New York’s Waldorf Astoria hotel will be re-opened this week as a condominium building. : (Bloomberg)—New York’s shuttered Waldorf Astoria will re-emerge this week as a condo building, testing whether nostalgia for a cherished landmark can spark high-dollar deals in a market glutted with luxury homes. The Park Avenue property, a high-society hangout that counted Frank Sinatra and Marilyn Monroe as tenants, has been getting primed for this moment since 2015. That’s when China’s Anbang Insurance Group Co. bought it for a record $1.95 billion with plans to convert a portion of the 1,400-room hotel into for-sale apartments.