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The new owners of one of the most iconic hotels in the world will try to convert almost three-quarters of it to residential.
Anbang Insurance Group, the Chinese giant that bought the Waldorf Astoria hotel for nearly $2B in early 2015, filed plans with the Department of Buildings to convert floors 14 through 44 (or 766k SF) into 321 undoubtedly luxurious condos. Floors five through 13 will remain an 800-key hotel, The Real Deal reports.
When whispers of the scope of the conversion, expected to get underway next spring, started to emerge this summer, word on the street was Anbang would only leave 300 to 500 rooms behind. Something must have changed its mind.
The top four floors will contain two condos each. The first four floors will house the hotel's ballroom, conference center, and new retail and restaurant space. This summer, the cost of the renovations was projected at $1B. The property is expected to be closed for three years during the renovations, which require Landmarks and DOB approval. [TRD]
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