[NYguy]

Originally Posted by NYer34

Ideally NYC puts in place a blanket landmark for all pre-WWII buildings.

That would be ridiculous, and luckily no one would try to implement or even suggest it.




https://tribune.com.pk/story/2269211/roosevelt-hotel-not-being-sold-pia-chairman

Roosevelt Hotel not being sold: PIA chairman
Says the NY entity will either be renovated or reconstructed

Waqas Ahmed
October 21, 2020

The Senate Standing Committee on Aviation was told on Tuesday that the PIA’s Roosevelt Hotel in New York was not being sold but would either be renovated or reconstructed in future.

“Either the Roosevelt Hotel will be renovated or it will be demolished to build a 100-storey building,” PIA Chairman Arshad Malik told the panel of the upper house, which met under the chairmanship of Senator Mushahidullah Khan.

Malik observed that the purpose of reconstructing the hotel was to reduce the expenses and turn it into a profit-making entity.

He told the body that the current market value of Roosevelt Hotel assessed by M/s Deloitte was $562 million.

The committee chairman pointed out that the value of hotel had already been assessed $1700 million and that it was a profit-making entity a year ago. He asked how it was now going into losses.

The PIA chairman replied that since 2015, the property had been making profits and incurring losses as well and added that $105 million were due towards it.

He further noted that government had paid $145 million for debt and other expenses and added that the entity might had been taken into possession after being declared bankrupt in case of non-payment of the loans.

Malik maintained that the financial advisory of the Privatisation Commission was looking into this matter and would decide the fate of the property.

https://propakistani.pk/2020/10/20/pia-might-convert-the-roosevelt-hotel-into-a-100-story-building/

PIA Might Convert the Roosevelt Hotel Into a 100-Story Building


by ProPK Staff

The committee meeting, chaired by Senator Mushahidullah Khan, was briefed by the PIACL Chief Executive Officer (CEO) Air Marshal Arshad Malik on reports about the closure of the airline’s Roosevelt Hotel in New York, besides financial constraints and capacity issues of the airline.

He made it clear that PIA is not going to sell the hotel, but it will be closed down by December 31, for its renovation and future utility plans.

The PIA CEO said that the privatization commission had been approached through the federal government, which would hire a financial consultant through an international tender to devise a future course of action, considering all the available options.

It would be decided later whether necessary renovation or repair work would be carried out or the existing building will have to be demolished for reconstruction and raising a 100-story hotel for which local bylaws are conducive.