{"id":440940,"date":"2022-05-03T01:42:12","date_gmt":"2022-05-02T22:42:12","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/waldorf-astoria-condo-conversion-costs-skyrocket-to-2b\/"},"modified":"2022-05-03T01:42:12","modified_gmt":"2022-05-02T22:42:12","slug":"waldorf-astoria-condo-conversion-costs-skyrocket-to-2b","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/waldorf-astoria-condo-conversion-costs-skyrocket-to-2b\/","title":{"rendered":"#Waldorf Astoria condo conversion costs skyrocket to $2B"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2f4f03c16e6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2f4f03c16e6\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/waldorf-astoria-condo-conversion-costs-skyrocket-to-2b\/#%E2%80%9CWaldorf_Astoria_condo_conversion_costs_skyrocket_to_2B%E2%80%9D\" >&#8220;Waldorf Astoria condo conversion costs skyrocket to $2B&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CWaldorf_Astoria_condo_conversion_costs_skyrocket_to_2B%E2%80%9D\"><\/span>&#8220;Waldorf Astoria condo conversion costs skyrocket to $2B&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Costs have gotten so out of control that at least one real estate honcho is checking out of this storied stay. <\/p>\n<p>Manhattan\u2019s iconic Waldorf Astoria Hotel\u2019s slow conversion, which will add 375 condos, is now running years behind schedule and proving massively more expensive than initially anticipated, according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/new-yorks-waldorf-astoria-hotel-finds-a-rocky-path-to-condo-conversion-11651492804\">the Wall Street Journal<\/a>.<\/p>\n<p>The project was supposed to be completed by 2021, but is now at least two years behind and so egregiously over budget that a principle person overseeing the project quit last week.\u00a0<\/p>\n<p>The US chief executive of the hotel\u2019s owner, the Chinese company Anbang Insurance Group Co., which bought the Waldorf for a record-breaking $1.95 billion in 2015 \u2014 suddenly exited the project late last month, to shock of some of its New York staff.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/waldorf-48.jpg?w=1024\" alt=\"waldorf astoria hotel condo conversion exec quits\" class=\"wp-image-22115064\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/waldorf-48.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/waldorf-48.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/waldorf-48.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The condo conversion is looking to be of record-breaking cost and complexity.<\/figcaption><figcaption><span class=\"credit\">Corbis via Getty Images<\/span><\/figcaption><\/figure>\n<p>Work on the shuttered hotel may continue into 2024 and costs are anticipated to run to over $2 billion, insiders told the publication. Combined with the purchase price, that means the project may cost more than $4 billion in total, giving it the dubious honor of being one of the most expensive hotel to condo conversion projects of all time.\u00a0<\/p>\n<aside class=\"single__inline-module alignleft\">\n    <\/aside>\n<p>The pandemic has been far from helpful to developers, who have faced supply chain issues and a dearth of foreign buyers.\u00a0<\/p>\n<p>\u201cNow we don\u2019t just have Covid, which people have gotten used to, we have war. Inflation. Rising interest rates. And China is all upside down,\u201d luxury real estate agent Donna Olshan told the Journal, noting that the Waldorf did not report any sales to her firm this week. \u201cWhen you put that cocktail together, that can be daunting for a developer.\u201d<\/p>\n<p>The new units start at $1.8 million for a studio, and residents have separate entrances from the 375 hotel suite guests, as well as separate amenities including the Park Avenue-overlooking Starlight Pool.\u00a0\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/05\/02\/waldorf-astoria-condo-conversion-costs-skyrocket-to-2b\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Waldorf Astoria condo conversion costs skyrocket to $2B&#8221; Costs have gotten so out of control that at least one real estate honcho is checking out of this storied stay. Manhattan\u2019s iconic Waldorf Astoria Hotel\u2019s slow conversion, which will add 375 condos, is now running years behind schedule and proving massively more expensive than initially anticipated,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":440941,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/waldorf-44.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[128735,92847,4969,74237],"class_list":["post-440940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-5-2-22","tag-condos","tag-hotels","tag-waldorf-astoria"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/440940","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=440940"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/440940\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/440941"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=440940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=440940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=440940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}