A grand, multi-purpose tower the size of One Vanderbilt will replace the dilapidated Roosevelt Hotel once the immigrants leave.
The hotel’s owner, the Government of Pakistan, has formally engaged brokerage JLL as its exclusive agent to sell the valuable Midtown property to developers and investors.
It had long been speculated whether JLL would be selected following a highly competitive selection process, but it was finally confirmed late last week.
Peter Regardi, JLL’s New York regional CEO and president, confirmed the deal to Reality Check in Pakistan’s capital Islamabad on Friday.
“Pakistan hired us to evaluate the potential of this property as a mixed-use project that would combine retail, office, a new hotel, condominiums and event space all within a single building,” Ligardi said. he said.
“We expect all major developers and global sources of capital to be interested. It will attract great architects. The Roosevelt location is one of New York City’s most “It’s in a hot area and near Grand Central Terminal,” he said.
The hotel is located between Madison Avenue and Vanderbilt Avenue and between East 45th Street and East 46th Street.
Liguardi said Roosevelt is surrounded by four different streets, so “there could be four separate entrances” for different uses.
“We see an opportunity to build large-scale projects such as; [SL Green’s] One Vanderbilt,” Liguardi added.
His marketing team also includes senior managing director Andrew Scandalios and managing director Sheheryar Hafeez in New York.
However, there is no need to rush into issuing a formal request for proposals.
Mr. Liguardi pushed for the construction of the One Vanderbilt skyscraper, which was much larger than President Roosevelt’s previous limit of 800,000 square feet, in exchange for important transportation and public facilities, by rezoning the Vanderbilt Corridor. He pointed out that there is a possibility that large new skyscrapers will be built in the future.
“But first we need to do all the due diligence on what we can do,” Liguardi said.
Last June, the city leased Roosevelt from Pakistan as an immigrant shelter for three years and $220 million.
Liguardi said it is impossible to say what the sale price will be by the offer deadline due to changing time frames and market conditions.
“We can’t answer that question because the elevator is going up and we don’t know how high it’s going to go. The market is poised for a turnaround,” he predicted.
