BUSINESS Anbang to sell Waldorf Astoria condos, report claims

BUSINESS

Anbang to sell Waldorf Astoria condos, report claims

Zhu Lingqing | China Daily

12:32, June 14, 2019

An exterior view of the world famous Waldorf Astoria hotel in midtown Manhattan in New York, Feb 28, 2017. (Photo: Agencies)

Four years and six months after it bought the Waldorf Astoria hotel, a renowned landmark at Park Avenue in New York, Anbang Insurance Group is reportedly bringing the luxury condos back to the real estate market.

A Wall Street Journal report earlier this week said Douglas Elliman Real Estate, hired by Anbang, has been searching for buyers for the 375 apartments at the hotel and the sale is expected to start this fall.

In addition, the real estate broker will work with London-based Knight Frank Residential to look for international buyers.

It cost Anbang a record $1.95 billion to acquire the hotel from Hilton Worldwide Holdings in 2015. The Chinese conglomerate then announced it will renovate the hotel and redevelop some of the hotel rooms into apartments.

The luxury apartments to be sold this time range from studios to five bedrooms, according to a report by Bloomberg.

Prices for these apartments have not yet been undisclosed, but some brokers said $3,500 per square foot or more was likely, making them among the priciest in the city, the journal said.

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