YIMBY recently toured the sales gallery for the upcoming partial residential conversion of the Waldorf Astoria. Dubbed The Towers of The Waldorf Astoria, the project will create 375 residences ranging from studios to penthouses. Addressed 303 Park Avenue, the 625-foot-tall Art Deco landmark was built by Schultze and Weaver in 1931 and is currently undergoing a major restoration that also includes the renovation of 375 hotel rooms.
The Anbang Insurance Group Co. is planning to convert up to 1,100 hotel rooms of the 1,413-key Waldorf Astoria into an undisclosed number of condominiums. The 47-story, 625-foot-tall luxury hotel is at 301 Park Avenue, located on the block between East 49th and 50th streets in Midtown East. The hotel-to-residential conversion would retain between 300 to 500 hotel rooms, which will also see renovations of their own, according to the Wall Street Journal. The project is expected to cost $1 billion, and would close the Waldorf Astoria for up to three years. Hilton Worldwide Holdings Inc. will remain the hotel operator following the conversion. The Landmarks Preservation Commission will have to approve any exterior alterations. The hotel played host to the president of the United States for decades until China-based Angang acquired the property, an individual landmark, for $1.95 billion in 2015. During last year’s United Nations General Assembly, President Barack Obama stayed at the Lotte New York Palace Hotel.