The number of condos planned as part of the Waldorf Astoria Hotel’s renovation and conversion are not enough for the developer it seems. The Real Deal has learned that Chinese developer Anbang Insurance Group is considering upping the condo count from the currently proposed 321 apartments to 409.
TRD gleaned this information from a “test the market” application filed with the State Attorney General’s office, which as TRD points out means that this number isn’t final either as Anbang is yet to file an offering plan.
From what we know previously, the number of rooms at the hotel would go down from 1,413 to 840 and would be located on floors five through 13 of the building. Whether this increase in condos will reduce the number of hotel rooms or impact the size of the apartments is not yet clear, but what we do know is that it won’t lead to the destruction of some of the building’s historic interiors—the city’s Landmarks Preservation Commission landmarked several sections last week.
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 the three-year renovation.