The Waldorf Astoria Condos: Delayed But Not Doomed

If you’ve kept up with the luxury real estate market in the last few years, you’re already aware that the legendary Waldorf-Astoria Hotel has been under renovation since 2017 as it updates 375 hotel rooms and 375 top-of-the-line luxury condominiums known as “The Towers”, or simply, the Waldorf condos.

The project has already overcome its fair share of challenges, from pausing for the Covid-19 pandemic to a recent changeover in leadership. The latest update on the billion-dollar renovation shows that while progress has been delayed, there are no signs to show we won’t soon be marveling at — or moving into — the newly unveiled luxury units of this art deco gem.

If you’re interested in taking a look at a residence in the Waldorf condos, the right agent can help you get there. Reach out to the NewDevRev team to take the first step.

What are the Waldorf Astoria Condos?

Neatly dubbed “The Towers of the Waldorf Astoria”, these residences are sure to be the hottest example of international luxury. The 52-story condos, which range from studios up to 4-bedroom units, fetch millions of dollars and come with thousands of square feet of amenities, all nestled inside one of New York City’s most historically beloved properties, the Waldorf-Astoria hotel.

The Waldorf condos are located at 305 Park Avenue, smack dab in the middle of midtown Manhattan. Taking up the entire block between 49th and 50th streets, this property’s location is basically unbeatable. The architectural wonder of St. Patrick’s Cathedral is just a couple of blocks west, Grand Central Station and the Chrysler building are just a few blocks to the south, and on its east side sits the United Nations headquarters along the East River.

The Towers have over 50,000 square feet of private residential amenities, and for residents with special access, another 100,000 square feet of amenities. We’ll dive into all of the amenities soon but first, let’s look at which stage of construction the project is at, and when we can expect to see it completed.

Delayed but not Doomed — the Latest Update from the Waldorf Condos

A renovation this big comes with plenty of unexpected barriers to overcome, and an ever-increasing price tag is one of them. So far, costs for the transformation have soared beyond $2 billion as its originally projected date of completion in 2021 has long passed. Add in all the requirements that come with renovating a landmark building, and it’s easy to understand why this project might end up being one of the most immense and most expensive condominium conversions ever taken on.

Representatives for the team behind the Towers at the Waldorf-Astoria are now projecting a completion date in the latter half of 2024, though some sources have also told the press that 2025 is a more realistic date to plan for.

Who’s Behind the Waldorf Condos?

Chinese developer Anbang Insurance Group currently owns the property and is leading the project behind the scenes. They purchased the Waldorf-Astoria property from private equity firm Blackstone Group in 2014.

As for the on-the-ground work, there are multiple globally renowned leaders in the mix. Pierre-Yves Rochon is handling the interiors, while the architecture team Skidmore, Owings & Merrill is taking on the exteriors and construction.

Rochon has designed interiors for the Waldorf-Astoria Hotel in Beverly Hills, as well as the St. Regis Hotel in Rome. Skidmore, Owings & Merrill is a world-class company of designers, engineers, and architects whose decades-long portfolio includes everything from mixed-use icons like the Manhattan West Development to public enhancements like the newly unveiled Kansas City airport terminal.

A Timeline of the Waldorf-Astoria Property

1931: The world’s biggest hotel opens at 305 Park Avenue. The Waldorf-Astoria is named after its legendary owners, the Astor family, from Walldorf, Germany. It’s considered to be a shining example of Art Deco architecture. It includes a slender tower that has nearly always been used for private residences.

1934: American musical sensation Cole Porter moves into the Waldorf-Astoria and after trying out a few different suites finally settles on 33A, where he resides until 1964. He famously popularized the hotel’s namesake salad in his song “You’re the Top.”

1949: Famous hotel founder and magnate Conrad Hilton successfully buys management rights of the Waldorf-Astoria Hotel, making it a Hilton hotel property.

1952: The first-ever “April in Paris” ball is hosted at the Waldorf by Elsa Maxwell, to celebrate the 2,000th birthday of the city of Paris and improve Franco-American relations. Over the years, this famous event attracted tons of American celebrities to the hotel, including Marilyn Monroe and Audrey Hepburn.

1963: John F. Kennedy celebrates his last birthday at the Waldorf when the Democratic Party hosts a fundraising gala called “New York’s Birthday Salute to the President”. Tickets were $1000 per person, which was jaw-dropping for the sixties and speaks to the exclusivity of the space.

1989: Tina Turner and Mick Jagger perform in the Grand Ballroom of the Waldorf-Astoria. This is just one moment out of a bevy of culturally iconic milestones in the hotel’s history.

2006: The Hilton hotel brand launches a chain of Waldorf-Astoria branded hotels all around the world, from Hawaii to Rome to Dubai.

2007: While Hilton still operates and manages the hotel, its parent company Hilton Worldwide Holdings is purchased by the Blackstone Group, a private equity firm.

2014: Blackstone Group sells the Waldorf-Astoria Hotel to Chinese developer Anbang Insurance Group for close to $2 billion. The hotel is still operated by the Hilton Group thanks to a 100-year management contract.

2017: The hotel closes its doors as it prepares to undergo one of the most immense condo conversions of all time.

What’s inside the Waldorf condos

The Waldorf-Astoria’s 375 condominium units are estimated to range from roughly $1.8 million to $19 million each. On the smaller end, a studio residence is priced at $1.8 million for 561 square feet, with a walk-in closet, marble foyer, and access to the property’s 50,000 square feet of amenities. On the larger end, a four-bedroom, four-and-a-half-bath residence is asking at $19 million and includes nearly 3,000 square feet of space.

Amenities inside the Waldorf condos include the famous 25-meter Starlight Pool, men’s and women’s wellness lounges with saunas, steam rooms, and treatment rooms, a fitness center (with the option for a customized guided fitness program), a winter garden lounge, an outdoor terrace, a gaming lounge, a theater with both a movie screen and stage, four bars, and multiple dining rooms.

Coming home is a delightful experience when you enter the Waldorf-Astoria’s private residential garage (also known as a porte cochère) and use their private valet service or 24/7 doorman service. You have a concierge available to you six days a week, with a private concierge closet for discreet signing, sending, and delivery of packages directly to your unit.

As a resident of the Waldorf condos, your ability to entertain at the highest level is unparalleled. Included within your bevy of private entertainment spaces is the Starlight Terrace, a private outdoor garden that includes two kitchens and stunning views of Park Avenue. Or, if you’re hosting something more formal, you could try the Grand Salon. This room has elegant arched ceilings and similarly breathtaking skyline views. It’s designed for private events and comes with a catering-ready kitchen next to it.

There’s also a Presidential Library and Bar, and that’s more than just a name — its selection is curated by the White House Historical Association (only fitting for the property that multiple presidents have always routinely stayed in on trips to New York).

If there’s anything on this list you want to learn more about, the NewDevRev team can help. You can also take a peek at photos of these jaw-dropping residences on their website.

How to buy your residence in the Towers at the Waldorf-Astoria

If you want to own your piece of what is soon to be one of the world’s premier luxury properties, The NewDevRev team is ready and excited to help you make it happen. Once you introduce yourself, we can connect you with an expert agent who understands the ins and outs of this highly competitive, sought-after corner of the NYC real estate market.

We’ve worked with plenty of properties at this level and price tag, and are certain we’ll have the answers you need to seal the deal. Right now, our team expects these condos to range in selling price from $1.7 million all the way up to $28 million, with an average asking price of $3,793 per square foot.

Buying any new development in New York City is tricky. On top of beating all the competition vying for the same space, you have to consider how your timeline aligns with its construction and make sure your offer is the best it can be.