Waldorf Astoria Preps Launch Of Condo Sales Following Conversion

MIDTOWN MANHATTAN, NY — The development firm that has converted a majority of the landmarked Waldorf Astoria Hotel's rooms into 375 condominium units is getting ready to launch sales and has hired two real estate brokerage firms, the firm announced this week.

Chinese-based Anbang Insurance Group has tapped Douglas Elliman and Knight Frank to market the new "ultra-luxury" homes at the iconic Fifth Avenue hotel, which has been re-branded "The Towers of the Waldorf Astoria," the development firm announced.

"The meticulous revitalization of this beloved landmark is well underway, and we cannot wait to show a global audience what we have been creating. This will be a rare opportunity to own a home at one of the most special addresses in the world," Andrew Miller, executive director of development at Anbang, said in a statement. "Douglas Elliman is the perfect partner to market these unique homes, with an unmatched ability to showcase ultra-luxury properties paired with the global reach of Knight Frank."

The announcement did not hint and prices for the new condo units, but there's no doubt they will be extremely pricey. The brand-new homes will be located in one of New York City's most recognizeable landmarks and feature a "full city block" of amenity space in addition to the hotel's concierge services.

Before redevelopment the Waldorf Astoria held about 1,400 rooms, but after it will feature just 350. About 75 percent of the hotel rooms were demolished to make way for the condominiums.

The average hotel room at the new Waldorf Astoria hotel will be about 650 square feet, with options for larger rooms. A number of the hotel's public and event spaces will be upgraded during the renovation, developers said. The city Landmarks Preservation designated a number of the Waldorf Astoria's interior spaces as landmarks to preserve the hotel's historic character during the conversion. In public statements Anbang has shown a commitment to preserving most of the Waldorf Astoria's historic elements.

"Waldorf Astoria New York is a historic symbol of timeless grace and boasts a pedigree unlike any residential real estate offering,” Douglas Elliman CEO Susan de França said in a statement. "We are honored to be appointed the exclusive sales and marketing firm for this extraordinary property and look forward to introducing this once-in-a-lifetime offering to the global marketplace."

The hotel and condominium tower are expected to reopen in 2021.