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...



1



2



3



4



5



6



7



8



9



10




11

[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.

[NYguy]

https://tribune.com.pk/story/2476424...ed-over-eu-ban

Shahbaz Rana
July 04, 2024

Roosevelt Hotel


Bajwa said the privatisation process for Roosevelt Hotel was also picking up pace and the Cabinet Committee on Privatisation (CCOP) had already included the entity in the list of active privatisation programme.

Financial adviser JLL has submitted its due diligence report, which will be presented to the CCOP for its decision, he said. The adviser has proposed three options including outright sale, managing the hotel as a joint venture and giving it on a long-term lease.

Once the Economic Coordination Committee (ECC) makes a decision on any of these options, the commission will invite Expressions of Interest (EOIs) from the interested parties. Depending on the CCOP’s approval, the government plans to invite EOIs by the first week of August, said Bajwa. The adviser has recommended that the existing floor area can be doubled to 1.3 million square feet, which will significantly increase the proceeds from the transaction, he added.

So the options are they’ll either sell it to a developer, lease it to a developer, or partner with a developer (which is what they’ve been leaning towards.)



https://www.dawn.com/news/1843709

The report suggested that floor area ratio (FAR) of the building currently stood at 1:15 (650,000 sq. feet retail area) which could be doubled to 1:30 (about 1.3 million sq. feet), thus increasing the retail sellable area, with support from the metropolitan authorities and secondary market.

“The increase in Roosevelt’s FAR provides a difference of a few billion dollars,” chipped in minister Aleem Khan who said that real estate was one area he could claim significant personal expertise, unlike other entities on the privatisation list. He said he was not talking about a few billion dollars as the total value of Roosevelt but the additional value because of the higher floor area ratio — a term used for the covered area for construction.

The cabinet had approved a joint venture option with international investors for mix-use development. “We now have to tell them what are the transaction options” for which the report would be taken up with the federal cabinet, said Mr Bajwa, explaining that these could include an outright sale, long-term lease, or joint venture operations depending on all the pros and cons, including but not limited to maximum proceeds over a period of time.

[Sky88]

I wonder if the final project will have more than 1,3 million square feet.

[NYguy]

Originally Posted by Sky88

I wonder if the final project will have more than 1,3 million square feet.

That’s what the site is zoned for (30 FAR), same as Vanderbilt. Of course, like Vandy there will be mechanical space added to it.