The Towers of the Waldorf Astoria

The Waldorf Astoria Towers embodies all that is great about this career and being a true steward of our clients and their “collections.”

I had the pleasure of attending the debut of the Waldorf Astoria Towers road show in Washington DC. What a stunning project and a great group of people convening to support the event! It drives home, for me, the timelessness of truly exceptional real estate. It’s irreplaceable. Not only are the properties that we get to sell truly special and unique, the place that we occupy in people’s lives is unlike any other business that I know.

The Waldorf Astoria Towers embodies all that is great about this career and being a true steward of our clients and their “collections.” “Real estate as art” is a phrase that I’ve used often throughout my career as I’ve spoken about the uniqueness or replaceability of the asset. While there’s an economic aspect to real estate, of course, there are so many other factors that weigh in the evaluation of property values and how/when to invest. For some properties you can’t simply look to the neighboring “comparables” because they aren’t there. Whether it’s in the provenance of a legacy ranch in my home-market of Jackson Hole, Wyoming or the spectacular style and renovation of the iconic Waldorf Astoria, to be a part of the continuation of a piece of history is truly a remarkable phenomenon – the value is impossible to monetize and the possession of something so unique is not many actually get to experience.

So…how do we honor those legacies as professionals and how do we ensure that we’re providing the best representation possible for our clients?

I was in a room full of aficionados this evening and it was so nice to hear the true understanding and appreciation for the vision of what is being attained with the Waldorf Astoria Towers and projects like that one. For some, they were learning about the incredible 50,000 square feet of amenities for the first time or gaining a new appreciation for the spectacular art deco restoration. Rather than seeking understanding, we all have colleagues who try to “beat up” the price or the unique value proposition of a property or they try to predict the future direction of the market. It’s one of the most rookie moves you can possibly make and a total disservice to whomever you’re representing.

Generally speaking, our job is to facilitate transactions, not kill them. Here’s my prediction: The market, just like all markets, will go up and then go down…that’s what real estate does. If you’re playing the long game and curating a collection of real estate, it’s the long game that truly matters. It’s about being educated, understanding your client’s strategy and acting as a partner in the transaction. Come from a place of understanding, not opposition.

The Waldorf Astoria Towers and their developers are changing the standard of real estate in Manhattan; what an honor to understand that philosophy. They have elevated beyond anything that exists to date and the buyers of these incredible properties are, themselves, stepping forward to join a community that admits appreciation for “real estate as art.” They are bravely setting the standard and expectation of what future developers will strive to attain. It’s easy to be the nay-sayer, It shows far more conviction to be the optimist and the visionary. If I get to stand in the company of projects like the Waldorf Astoria Towers, I choose the latter.