Waldorf Astoria Hotel -> Condos

Because NYC needs more uber luxury condos right now.

It became condo about 10 months ago. There's a retail unit, a hotel unit, and a residential. Later on they'll split the residential unit into apartments, give them lot numbers, etc.

The floor plans are on ACRIS under block 1304, lot 1001.

Like many projects the sales launch (which was supposed to be Fall 2019) has been pushed back (supposedly to some time 2020). In this market what kind of numbers will they be able to sell at?

they had some sort of opening party in the sales office last week, dressed up girls checking off the guest list...."something" is moving along (albeit slowly)

What is the profile of a Waldorf Astoria buyer?

Lobotomized inherited wealth.

@30yrs - LOL. Much needed comical relief as I watch the debate.

P.S. - 30yrs comment is funny b/c it is true IMO.

LOL. We actually went to take a look couple of years ago out of curiosity. They make you watch a promotional video or two before you can see a unit. The one thing we couldn’t figure out is how they would support the insane amenities and how those expenses would be split with the hotel. Extra fishy set up.

Sounds like some timeshares.

But do they give you tickets to a broadway show if you sit through the presentation?

@30yrs - I have some interesting insight for you on this topic that I will share with you and Ali and Nada in person if the stars align the next time I am in NY. No idea when that will be - most likely not until 2024.

mystery

No sales yet?

Nah, still a big construction site. They say it'll be done this year but don't hold your breath. Personally I couldn't be happier for the foreign owners to waltz into town and wind up with an 8 year debacle. And I couldn't be happier to see the looks on the faces of buyers when they realize their $6m 2 br is as cramped as a cheap 1930s coop on First Ave.

The reminds me of the Plaza, only worse. Good hotels do not convert into good condos. At least with the Plaza, there were views, better bones, and a frothy market. I visited friends staying at a “suite” in the Waldorf ~10 years ago, and unlike the grand public spaces, it was cramped and incoherent. I can’t wait to see how that turns out once scaled into a full-sized apartment.

Even by the standards of NYC RE, this one is an outlier for I’ll-conceived projects.

Tiny windows.