New York — 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 has 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 bought it for a record $1.95bn with plans to convert a portion of the 1,400-room hotel into for-sale apartments...

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