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Waldorf Astoria Condos to Be Placed on Market in Fall of 2019

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Get your check books out: luxury condos at New York City’s famed 88-year-old Waldorf Astoria hotel are on the market. Photo Credit: Shutterstock

Get your check books out: luxury condos at New York City’s famed 88-year-old Waldorf Astoria hotel are on the market.

The Wall Street Journal is reporting that Douglass Elliman has been tapped to sell 375 apartments on behalf of Anbang Insurance Group. the company, based in Beijing, China, purchased the Waldorf in 2015 for just under $2 billion.

The decidedly upscale homes range from the small – a single room – to roomy apartments with as many as five bedrooms. They are reportedly being managed by Hilton Worldwide, along with over a thousand hotel rooms.

“It’s a chance to own a piece of New York history and all the stories that go with it,” Susan de França, chief executive of Douglas Elliman Development Marketing, told the Journal.

Prices among luxury housing in the city are dipping, but the apartments are projected to sell for millions each anyway. Newly levied taxes on homes with sale prices topping $1 million have also helped slow business down.

“The Journal report notes that Chinese buyers are under pressure from the Chinese government to keep capital in the country and have held back on home purchases in New York,” writes Crain’s New York Business.

The Waldorf project “will have plenty of competition from new Manhattan skyscrapers aimed at wealthy condo buyers. The historical pedigree of the building, which has hosted U.S. presidents and a long list of foreign dignitaries, combined with the mix of unit sizes, should help the Waldorf apartments stand out,” reported Bloomberg News.

If the Waldorf’s hallowed history contributes to sales of the condominiums, Bloomberg continued, “it has also highlighted the prolonged closure of the hotel portion of the Waldorf, with lavish public spaces that received landmark protection in 2017. Anbang — which is shedding assets, including a portfolio of 15 hotels — was seized by its Chinese government regulator last year, raising questions about the future of the iconic property.”

“In additional to continued oversupply in the New York luxury condo market, ongoing U.S.-China trade tensions may present further challenges for sales at a Chinese government-controlled property, which has already raised national security concerns,” added therealdeal.com.

“Though Douglas Elliman declined to discuss pricing for the apartments,” the Wall Street Journal noted, “other brokers told the Journal that prices would likely reach $3,500 per square foot or more, among the city’s priciest.”

The Waldorf, located at 301 Park Avenue between 49th and 50th Streets in Midtown Manhattan, is a 47-story Art Deco landmark designed by architects Schultze and Weaver, which was completed in 1931.

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