Chinese government takeover be damned; the Waldorf Astoria is striding towards its future as a hotel-condo hybrid.
An offering plan for the iconic building’s forthcoming condos appeared on the state Attorney General’s website on Monday. The plan reinforces that the mid-February government takeover of project developer Anbang Insurance Group Co., will not thwart the high-profile project. The Chinese government seized the company over suspicions that its chairman had participated in illegal fundraising and abuse of power.
The offering plan, first reported by The Real Deal, shows that the conversion will bring 352 condos to the former 1,413-key hotel. The hotel room count will be drastically decreased in the conversion, down to just 350 rooms.
The Real Deal notes that the condos, called on the offering plan The Towers at 301 Park Avenue, will occupy floors 14 through 43. The lowest residential floors will include 28 condos per floor, with that number waning as the floor count gets higher. Floors 40 through 42 will have just two condos each.
The hotel shuttered in March 2017 for the three-year project. In addition to the hotel-to-condo conversion, a handful of the Waldorf’s public spaces will also undergo extensive restoration under the guidance of Skidmore, Owings & Merrill.
In March 2017, shortly after the hotel closed for renovations, New York City’s Landmarks Preservation Commission granted landmark status to some of the hotel’s lauded Art Deco interiors, including the West Lounge (Peacock Alley), the Grand Ballroom, and the Park Avenue lobby.