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From Garage to Gilded Age: John Jacob Astor IV and the Birth of the Waldorf-Astoria
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In this This Week in Wall Street History segment, Todd M. Schoenberger revisits the founding of a New York legend—April 1, 1897, when John Jacob Astor IV launched the Astoria Hotel next to his cousin’s Waldorf Hotel, creating the glamorous Waldorf-Astoria, the world’s largest luxury hotel of its era. The hotel became a social hub for elites and pioneered comforts like in-room electricity and private baths.
Astor was more than a real estate magnate—an inventor, author, and war hero, he embodied Gilded Age ambition and innovation. Though his life ended with the Titanic tragedy in 1912, his impact endures. And today—as the newly reopened Waldorf-Astoria blends heritage with luxury following a $2 billion restoration—Astor’s vision continues to shine.
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