NEW YORK | 45 East 45th St (Roosevelt Hotel) | FT | FLOORS

[Mulan]

I could make myself a little unpopular with my contribution here in the forum, I just want to say it.

If the RFP for 418 11th Ave. is to be withdrawn, then PIA could start a project here with Peebles (similar to the Affirmation Tower).

Affirmation Tower as it was planned on Site K cannot simply be planned on this site. But 500 meters could be possible here, couldn't it?

[NYguy]

Originally Posted by Ahoi

I could make myself a little unpopular with my contribution here in the forum, I just want to say it.

If the RFP for 418 11th Ave. is to be withdrawn, then PIA could start a project here with Peebles (similar to the Affirmation Tower).

Affirmation Tower as it was planned on Site K cannot simply be planned on this site. But 500 meters could be possible here, couldn't it?

Bids for the new RFP at 418 11th Avenue have already been submitted. As far as this site goes, there is no height limit.

[Crawford]

I can't wait for this dump to be rubble.

Hopefully the joint venture produces something iconic. I'm guessing an office-hotel mixed use tower.

On this site, it should be nothing less than a landmark tower.

[NYguy]

Originally Posted by Crawford

I can't wait for this dump to be rubble.

Hopefully the joint venture produces something iconic. I'm guessing an office-hotel mixed use tower.

On this site, it should be nothing less than a landmark tower.

It will be the same size (in sq footage) as 1 Vanderbilt, though heights can vary. I envision something like 175 Park, with the hotel above office space. Any residential, as of now, is limited to 20% of floor space due to Midtown East zoning. They have thought about going to revisit that, post-pandemic.

[NewYorkCity76]

https://therealdeal.com/new-york/2023/12/21/jll-pakistan-roosevelt-hotel/

[ChiND]

Could the developer buy air rights even in excess of 1.6m sf or is that the maximum that can he built on this site?

[NYguy]

^ They could, but would be stuck with excessive air rights if approval for a larger tower was not granted. Approval is a formality for the zoned size.



When we think about this development, we have to remember that it will rise between these two towers (and 343 Madison). I always think about what kind of design would work best here.



https://www.instagram.com/p/C169Ixard5E/

[NYguy]

Process of redevelopment begins to move forward.


https://therealdeal.com/new-york/2023/12/21/jll-pakistan-roosevelt-hotel/

JLL to head Roosevelt Hotel’s marketing for redevelopment
Pakistan previously leased dated property at 45 E. 45th to NYC for migrant shelter





By Lois Weiss
DEC 21, 2023

A 100-year-old property is poised for transformation from an antiquated and dowdy Midtown flop house to a Class A commodity. But first it needs a buyer, and a brokerage to find one.

The Pakistani government is nearing an agreement with JLL to bring its Roosevelt Hotel to market in the first step towards a redevelopment, The Real Deal has learned. The country owns the hotel on the 43,000-square-foot site by Grand Central Terminal through the state-run Pakistan International Airlines Corporation.

The commercial brokerage floated one of four proposals to a Pakistani commission, which invited technical and financial pitches for the hotel in September. The JLL consortium won out over Savills, a Citi-led consortium and an unidentified fourth entrant.

JLL is now finalizing its agreement with the board, people familiar with the matter told TRD. Once formally hired, the team will seek proposals from a developer that would likely involve tearing down the hotel and rebuilding the site with a trophy offering.

The site can be built as-of-right to 800,000 square feet. But the Grand Central District and East Midtown zoning overlays can bulk it up to a supertall, well over 1.5 million square feet with underground connections to underground transit.

The structure of the agreement, whether an outright sale or long-term ground lease, will be subject to negotiation.

After the pandemic, the city’s powerful hotel union settled its disputes with the property, paving the way for it to reopen as a migrant shelter and likely setting up parameters for any new project’s interaction with the industry group.

[NewYorkCity76]

That's good news!!

[BanBrokenChatBots]

∆∆∆ wouldn't consider it all good. The lower base facade and grand lobby/ballroom are worth integrating into the new development. City should landmark that part and work with the new developer.

[Zapatan]

Hell yea, another super scraper for the skyscrapertropolis.

[NYguy]

Originally Posted by NewYorkCity76

That's good news!!

Originally Posted by Zapatan

Hell yea, another super scraper for the skyscrapertropolis.

It is good to see it moving forward finally, but even better news if we get a great design out of it, and something that can work well with the other supertalls around it. I don't think we need something to be basically the same height as One Vanderbillt-270 Park-432 Park-and soon to be 350 Park. All of those towers are too similar in height (though great for skyscraper watchers). But the city now has a supertall skyline, and it's time for something to stand out, or at least not flatline. 175 Park will help with that.

[Sky88]

But the city now has a supertall skyline, and it's time for something to stand out, or at least not flatline. 175 Park will help with that.

Of course, 175 Park could provide an idea... perhaps by adding a spire.

[NYguy]

https://nypost.com/2024/01/18/real-estat...ippling-regulations-high-interest-rates/

By Lois Weiss
Jan. 18, 2024

While many owners “are tied to lower values and high loans,” according to Andrew Scandalios of JLL, opportunities abound for buyers ready, able or willing to transact. James Nelson of Avison Young noted that those tend to be foreign buyers and sellers.

One of the most significant buildings set to hit the market this year is the Roosevelt Hotel at 45 E. 45th St. Its owner, the government of Pakistan, is hiring JLL to make the deal.

[NewYorkCity76]

https://propakistani.pk/2024/02/02/priva...ment-for-development-of-roosevelt-hotel/

[NYguy]

Originally Posted by NewYorkCity76

https://propakistani.pk/2024/02/02/priva...ment-for-development-of-roosevelt-hotel/

The Caretaker Federal Minister for Privatization Fawad Hasan Fawad witnessed the ceremony.

Speaking on the occasion, the minister expressed the commitment of the Government of Pakistan to develop the historic and landmark site in the heart of the financial capital of the world as an iconic structure with the most modern development features and standards.

Let it be so.

[NYguy]

May this photo-op be the first sign of the future, "iconic" structure that will rise on the site of the Roosevelt Hotel. I wonder how high they will build.




https://privatisation.gov.pk/NewsDetail/ZTJhMDM1MjEtZDFlNy00MjEzLWJlODktYmRkYzBiYzM4NjFj

[NewYorkCity76]

Originally Posted by NYguy

May this photo-op be the first sign of the future, "iconic" structure that will rise on the site of the Roosevelt Hotel. I wonder how high they will build.




https://privatisation.gov.pk/NewsDetail/ZTJhMDM1MjEtZDFlNy00MjEzLWJlODktYmRkYzBiYzM4NjFj

I'm taking my wild guess as a grain of salt but I hope they'll go between 1500-1800ft, considering they want to make it iconic with more advanced features

[NYguy]

Originally Posted by NewYorkCity76

I'm taking my wild guess as a grain of salt but I hope they'll go between 1500-1800ft, considering they want to make it iconic with more advanced features

Hmmm. That would probably require a huge spire. They say they want to build something iconic, I would think at least as tall as Vanderbilt. We’ll see who is brought on as developer partner.

[NewYorkCity76]

Originally Posted by NYguy

Hmmm. That would probably require a huge spire. They say they want to build something iconic, I would think at least as tall as Vanderbilt. We’ll see who is brought on as developer partner.

I agree! I'm looking forward of seeing it's final height eventually