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New York & Tri-State  + Midtown New York  + Hospitality  | 

Anbang Scales Back Condo Plans for Waldorf

Anbang Insurance Group, which caused a stir when it announced plans to convert hundreds of the guest rooms at the venerable Waldorf Astoria into residential condominiums, has lowered its sights on the scope of the condo conversions. Its latest offering plan, filed with the New York State Attorney General’s Office of Real Estate Finance, calls for 352 condos, down from 409 in a preliminary filing last year.

The China-based insurance conglomerate acquired the Waldorf from Hilton Worldwide Holdings for $1.95 billion in 2014. It closed the 1,413-key hotel to occupancy last May to begin conversion work.

In the interim, the Chinese government temporarily seized control of Anbang, and said it would consider “all or partial” sales of Anbang’s assets while prosecuting the company’s chairman for alleged fraud. However, construction at the Waldorf has continued.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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