Anbang Insurance Group, the Chinese holding company that bought Waldorf Astoria for $1.95 billion in 2014, will officially close the hotel on Wednesday.
The iconic hotel, which opened in 1931 on Park Avenue, will undergo a major renovation that is expected to convert many of the hotel rooms into apartments, with boutique shops on the ground floor.
Amid concern about the fate of the historic public Art Deco areas, a hotel spokesman told The New York Times that those spaces will be restored.
The Landmarks Preservation Commission is expected to determine if a list of items and rooms, including the grand ballroom, the "wheel of life" mosaic and the highly-recognized Park Avenue entrance, will be made interior landmarks, the Times reported.
The hotel reassured people in a post on Facebook last Friday that the restoration would not strip the history or beauty of the place, but celebrate it.