After years of anticipation and several delays, the first residents are starting to move into the newly renovated Waldorf Astoria's luxury condos, transforming the historic hotel into a modern residential space. Originally purchased by China's Anbang Insurance Group from Hilton for a hefty $1.95 billion back in 2015, the property at Park Avenue saw its share of challenges, including a tumultuous financial scandal involving Anbang that led to its seizure by the Chinese government and the subsequent creation of Dajia Insurance Group, as reported by Crain's New York. The project, which began in 2017, was initially expected to span a mere two to three years; however, complications including financial difficulties for Anbang and the effects of the global pandemic extended the renovation period significantly.
Despite these setbacks, closings for the building's condos started in December with reports of sales reaching over $7 million, indicating high demand for the storied property's new incarnation, as the architectural firm Skidmore, Owings & Merrill oversaw the transformation of the landmark hotel where the condos range from studios to four bedrooms and penthouses, some featuring private outdoor spaces Susan de França, President and CEO of Douglas Elliman Development Marketing described the opportunity to live in this iconic building as "a once-in-a-lifetime opportunity" in a statement obtained by 6sqft. In line with this luxurious rebranding, condo residents will have access to more than 50,000 square feet of private amenities including a 25-meter pool, a state-of-the-art fitness center, and dedicated wellness and entertainment spaces, like other spaces these are designed by the esteemed Jean-Louis Deniot, offering a rare blend of traditional elegance and modern convenience.
Additionally, residents will benefit from the unprecedented option of choosing fully furnished, turnkey apartments curated by design firm B&B Italia – an exclusive feature within the city, providing a seamless transition into the storied residence. Judie Ulysse, appointed as the director of residences, brings experience from managing buildings on Billionaires’ Row, which seems in keeping with the Waldorf Astoria's own legacy of grandeur.
The historic Peacock Alley restaurant and the Grand Ballroom are undergoing revitalizations themselves, aiming to preserve the site's rich history while implementing modern upgrades the hotel's expected grand reopening in spring 2025 will mark a full circle moment for the landmark, as Andre Zotoff, chief executive officer of Strategic Hotels & Resorts, noted that residents will enjoy special access to the hotel's world-class services like the 30,000-square-foot spa and the building also features an 82-foot pool, among other premium amenities, according to Crain's New York.
