Sales launch for Waldorf Astoria’s luxury condos, starting at $1.7M studios

Posted On Wed, March 4, 2020 By

Posted On Wed, March 4, 2020 By In condos, Hotels, Midtown East, New Developments

Rendering by Noë & Associates/The Boundary

Residential condo sales have launched at the newly-imagined Waldorf Astoria, which has been closed for renovations since 2017. The launch, complete with a new website offering a sneak peek inside the iconic building, comes at a time when ultra-luxe apartments have become a tougher sell in a market loaded with competition and unsold units, as The Real Deal reports. The residential portion of the building sits above the renovated hotel, with 375 condos and 50,000 square feet of amenities including private bars, a 25-meter pool and a fitness center.

The skylit residents-only pool at the new Waldorf Astoria. Rendering by Noë & Associates/The Boundary

Though luxury condo sales have stalled recently, developers are counting on the building’s “history, exclusivity and timeless glamour” to distinguish it from the pack. Residences start at about $1.7 million for a studio, heading all the way up to $18.5 million for a 3,000-square-foot, four-bedroom home, and there are no prices yet for the building’s trophy penthouses.

The road to this point has been rocky; the building was purchased by Chinese company Anbang Insurance Group in 2015 for $1.95 billion. The company was seized by the Chinese government in 2018. Several months later, Anbang CEO Wu Xiaohui was convicted of defrauding investors and sentenced to 18 years in prison, and the company was placed under government control for two years. The two-year period ended just two weeks ago. The building is expected to open in 2022.

A development company called Dajia US was formed to manage Anbang’s assets. Andrew Miller, the company’s CEO, told TRD, “I think a lot of people have been waiting for something that inspires the urgency to buy now. Something that feels unique and irreplaceable, and fundamentally special.”

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