Waldorf Astoria’s Long-Awaited Reopening Is a Key Test for Luxury Condo, Hotel Markets
By EDDIE SMALL, C.J. HUGHES February 19, 2025, 6:03 AM
open later this year. M
ove-ins have started for the condos at the Waldorf Astoria, and the hotel portion of the project is set to
One of the most storied hotels in Manhattan is putting the finishing touches on its reinvention while trying to move on from its troubled recent history. The Waldorf Astoria, now a 47-story condo-and- hotel hybrid, has begun welcoming new residents to its Park Avenue site after years of renovations, delays and hundreds of millions in budget overruns. The landmarked property, which now features 375 hotel rooms with 375 condos above them, began closing on units this winter en route to a roughly $460 million sellout, while the hotel is expected to reopen by June. But the sales haul pales in comparison to the 10- year project's astronomical costs, a total of about $4 billion that include the price a Chinese firm paid to buy the property and then convert it. And a list of problems playing out in the background, including the worldwide pandemic and even a worker's death, have cast a dark cloud.
Indeed, as luxury travelers ready themselves for their chance to visit, the Waldorf's long- awaited condo sales have gotten off to a rather unassuming start, with only three hitting public records since closings began in January. The sluggish progress suggests buyers may be wary of the project or may have even walked away from signed contracts after years of mounting frustration "The pace has been modest at best," said Jonathan Miller, CEO of the appraisal firm Miller Samuel. "But the outlook going forward is probably better than it is today."
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