Despite a ban on hotel-condo conversions, the transformation may proceed
The condo conversion of the Waldorf Astoria hotel may actually be moving forward, following in the footsteps of hotel-residence hybrids like the Plaza and the Trump Soho. Anbang Insurance Group, which purchased the hotel for nearly $2 billion back in 2014, all but confirmed the residential plans last year, but few details have emerged on the plan thus far.
But no more: Crain’s, citing "sources," has more information on the conversion plans, which could bring as many as 1,000 condos to the storied hotel. Right now, the hotel is split into two parts: the larger Waldorf Astoria, which has 1,232 rooms, and the Waldorf Towers, a fancier section with 181 rooms, some of which are short-term rentals. Anbang also apparently filed plans to do work on the hotel’s 12th and 24th floors, intended as "part of an exploratory process to discover how a broader renovation might be carried out."
For its part, Anbang is still keeping quiet on its plans for the Park Avenue icon. "We continue to explore all options, and no definitive plans have been finalized at this time," a spokesperson for the developer told Crain's. And even though the City Council enacted a two-year ban on hotel-condo conversions in 2015, the Waldorf would be exempt from that because its sale happened prior to the approval of the ban.
- Waldorf Astoria may convert 1,000 rooms into luxury condos [Crain’s]
- Waldorf Astoria Condo Conversion Will Proceed Despite Ban [Curbed]
- Waldorf Astoria Jumps on Bandwagon, Plans Condo Conversion [Curbed]
from
http://ny.curbed.com/2016/6/15/11943594/waldorf-astoria-nyc-hotel-condo-conversion
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