The Wales brings Gilded Age grandeur to the 21st century in Carnegie Hill; Signs over $35 million in contracts in 2 months

By CityRealty Staff | From Future New York Thursday, March 10, 2022

Rendering of The Wales' restored exterior (All images via Corcoran Sunshine Marketing Group)

A venerable Carnegie Hill hotel is getting its second life as...you guessed it, upscale condos. The landmarked Hotel Wales, to be simply known as The Wales, has officially begun sales on 21 graciously-scaled two- to four-bedroom residences. The Upper East Side's ultra-luxury market has been going gangbusters as of late, as condos with grand layouts and faint traditional flourishes have been sought-after by the very-well-heeled.

Located a short walk from Central Park, The Wales sits prominently in the Expanded Carnegie Hill Historic District at 1295 Madison Avenue at the northeast corner of 92nd Street. Originally opened as the Hotel Chastiagneray in 1900, the then-9-story building was designed by architect Louis Korn in the neo-Renaissance style and presents an uplifting stone-trimmed Roman brick facade and a lavishly-detailed entryway with a marble-stepped staircase.

Developed by William H. Ebling, Jr., the hotel replaced six one-story structures and took advantage of a neighborhood boom set in motion when the New York Central & Hudson River Railroad opened its 86th Street station (now abandoned) under Park Avenue in 1876. The hotel first attracted middle-class professionals and businessmen as residents, as private homes became less affordable and desirable for most New Yorkers. While the hotel was also open to tourists and short-term visitors, despite not having full kitchens, hotels were widely considered a suitable residential option for the middle class prior to the ascension of the apartment-house typology. The hotel changed names several times in its history. According to the Hotel Wales' defunct website, the inn was “a popular stomping ground for flappers, tycoons and returning WWII heroes.”

Rendering of Madison Avenue elevation of The Wales

Construction progress circa March 2022 (CityRealty)

The reinvention of the delectable turn-of-the-century gem began when developer Adellco purchased the hotel for $56.25 million from DLJ Manhattan Real Estate. The 89-room inn quietly closed at the end of 2019 and gave some of its final guests pieces of the hotel's historic memorabilia. With approximately 6,600 square feet of unused air rights in tow, the development team worked with the city's Landmarks Preservation Commission to approve the addition of a discreet penthouse floor, as well as restoring its ornate Beaux-Arts facade to its Gilded Age grandeur. As the exterior renderings show, the building's hefty projecting cornice is being reintroduced, new windows are being installed, and the ground-level storefronts and entryways will be refined.

As of this writing, at least five of the 21 units at The Wales have entered contract, all with asking prices above $4 million. Publicly marketed availabilities start at $3.6 million, which will get you a spacious 1,393-square-foot, 2-bed/3-bath on the fifth floor. Of the project's $155 million worth of offerings, the most enviable pad is sure to be a newly constructed penthouse with four bedrooms and over 1,800 square feet of private outdoor space. The two-level home has yet to officially hit the market but will likely fetch close to its sticker price of $20 million.

Living room

Kitchen

Primary suite rendering

The penthouse unit and its sizeable terrace

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Maintaining a refined design aesthetic that channels old New York, The Wales' reinvented interiors were steered by the acclaimed design studio of Cabinet Alberto Pinto, the historically-sensitive firm that brought us nearby 27 East 79th Street.

The Wales' half-floor and full-floor homes feature:

Large picture windows with Central Park exposures
10-foot ceilings
White oak herringbone flooring
Elegant moldings
Gracious entry foyers
Corner Great Rooms
Separate eat-in kitchens with white lacquered cabinetry and modern, integrated appliances from Wolf, Sub-Zero, and Cove
Primary suites with walk-in closets
Five-fixture primary baths with White Carrera marble and Zebrino marble geometric tile flooring

Enlarge Image

In-house amenities will include:

24-hour attended lobby with a marble-clad fireplace, coffered ceilings, and fine moldings
Fitness center with oak wall paneling and Peloton, NordicTrack, and Hydrow equipment
Pet spa with grooming station
Bike storage
Resident storage

The new lobby by Cabinet Alberto Pinto

Fitness center

The Wales also enjoys easy access to Central Park, Museum Mile, and top schools, a factor that has made this section of the Upper East Side highly attractive to luxury developers and buyers alike in recent years. Across the street, work is underway on a Landmarks-approved restoration and expansion of The Wellington, where permits indicate that 10 luxury condos with a restaurant at the base are on the horizon. In the opposite direction, full-floor listings at the Robert A.M. Stern-designed 1228 Madison Avenue start at $8.05 million. Indeed, Carnegie Hill homes in other Stern designs, including The Bellemont and 200 East 83rd Street, are going fast.

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