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For $18.75 Million, You Can Stay Lavishly within the Waldorf Astoria

by Index Investing News
February 25, 2025
in Property
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The Waldorf Astoria New York, which has been closed since 2017, is promoting new residences, with some already occupied earlier than the revamped resort reopens this spring.

The resort — an Artwork Deco masterpiece by Schultze and Weaver on Park Avenue in Manhattan — at all times had a residential element: It was dwelling to everybody from Cole Porter, Marilyn Monroe, Frank Sinatra and the Duke and Duchess of Windsor to Presidents Herbert Hoover, Harry S. Truman and Dwight D. Eisenhower. The constructing’s exterior was designated a landmark by the Landmarks Preservation Fee in 1993 and components of its inside have been designated by the identical physique in 2017.

The residences within the authentic constructing have been resort rooms or suites for which occupants paid long-term room charges.

The constructing has been renamed Waldorf Astoria New York, with residents of Waldorf Astoria Residences New York having their very own entrance at 303 Park Avenue, barely north of the resort’s fundamental entrance. Flooring one to 5 will likely be occupied by the resort’s foyer and performance areas, and flooring six to 12 will comprise resort visitor rooms.

The 372 residences, ranging in dimension from 564 sq. toes to over 6,500 sq. toes, with 125 layouts, will occupy flooring 19 to 52. The facilities for the residences will occupy flooring 19 and 25 to 27. Costs begin from $1.875 million for studios to $18.75 million for 4 bedrooms. Gross sales of the residences — managed by Douglas Elliman Growth Advertising — started in 2021, and house owners started occupying them final December.

Residents of the Waldorf Astoria Residences New York should purchase furnished residences, in line with Loretta Shanahan, senior director of gross sales. “For people who spend weekdays right here and weekends elsewhere, buying a furnished residence ensures a seamless, easy life-style,” she mentioned.

B & B Italia is offering heat and funky shade palettes for furnishings and equipment within the residences. Kitchen home equipment are by Gaggenau. Bang & Olufsen is providing elective audiovisual packages. Loos comprise heated flooring, rain showers and custom-designed vanities.

The resort was offered for $1.95 billion in 2014 by Hilton, its earlier proprietor, to Anbang Insurance coverage Group, a Chinese language firm that closed the constructing in 2017 to revive and renew it, aiming to reopen it in 4 years.

However the Chinese language authorities seized management of Anbang in 2018, sending its chairman to jail for fraud, and created the Daija Insurance coverage Group in 2019 to imagine management over Anbang’s property. Daija now owns the resort and residences.

The Waldorf Astoria New York’s restoration and renewal course of has dragged on far longer than initially anticipated, due to its change in possession, international provide chain points and elevated prices ensuing from the Covid-19 pandemic.

Skidmore, Owings & Merrill, or S.O.M., was employed by Daija to develop and current a plan to the Landmarks Preservation Fee for the Waldorf that blends adaptive reuse, preservation and restoration.

“It is a historic constructing and, as such, has columns, beams and punched home windows, as an alternative of flat slabs and glass curtain partitions like a brand new constructing would possibly,” mentioned Frank Mahan, a principal and adaptive reuse apply chief at Skidmore, Owings & Merrill. “We used these options to present the residential models character.”

S.O.M., which has collaborated with Constructing Conservation Associates on the undertaking, found in its analysis that the unique Waldorf constructing contained shut to five,600 home windows with metal frames painted heat grey. The agency additionally found that solely one of many authentic home windows nonetheless existed, and used it as a mannequin for the constructing’s new home windows, which have an aluminum body and energy-efficient double glazing.

The very prime of the constructing accommodates two copper pinnacles that initially housed the Waldorf Astoria’s mechanical techniques. The copper has been absolutely restored, and the 2 pinnacles have been transformed into penthouse duplexes, whose the specifics have but to be launched.

Residents could have entry to over 50,000 sq. toes of latest facilities, together with a personal porte-cochere, with 24-hour valet service, on East fiftieth Avenue between Park and Lexington Avenues; and a personal membership on the nineteenth flooring described as “a first-class enterprise facility.”

The inside design of the residences is by the designer Jean-Louis Deniot, and Simon de Pury, an artwork collector and auctioneer, is curating paintings on show within the residences’ non-public foyer. and elsewhere.

The interviews under have been evenly edited for size and readability.

Mr. Mahan on adaptive reuse:

To plan a brand new future for the Waldorf Astoria, we started with deep analysis into its historical past. We scrutinized the unique architects’ design intent, the constructing’s current building situations and the Waldorf’s wealthy cultural historical past. Solely by understanding its historical past, the adjustments revamped time and up to date necessities can we chart a brand new future for a constructing as vital as this.

By balancing preservation, restoration and adaptive reuse all through, we leveraged the constructing’s configuration — from column placement to window association — to create character, quite than work towards these parts. This has allowed us to create up to date houses and facilities by which the previous is nonetheless current.

Ms. Shanahan on residential choices:

Our clientele spans practically each nook of the globe. Many are downsizing or in search of a change in life-style. For these residing in buildings that won’t present a full vary of facilities, our property presents a brand new lifestyle. At this time, each rental and condominium buildings in New York are more and more targeted on delivering enhanced facilities to satisfy the evolving expectations of their residents.

Mr. Deniot on the inside design:

In each facet, throughout each operate, you’ll be able to sense the Artwork Deco affect, however it’s an Artwork Deco such as you’ve by no means skilled earlier than. I pushed it additional into Modernism, past the standard types we’re accustomed to. It’s reminiscent, however appears like a contemporary tackle the Artwork Deco spirit.



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