Spring is almost here, and that can only mean one thing: it's time to look at the many condos that will be hitting New York's real estate market in the next few months.
It’s been nearly a month since the Waldorf Astoria hotel shuttered for a three-year renovation, and we’re now getting some details about what that restoration might entail.
Anbang purchased the hotel from the Hilton Hotel Group in 2014 for $1.95 billion, and since March 1 this year, the hotel has been shuttered for a three-year renovation.
Preservationists and local elected officials had been pushing for the interior designation for quite some time now, and the landmarking also had the backing of the local community board.
In October last year, the LPC decided to put the hotel’s interiors on its calendars of items to designate amid increasing concerns that the historic interiors would be destroyed during the hotel’s conversion.
The residential units start on the 14th floor of the building and go upwards. The top four floors of the building will have two apartments per floor, and the three floors below that will have four apartments per floor.
It was previously reported that Anbang was opposed to any interior designation of the building, but a representative for the firm clarified to Bloomberg that this was never the case, and that it was fully willing to cooperate with the Commission.
The iconic hotel will not accept reservations past February 28th, with the final checkout scheduled for March 1st. The hotel is shuttering for a partial condo conversion.
The condo conversion of the Waldorf Astoria hotel may actually be moving forward, following in the footsteps of hotel-residence hybrids like the Plaza and the Trump Soho—and it could mean as many as 1,000 condos will come to the Park Avenue hotel.