Given Anbang's current financial woes and an influx of luxury condos flooding the New York City market, it's probably a good idea to go with fewer condos and more hotel rooms in Anbang's makeover of the iconic Waldorf Astoria.
It’s official: Anbang Insurance Group Co. has filed a plan for the luxury condos it’s developing at Manhattan’s Waldorf Astoria, and it calls for fewer apartments than the company initially aimed for.
The Chinese insurer’s project to convert many of the landmark hotel’s guest rooms now calls for 352 condos, according to details of the offering plan on the New York state attorney general’s website. Last March, a preliminary filing showed 409 condos.
Manhattan’s high-end residential market has softened since Anbang bought the Waldorf for $1.95 billion in 2015. In the fourth quarter, purchases of luxury homes — defined for the period as those priced at $3.895 million or more — decreased 13 percent from a year earlier, according to data from appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.
The future of the project, called the Towers at 301 Park Avenue, was cast into doubt last month when the Chinese government seized temporary control of Anbang, saying it would consider “all or partial” sales of the insurer’s assets. Construction at the Waldorf has continued despite the tumult at the company.
The most recent filing, which doesn’t include pricing information for the condos, is in line with a statement from November in which Anbang said the project would have about 350 condos and 350 hotel rooms. The plans were reported late Monday by the Real Deal.
Representatives for Anbang and Hilton Worldwide Holdings Inc., which has a long-term contract to manage the Waldorf’s hotel component, declined to comment.
–With assistance from Oshrat Carmiel
©2018 Bloomberg L.P. This article was written by Patrick Clark from Bloomberg and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to email@example.com.
Photo credit: Hilton's historic Waldorf Astoria hotel in New York City is undergoing a massive renovation by its new owner, Anbang Insurance Group. Hilton Worldwide / Facebook