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

[NYguy]

Originally Posted by Doubleu1117

Yeah I hope they just get a good architect and trust that. Agree no politics, but I just hope this doesn't turn into a vanity project with a gaudy design you might expect to see in the middle east.

Given the heights of other close by towers (270 Park, Vanderbilt, etc), it wouldn't surprise me if they tried to top them in height. I certainly would do it to make my tower stand out more. Of course, a great design is something we can all hope for.

[ChiND]

NY Guy, do you have any idea as to the size of the office component? It’s my understanding that this may have office, hotel, and condo components. If so, I hope that the office component is sufficiently small (e.g., 500k sf or less), so that this tower can rise on spec.

[NYguy]

Originally Posted by ChiND

NY Guy, do you have any idea as to the size of the office component? It’s my understanding that this may have office, hotel, and condo components. If so, I hope that the office component is sufficiently small (e.g., 500k sf or less), so that this tower can rise on spec.

This is the quote:

”Pakistan hired us to evaluate the property’s potential as a mixed-use project combining retail, offices, a new hotel, condo apartments and event space all in a single building,” Riguardi said.

”We expect all the major developers and global capital sources to be interested. It will attract the greatest architects. The Roosevelt location is in the hottest part of New York City, close by Grand Central Terminal,” he said.

Residential can be no more than 20% of the max 1.3m zsf.

[ChiND]

Thanks. Presumably, the 20% residential cap does not include hotel too. I know it has been discussed, but this building can be a maximum of about 1.6m sf right?

If so, that would be about 320,000 sf of residential. If they did a high-end hotel of about 300k sf, that would leave about 900k to 1m sf of office space. It seems that they’ll need a large pre-lease to fund this unless the Qataris finance it themselves.

[TKD]

Originally Posted by ChiND

Thanks. Presumably, the 20% residential cap does not include hotel too. I know it has been discussed, but this building can be a maximum of about 1.6m sf right?

If so, that would be about 320,000 sf of residential. If they did a high-end hotel of about 300k sf, that would leave about 900k to 1m sf of office space. It seems that they’ll need a large pre-lease to fund this unless the Qataris finance it themselves.

You do realize that you've asked the previously asked question about office size toward NYGuy several times before right? That answer has not changed, largely because no specific percentages of mixed use programing have been released due to the RFP not being issued yet.

And that you've also asked about the sf of this development multiple times as well. That answer has also not changed since 2015 when the Vanderbilt Corridor was rezoned.

Every single lot within the Vanderbilt corridor has a FAR of 30, every single full block development has a maximum zoning square footage of 1.3 million sqft, the same as One Vanderbilt, because all 5 blocks in the Vanderbilt corridor all have the same dimensions.

Block 1 - One Vanderbilt has a FAR of 30, 1.3 million max

Block 2 - 335 Madison has a FAR of 30, 1.3 million max

‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ 343 Madison has a FAR of 30
Block 3 - 52 Vanderbilt Ave has a FAR of 30
‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ Yale Club is landmarked, cant be torn down

Block 4 - This has a FAR of 30, 1.3 million max

Block 5 - 383 Madison is not being redeveloped any time soon, but would also have 1.3 million max

To answer your other question, hotels are zoned as commercial not residential.

[ChiND]

Thanks for the reply! I appreciate it. You’re a real peach!

[ChiND]

According to SLG’s website, 1 Vanderbilt is 1.7m sf, so I assume that The Roosevelt will be at least as big.

https://slgreen.com/sl-green-inks-three-leases-covering-81304-square-feet-at-one-vanderbilt-avenue/

[TKD]

Originally Posted by ChiND

According to SLG’s website, 1 Vanderbilt is 1.7m sf, so I assume that The Roosevelt will be at least as big.

https://slgreen.com/sl-green-inks-three-leases-covering-81304-square-feet-at-one-vanderbilt-avenue/

Also again, gross sf is different than zoning sf, again, this building could have more or less gross sf depending on how the floors are designed/ laid out.

[ChiND]

Originally Posted by TKD

Also again, gross sf is different than zoning sf, again, this building could have more or less gross sf depending on how the floors are designed/ laid out.

Thanks. I appreciate your insight.

[NYguy]

https://newzshewz.com/ccop-to-approve-roosevelt-hotel-privatisation-on-g2g-mode/

CCoP to approve Roosevelt Hotel Privatisation on G2G mode


by AMG
November 14, 2024

The Cabinet Committee on Privatisation (CCoP) is to approve privatisation of Roosevelt Hotel in G2G mode under the IGCT Act, 2022 on the recommendations of PC Board.

