Waldorf Astoria's First Condo Sales Close As Long-Delayed Reopening Approaches

The Waldorf Astoria, once the pinnacle of prestige on New York City’s Park Avenue, has been dark since 2017. Now, after years of conspiracy and curiosity, it’s getting ready to welcome back its first guests and residents. 

Three deeds representing roughly $7M in sales have been signed for units in the building at 301 Park Ave., according to records filed with the city.

Plus, the hotel is accepting reservations for Sept. 1 and beyond. An opening is slated for the spring, according to a statement by Strategic Hotels & Resorts, the asset manager for the Waldorf Astoria New York.

The nearly decade-long restoration process has produced 375 condominiums atop a 375-key hotel — down from the more than 1,400 rooms in operation before the work began. 

Asking prices start at just under $1.9M. The first deeds filed were for units 2015, 2001 and 1916, which sold for $1.8M, $2.5M and $3M, respectively, according to city records. 

A spokesperson declined to comment on the sales or provide additional information on the number of units under contract. Residences range from studios to four bedrooms and penthouses, many with private terraces, according to an announcement.

“Waldorf Astoria New York remains a historic symbol of timeless grace and boasts a pedigree unmatched by any other residential real estate offering,” Douglas Elliman Development Marketing President and CEO Susan de França said in a statement. “To live here is truly a once-in-a-lifetime opportunity for the global marketplace.”

Douglas Elliman is handling the projects’ sales and marketing exclusively. 

New residents of the building will have access to more than 50K SF of private amenities. That includes a 25-meter pool with skylight overlooking Park Avenue, a fitness center, wellness areas, gaming rooms and a theater. It also has several event venues. 

Additionally, residents will be able to use hotel services, such as 100K SF of additional amenities and dining options.

The hotel originally opened in 1931 and became a hub for dignitaries and socialites. In 2015, Anbang Insurance Group bought the hotel from Hilton Worldwide Holdings for $1.95B with plans to restore the art deco building to its historic grandeur. The sale was the priciest single-asset hotel purchase in U.S. history.

Hilton struck a deal to operate the hotel under a 100-year management agreement. But redevelopment efforts have been difficult, with a reopening date repeatedly postponed and costs ballooning over time.

The project was originally expected to be complete by 2021 and cost $1B. But after starting work, Anbang was almost immediately shrouded in controversy.

The Chinese government prosecuted the firm's former head for corruption and fraud, sentencing him in May 2018 to 18 years in prison. 

The government then took control of Anbang’s operations, including the Waldorf. The hotel was placed into the hands of the state-owned Dajia Insurance Group.

By 2022, it was reported that construction wouldn't be finished until 2024, with a price tag of more than $2B. Last year, the opening date was pushed back again to 2025.

But even when the hotel was still open, Anbang's purchase caused consternation for the dignitaries and celebrities that have populated its guest list for decades.

In 2015, then-President Barack Obama decided to break from tradition and not stay at the hotel during his visits to New York City, with officials citing fears of the new ownership providing Chinese spies access to his residence.

All of the upheaval has meant that the Waldorf hasn't accepted guests for nearly a decade, a dormant period that is finally set to end this year.