(Photo via mariaspix' flickr)

While it's not a done deal yet, the owners of the Waldorf-Astoria, the China-based Anbang Insurance Group, are looking to take 1,000 of their 1,420 hotel rooms and convert the square-footage into luxury condos. As of last year it is illegal for hotels with 150+ units to dedicate 20% of their property for residences, but according to Crain's "the legislation exempted recent transactions, including the Waldorf Astoria." The site also points out that during the purchase process in 2015, Anbang filed to subdivide "the building into different sections for condos, a hotel and retail... [setting] aside 1.2 million square feet—approximately 75% of the building—for residential use."

The NY Post notes that "the remainder of the space [would be turned] into a smaller five-star hotel," if plans move forward.

Should they move ahead, however, they would still need to get their plans past the state attorney general's office.

The Waldorf has always had some residential units—Marilyn Monroe would stay there, Frank Sinatra kept a suite there, and Roz Cole lived there for nearly 50 years, whether they liked it or not. The hotel has a 181-room boutique hotel within it, called the Waldorf Towers, which is also where these rentable residential apartments are located. Transforming around 75% of the iconic hotel into luxury residences, however, would be a huge move.