Waldorf Astoria New York Goes Up for Sale
The iconic Waldorf Astoria New York has officially hit the market following a massive eight-year renovation. During that period, the Park Avenue landmark was converted into a hybrid hotel and residential complex.
The project, which concluded in late 2025, carried a price tag of approximately $2 billion—roughly double the initial estimates. The cost ballooned due to the complexity of restoring Art Deco interiors designated as city landmarks, alongside pandemic related delays.
The property has undergone a radical transformation, reducing its hotel footprint from over 1,400 rooms to just 375 larger guest rooms and suites, with most exceeding 570 square feet. The remaining space was converted into 372 luxury condominiums, with prices ranging from $1.8 million for studios to over $18 million for four-bedroom units.
The sale of the hotel is being handled real estate investment bank Eastdil Secured, with an expected price tag exceeding $1 billion. The condos are being sold separately and are expected to generate up to $2 billion in total revenue.
The sale marks the end of a turbulent ownership chapter that began in 2014 when the Chinese firm Anbang Insurance Group purchased the hotel from Hilton for a record $1.95 billion. Following the 2017 arrest of Anbang’s CEO for financial crimes, the Chinese government seized the company’s assets and created Dajia Insurance Group to take over.
Despite the fact that the hotel and condo sales may generate over $3 billion, the total investment of over $4 billion means the current owners are unlikely to recoup their full costs.
Waldorf Astoria New York is part of Hilton Honors. You can book a stay starting from 150,000 points per night, while cash prices are over $1,000 per night.
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