Rumors Surrounding the Roosevelt Hotel’s Future
The Roosevelt Hotel is likely to be sold to make way for a new office tower by Pakistan International Airlines, according to its website. There’s been a lot of buzz about this lately.
This month, the city cleared out immigrants from the buildings located between Madison and Vanderbilt Streets, on East 45th and East 46th Streets. Major developers are vying for a chance at a prime site, which could support a new tower with at least 1.3 million square feet. Interestingly, if buyers secure rights from the nearby Air Force and utilize zoning rules that allow for floor area bonuses, the new structure could potentially reach 1.8 million square feet.
The proposed replacement buildings are rumored to include a mix of offices, residences, and new hotels.
“Let’s be honest here. The real value lies in office space. This block is located in one of the hottest commercial development areas in the country, right north of Grand Central Terminal,” said a source.
“You already have One Vanderbilt and the new JPMorgan Chase headquarters. Plus, there are plans for two more sizable buildings in the park, and yet another in Madison,” the insider added.
As for the chance of the Roosevelt reopening as a hotel? The insider remarked, “Come on—it’ll take at least a year to clean and disinfect after three years of immigrant occupation.”
Additionally, they dismissed a recent report suggesting that Burkan World Investments, led by Shahar Khan, had proposed a joint venture with PIA to redevelop the Roosevelt site. The proposal, apparently, wasn’t submitted to PIA but rather to Pakistan’s Privatization Committee, which oversees government property sales.
“No formal offer was made to the authorized party overseeing the sale of Roosevelt,” the insider confirmed to Realty Check.
Burkan has a diverse portfolio, involving technology, mining, and finance, but the headlines only reference the 2018 attempt to buy the Plaza Hotel, without confirming any conclusion on that deal.
PIA has engaged the JLL team, led by Peter Riguardi, to assess the Roosevelt site.
