352 Condos Planned For Waldorf Astoria Conversion

MIDTOWN MANHATTAN, NY — More details about the condominium conversion at the Waldorf Astoria have come to light weeks after the Chinese government seized control of the company behind the development, according to plans filed with the state earlier this month.

An "offering plan" was filed with the state attorney general's office earlier in March that states 352 condominium units will be built at the iconic Park Avenue hotel, according public records. The plan was filed by an entity called AB Stable LLC, which is affiliated with Chinese corporation Anbang Insurance Co., the Real Deal first reported.

Anbang was seized by the Chinese government in February and its chairman Wu Xiaohui was prosecuted for "economic crimes," Reuters reported. The company is being run by the China Insurance Regulatory Commission after the takeover, according to the report.

Despite the takeover, the Waldorf Astoria conversion plan is set to continue, as evidenced by this month's offering plan filing. The conversion project will turn about 75 percent of the Waldorf Astoria's existing rooms into condos. When the conversion is complete, about 350 Waldorf Astoria hotel rooms will remain. The converted hotel and condo complex will also feature renovated public and event spaces, Anbang previously announced.

In March of 2017, the city Landmarks Preservation Commission voted unanimously to protect some of the Waldorf Astoria's "most lavish" interior spaces less than a week after the hotel was closed. Landmarks designation was granted to connected rooms and corridors on the ground, first, second and third floors, which means they will be protected as workers gut about 75 percent of the Waldorf Astoria's existing rooms and turn them into condominiums. Some of the protected interiors include the hotel's main lobby, Park Avenue lobby, the grand ballroom, the jade room and Astor gallery.

Anbang Insurance Co. bought the Waldorf Astoria in 2014. The company contracted construction firm AECOM Tishman for the condo conversion of the Park Avenue hotel, Anbang announced last year.

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