New York secret real estate deals may be exposed under new law
A new law in New York State makes every condo buyers’ name publicly available. Dolly and Jenny Lenz of Dolly Lenz Real Estate weigh in.
New York’s Waldorf Astoria hotel, with its art deco design, gilded prestige and unique public spaces, has been an icon of luxury since it opened on Park Avenue in 1931.
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Soon, you’ll be able to own a piece of it.
The hotel closed in 2017 as its owner, since absorbed by Chinese insurance company Dajia, prepared to renovate the aging building and transform half of it into condos. The first of those units are set to hit the market in early 2020, with prices starting at about $1.7 million.
And while the building has a new owner, the team working on the project has focused on its past and the features that made it a landmark. Frank Mahan of architectural firm Skidmore, Owings & Merrill told FOX Business that the goal with the renovations was to restore the building to its original design intent while updating it for contemporary needs and expectations.
“The big idea is to create a bridge between the past and the future of the architectural, to create kind of a cultural bridge, if you will,” Mahan said.