June 12, 2019
Amid a challenging time for high-end residential real estate, the Waldorf Astoria’s owners will begin marketing condominiums this fall. The historic hotel property has been closed while work has progressed on converting 375 hotel rooms to condos.
Beijing-based Anbang Insurance Group, which bought the Waldorf for $1.95 billion in 2015, has reportedly hired Douglas Elliman to market the condos.
The condos will range from studios to five bedrooms. Hilton Worldwide will manage the residences along with the more than 1,000 remaining hotel rooms, according to the report.
Douglas Elliman will try to highlight the history of the 88-year old Park Avenue hotel, the firm told the Wall Street Journal. “It’s a chance to own a piece of New York history and all the stories that go with it,” said Susan de França, chief executive of Douglas Elliman Development Marketing.
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