The Waldorf Astoria's New Owner Has Plans for Condos

Feb. 23, 2015 — Ever wish you could live in the Waldorf Astoria? Well, your wish may come true, but you better prepare to have more than just a whole lot of money. The Real Deal (TRD) has learned that Anbang Insurance Group, which just paid almost $2 billion for the Waldorf, plans to convert the iconic hotel's two towers into condos. TRD obtained a transcript of a recent talk Anbang's chairman Wu Xiaohui gave at Harvard University. "We plan to renovate the two towers into luxury residential apartments with world-class amenities and finishes to reflect its culture and social status. A potential buyer needs to have more than money to qualify for our apartments," he said. How intriguing. What could it be? Celebrity? Clout? Lots of property? The Waldorf Towers operates as a 181-room boutique hotel within the Waldorf, and currently occupies the top floors of the 47-story building. It has a separate entrance on 50th Street, amenities include a fitness center, and it's just a hop, skip, and a taxi from Midtown's ultra-luxury billionaires' row. 

Photo by Christopher Bride for Property Shark