The hotel-to-condominium conversion of the iconic Waldorf Astoria in Manhattan is moving forward and condos are expected to be delivered in 2020 as originally scheduled, according to new filings and a source familiar with the project.
The high-profile project came into question after the Chinese government announced last month that it was taking control of Anbang Insurance Group. Wu Xiaohui, former chairman of the insurance giant, who led the $1.95-billion takeover of the hotel in 2014, was removed from his post.
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The shift in leadership doesn’t seem to have deterred the residential conversion. AB STABLE LLC, an affiliate of Anbang that’s overseeing the project, filed a new condo offering plan earlier this month, which appeared on the New York state attorney general’s real estate database on Monday.
Under the name The Towers of 301 Park Avenue, the project calls for 352 residential units, 150 storage units, 34 parking spaces and three commercial spaces, according to the filing.
No pricing information was filed at this time, and the new offering plan has yet to be reviewed by the state attorney general’s office.
"The transformation is moving forward, and it’s expected to complete in 2020, on schedule," a source familiar with the project told Mansion Global, who declined to comment further.
The Waldorf Astoria hotel closed in March 2017 and its first phase of renovation and restoration started in December. AECOM Tishman is spearheading the construction work, while Skidmore, Owings & Merrill is mainly responsible for architectural design.
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The team has secured permits and carefully stored the building’s mostly-prized historic items, including the Cole Porter piano, the World’s Fair Clock Tower, the Kennedy Rocking Chair, and the MacArthur Desk.
The Waldorf Astoria on Park Avenue, built in 1931 and landmarked in 1993, hosted every U.S. president from Herbert Hoover to Barack Obama, as well as countless foreign luminaries.
In 2014, Anbang acquired the hotel from Hilton Worldwide for a record-breaking $1.95 billion. Hilton agreed to continue to manage the property under a 100-year agreement.
Last year, numerous interior spaces within the hotel were designated as New York City landmarks, including the historic Grand Ballroom and Park Avenue Lobby.
Anbang’s New York office declined to comment.
The Real Deal first reported the filing.