long Island
944 Fifth Avenue and Central Park Tower at 217 West 57th Street
Central Park Tower condo tops Manhattan luxury contracts
Central Park Tower condo tops Manhattan luxury contracts
A photo illustration of The Artisan Hotel at 1501 W Sahara Ave in Las Vegas (Getty, LoopNet)
Las Vegas to get its first cannabis-friendly hotel
Las Vegas to get its first cannabis-friendly hotel
arrow_forward_ios

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

Loading...