Posted Apr 28, 2025, 10:19 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.bloomberg.com/news/articles/...gets-redevelopment-offer?srnd=phx-wealth
NYC Hotel Dubbed ‘New Ellis Island’ Gets Redevelopment Offer
By Gillian Tan and Patrick Clark
April 28, 2025
Quote:
Shahal Khan’s Burkhan World Investments and its partners are pitching the owner of the Roosevelt Hotel on a deal to redevelop the midtown Manhattan property, according to a document reviewed by Bloomberg News.
The proposed transaction would be structured as a joint venture, with the property’s current owner keeping a 50% stake in the entity, the document shows. The venture would take a 99-year ground lease on the property, with the option to extend the lease for another 99 years, the document shows.
The Roosevelt Hotel, dubbed “the new Ellis Island” as it processed migrants arriving to New York City in recent years, has had ties to Pakistan’s government for more than four decades, with the current owner being PIA Holding Co., and is located across from Grand Central Terminal, in a booming office corridor.
Burkhan and its partners intend to seek approval to build a new tower on the site that would total about 1.3 million square feet (120,774 square meters), in part through the acquisition of air rights, the document shows.
A representative for Burkhan said the proposed transaction is the “best deal” for Pakistan’s government because it allows the country to keep the asset and “make a significant return.” They said the proposal has been submitted and the company has yet to receive a response from Pakistan’s government.
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