Sources told NewzShewz that the CCoP was scheduled to be held on November 14, 2024 to approve the proposal of PC but it is deferred till the arrival of Deputy Prime Minister/ Foreign Minister, Senator Ishaq Dar who is Chairman of the CCoP and on a foreign visit .

[NYguy]

https://www.crainsnewyork.com/real-estat...evelop-roosevelt-hotel-jpmorgan-predicts

SL Green may acquire and redevelop Roosevelt Hotel, analyst predicts





Aaron Elstein
December 10, 2024

SL Green’s next office tower could rise up on the site of the Roosevelt Hotel, a JPMorgan analyst predicted today.

The Roosevelt is a shelter and migrant-intake center whose owner, the Pakistani government, has enlisted JLL to sell the building. It’s being marketed as a teardown.

“It has essentially been a placeholder for a major office tower for many years,” JPMorgan analyst Anthony Paolone said in a client note today, and “one site we think could naturally be on [SL Green’s] radar.”

.....CEO Marc Holliday told investors he expects to acquire a large-scale development site next year and is eager to build a new tower on the heels of his firm’s success at 1 Vanderbilt Ave.

“We’re going on offense,” Holliday said. “Every decade you get one, maybe two shots to take advantage.”

The big Roosevelt site would fit a tower that could rise even higher if a developer acquired air rights from nearby churches, just as JPMorgan did when it began developing its supertall headquarters building at 270 Park Ave.

[Crawford]

Wow, this is very good news.

I hope SL Green builds something significantly taller than One Vanderbilt.

[ssh]

Originally Posted by NYguy

https://www.crainsnewyork.com/real-estat...evelop-roosevelt-hotel-jpmorgan-predicts

SL Green may acquire and redevelop Roosevelt Hotel, analyst predicts





Aaron Elstein
December 10, 2024

Bad news as a Pakistani New Yorker, good news as a YIMBY.

The Roosevelt was always a sense of pride before it became a migrant shelter, even if maintenance was shoddy at best.

[NYguy]

Originally Posted by Crawford

Wow, this is very good news.

I hope SL Green builds something significantly taller than One Vanderbilt.

It remains to be seen which developer will actually partner with Pakistan, but it seems at least SL Green is targeting the site. I'm sure other developers will as well. It's too good of a site to overlook!

Originally Posted by ssh

The Roosevelt was always a sense of pride before it became a migrant shelter, even if maintenance was shoddy at best.

Don't know what you're talking about. Pakistan still owns the site.

[ChiND]

Can you say: “Greatest city in the world”?

[The New York Lion]

Holliday is on record stating he wishes he had 20 more floors to rent at One Vanderbilt.

A One Vanderbilt with 20 more floors sounds good for this site.

That would be 1,800-1,900 feet tall.

[ChiND]

I doubt that The Roosevelt will be much more than 1,200 feet, though 1,500' to 1,600' would be nice if it has an iconic design. I would not want a tall box or something absurd looking like the idiotic Tower Fifth which Macklowe had proposed. We dodged a bullet with that moronic proposal.

[Crawford]

The Tower Fifth assemblage is still there. I don't know if Macklowe fully controls it, and if Tower Fifth is still the plan, but it's there. Most of the buildings are vacated. Something tall and prominent will eventually rise.

[ChiND]

Originally Posted by Crawford

The Tower Fifth assemblage is still there. I don't know if Macklowe fully controls it, and if Tower Fifth is still the plan, but it's there. Most of the buildings are vacated. Something tall and prominent will eventually rise.

As I recall, Macklowe owns two small buildings: one on 51st and one on 52nd. Any developer needs to acquire more of the adjacent parcels, particularly on 52nd. In any event, I’m elated that Macklowe’s insane proposal won’t rise here.

I’d gladly see all of this come down for a Stern, though not for a sterile, glass box.

[ChiND]

https://www.msn.com/en-us/money/realesta...id=013af96a5588449e99129e72ba979378&ei=9

Look who’s featured prominently in this article.



"Marc Holliday, CEO of SL Green, the city’s largest commercial landlord, said in an investors call this week, “Vacancies will continue to fall as low as [12%] in midtown and [below 7% in the prime Park Avenue corridor — maybe the tightest conditions I’ve ever seen for prime space in my career."