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**Iconic NYC Waldorf Astoria Coming Up for Sale After Eight-Year Renovation**
Following an extensive eight-year renovation, the historic Waldorf Astoria in Midtown Manhattan is set to hit the market once again. The property, which reopened last fall after a full gut overhaul, is expected to be listed for sale as early as next month. The listing will be handled by real estate firm Eastdil Secured.
The Waldorf Astoria is owned by Dajia Insurance Group, a Chinese government-controlled entity. The Wall Street Journal reports that the sale price is expected to exceed $1 billion, although the owners are not anticipated to recover the total $4 billion investment made in acquiring and restoring the property.
Prospective buyers may include Middle Eastern and Asian sovereign wealth funds, as well as other foreign government entities. Notably, Qatari funds already have investments in other major Manhattan properties, including the St. Regis and Plaza hotels.
The transformation of the 1,400-key Waldorf Astoria into a mixed-use hotel and residential condominium began in 2014, when China-based Anbang Insurance Group acquired the property for $1.95 billion—at the time, one of the most expensive hotel transactions ever. After Anbang was taken over by Chinese regulators, its assets were transferred to Dajia.
Today, the revitalized Waldorf Astoria features 375 luxury hotel rooms and 372 residential condominiums. The condo portion of the development, however, will not be included in the anticipated sale.
Renovation and design work was led by the acclaimed architecture firm Skidmore, Owings & Merrill.
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