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

[ChiND]

https://nypost.com/2024/05/27/busine...-2024-sources/

East Midtown’s Roosevelt Hotel could be migrant-free by end of 2024: sources

By Steve Cuozzo

“… Although the city paid Pakistan $220 million to lease the hotel as a migrants’ center for three years, we might not have to wait until 2026. Sources said the deal includes exit options for the city at certain points during the term. One neighborhood shop manager who talks regularly to hotel insiders even claimed that the migrants ‘will be gone’ by the end of this year.”

[NYguy]

Originally Posted by ChiND

https://nypost.com/2024/05/27/busine...-2024-sources/

East Midtown’s Roosevelt Hotel could be migrant-free by end of 2024: sources

By Steve Cuozzo

“… Although the city paid Pakistan $220 million to lease the hotel as a migrants’ center for three years, we might not have to wait until 2026. Sources said the deal includes exit options for the city at certain points during the term. One neighborhood shop manager who talks regularly to hotel insiders even claimed that the migrants ‘will be gone’ by the end of this year.”

Yeah, it was a maximin 3 year deal, and a lifeline to the hotel. With redevelopment nearing, they don’t need it.

[ChiND]

Originally Posted by NYguy

Yeah, it was a maximin 3 year deal, and a lifeline to the hotel. With redevelopment nearing, they don’t need it.

This is great news!

[NYguy]

Originally Posted by NYguy

A little more from the Post…



https://nypost.com/2024/02/04/busine...lled-property/

Roosevelt Hotel owner taps JLL to replace migrant-filled property with multi-use mega-tower

By Steve Cuozzo
Feb. 4, 2024

We already know JLL won the contract to market the property, here's a little of what that entails...



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[ChiND]

Since this supposedly will be mixed use, How much office space do you think it will have?

[NYguy]

Originally Posted by ChiND

Since this supposedly will be mixed use, How much office space do you think it will have?

As it stands now, residential can be no more than 20% of the total floor space. That would leave the rest for office and hotel, which likely would be a lot smaller than the current hotel.

[ChiND]

Thanks. Do you think that this will have less than 800k sf of office space? If so, maybe it will rise on spec.

[NYguy]

Originally Posted by ChiND

Thanks. Do you think that this will have less than 800k sf of office space? If so, maybe it will rise on spec.

Don't know, they have to find a partner first, and they will work it out from there.

[ChiND]

That makes sense.

[mrnyc]

makes sense — lately migration numbers, both legal and illegal, have fallen below trump era numbers, so the need for this site as a migrant center has fallen away.

[NYguy]

^ The deal was for 3 years at most. With a couple of more years left on that, we would probably still be in the approvals process for whatever the proposal is.