Posted Dec 10, 2024, 10:21 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
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https://www.crainsnewyork.com/real-estat...evelop-roosevelt-hotel-jpmorgan-predicts
SL Green may acquire and redevelop Roosevelt Hotel, analyst predicts
Aaron Elstein
December 10, 2024
Quote:
SL Green’s next office tower could rise up on the site of the Roosevelt Hotel, a JPMorgan analyst predicted today.
The Roosevelt is a shelter and migrant-intake center whose owner, the Pakistani government, has enlisted JLL to sell the building. It’s being marketed as a teardown.
“It has essentially been a placeholder for a major office tower for many years,” JPMorgan analyst Anthony Paolone said in a client note today, and “one site we think could naturally be on [SL Green’s] radar.”
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Quote:
.....CEO Marc Holliday told investors he expects to acquire a large-scale development site next year and is eager to build a new tower on the heels of his firm’s success at 1 Vanderbilt Ave.
“We’re going on offense,” Holliday said. “Every decade you get one, maybe two shots to take advantage.”
The big Roosevelt site would fit a tower that could rise even higher if a developer acquired air rights from nearby churches, just as JPMorgan did when it began developing its supertall headquarters building at 270 Park Ave.
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