What’s up with NYC’s Waldorf Astoria redo? Cost, mostly

The partial conversion of New York City’s storied Waldorf Astoria to luxury condos, one of the most ambitious projects of its kind ever undertaken, is going slowly in every respect except expense. Seven years after Chinese insurance company Anbang bought the property for $1.95 billion with plans to reshape it as a smaller hotel with apartments, the price tag for acquisition and construction has ballooned to an estimated $4 billion and reopening isn’t expected before 2024.