The Waldorf Astoria is headed for the auction block.<\/p>\n
Dajia Insurance Group, the Chinese state-backed owner of the Park Avenue site, is preparing to sell the luxury hotel after completing a sweeping renovation that converted many of its rooms into condominiums, according to<\/a> reports<\/a>.<\/p>\n Eastdil Secured is expected to market the property on Dajia\u2019s behalf, according to the report. There is no word on how much the seller is seeking for hotel.<\/p>\n Anbang Insurance Group, which bought it for $1.95 billion in 2014, closed the property in 2017 and embarked on a roughly $2 billion overhaul.<\/p>\n The owners of the iconic Walford Astoria luxury hotel in Manhattan are planning to put it up for sale, according to reports. Getty Images<\/p>\n A year later, Chinese regulators seized control of Anbang and created Dajia Insurance Group to take over its assets in light of what authorities in Beijing alleged<\/a> was a wave of illegal activity.<\/p>\n The project was far more complicated \u2014 and costly \u2014 than initially envisioned. <\/p>\n The Wall Street Journal reported in 2022 that renovation and conversion costs had ballooned<\/a> to more than $2 billion, roughly 25% higher than early internal estimates, pushing the combined acquisition and redevelopment tab north of $4 billion.<\/p>\n Anbang Insurance Group, which bought the hotel for $1.95 billion in 2014, closed the property in 2017 and embarked on a roughly $2 billion overhaul. Zach Hilty\/BFA.com\/Shutterstock<\/p>\n The Journal also detailed how landmark preservation rules, pandemic-era supply chain disruptions and the complexities of gutting and rebuilding a nearly century-old structure contributed to years of delays. <\/p>\n Citing the Waldorf\u2019s status as \u201cone of New York City\u2019s most prominent and culturally significant hotels,\u201d<\/a> the local Landmarks Preservation Commission deemed several of the building\u2019s interior spaces landmarks in 2017, necessitating extra care for renovations.<\/p>\n The eight-year project reworked 1.6 million square feet of interior space \u2014 including the elevators \u2014 and converted roughly half the building to residential use.<\/p>\n Developers replaced all 5,584 windows with historically accurate replicas and cleaned or swapped out each of the building\u2019s 1.37 million exterior bricks. REUTERS<\/p>\n The renovation left 375 hotel rooms \u2014 down from roughly 1,400 before the overhaul \u2014 spread across 633,000 square feet.<\/p>\n Developers replaced all 5,584 windows with historically accurate replicas and cleaned or swapped out each of the building\u2019s 1.37 million exterior bricks \u2014 a painstaking overhaul designed to preserve the landmarked facade while modernizing the structure.<\/p>\n Inside, the cavernous lobby was restored to its original 1931 proportions after decades of alterations.<\/p>\n The eight-year project reworked 1.6 million square feet of interior space and converted roughly half the building to residential use. Zach Hilty\/BFA.com\/Shutterstock<\/p>\n The renovation also carved out 372 private residences within the tower, with units priced from roughly $1.8 million for a studio to more than $18 million for a four-bedroom apartment, according to prior reporting.<\/p>\n The current ownership has not disclosed how many of the condos have been sold.<\/p>\n Inside, the cavernous lobby was restored to its original 1931 proportions after decades of alterations. Getty Images for Breakthrough T1D<\/p>\n The Post has sought comment from Eastdil Secured.<\/p>\n New York\u2019s luxury hotel market has seen a flurry of big-ticket transactions over the past year, underscoring investor appetite for high-end Manhattan properties.<\/p>\n The renovation left 375 hotel rooms \u2014 down from roughly 1,400 before the overhaul \u2014 spread across 633,000 square feet. Joe Thomas<\/p>\n The Ritz-Carlton New York, Central Park was recently sold in a deal that reportedly valued the 253-room property<\/a> at around $400 million, while theI nterContinental Times Square fetched $230 million<\/a> in December.<\/p>\n