If you thought staying at the legendary Waldorf Astoria hotel was an incredible privilege, what about living there? Word on the street is that historic NYC landmark may soon be shifting its business model to make room for some permanent residents. According to Crain’s, the owner of the iconic Park Avenue hotel, China-based Anbang Insurance Group, is planning to convert about 1,000 of the swanky hotel rooms into luxury condos.
The plan to turn the beloved hotel space into condos may come as a surprise considering that just last year, the City Council passed a law prohibiting hotels with more than 150 units from converting over 20% of their property into permanent residences. However, more recent transactions were exempt from the legislation and since the Anbang Insurance Group purchased the hotel in late 2014, a condo conversion project would be possible, pending approval from the state attorney general’s office.
Although rumors of the project have been floating around for months, the company is still keeping mum about their possible conversion plans. “We continue to explore all options, and no definitive plans have been finalized at this time,” an Anbang spokesperson told Crain’s.
Images via Waldorf Astoria Facebook