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

[BK1985]

Originally Posted by ssh

I'd prefer it if a name brand like SL Green were to pick this up. Regardless, seems like a guaranteed supertall.

SL Green is very likely to go the office tower route which will more than likely result in a shorter building before any possible architectural rooftop elements .

[ssh]

I’m not so sure you want that. SL Green may be someone you’re more familiar with, but this site will attract bidders from around the world. I would prefer someone with a mixed-use vision, and a desire to leave a mark on the skyline.

Burkhan World Investments were going to buy the Plaza Hotel in 2018 for $600m, but the deal fell through, and the Qataris bought it. I just want something built and for this to not end up like another 80 South Street or 2WTC.

[ChiND]

Deleted

[NYguy]

Originally Posted by ssh

I just want something built and for this to not end up like another 80 South Street or 2WTC.

This is certainly not similar to either of those developments.


Meanwhile, this site is zoned exactly the same as Vanderbilt, and will be a tower of the same size as far as development goes, but could be shorter or taller depending on the type of tower and the design.

Shahal Khan’s Burkhan World Investments and its partners are pitching the owner of the Roosevelt Hotel on a deal to redevelop the midtown Manhattan property, according to a document reviewed by Bloomberg News.

Burkhan and its partners intend to seek approval to build a new tower on the site that would total about 1.3 million square feet (120,774 square meters), in part through the acquisition of air rights, the document shows.

As compared to the size of One Vanderbilt (1.3 msf / 1.65 msf total)







Meanwhile, these quotes again from just last week, SL Green regarding the need for more office space...

https://www.investing.com/news/transcrip...-q1-2025-beats-eps-forecast-93CH-3991673


Mark Holliday, Chairman and Chief Executive Officer, SL Green Realty Corp:

There is an enormous scarcity of high quality office development sites that can be delivered over the next four or five years. And in a city like New York that is, you know, the pivotal CBD in this country and is growing and, is reaching all sorts of records on employment, on Wall Street profits, on bank earnings. There’s a confidence we have in the long term viability of this market that we would absolutely welcome the prospect of developing a significant new site in core Midtown Manhattan

.....what you’re seeing in market, there’s still companies that are growing and taking advantage of this market and need more space. This isn’t anecdotal. These tenants who are ringing our doorbells and saying, we need to grow. And this isn’t like modest growth.

.....The issue I have right now is delivering 1,500,000 to 2,000,000 square feet of brand new Class A, One Vanderbilt like style office space to the most sophisticated base of tenants in the country that want to grow.

[ChiND]

383 Madison is 1.2m sf, and it’s about 750’. Therefore, an office tower here could be an 800’, utilitarian box like 343 Madison. 1 Vanderbilt is unusually nice for SLG. They usually are pretty tight. The pathetic “makeover” for 245 Park and the modest box at 1 Madison don’t forbode well for an icon at The Roosevelt site.

[NYguy]

Originally Posted by ChiND

383 Madison is 1.2m sf, and it’s about 750’. Therefore, an office tower here could be an 800’, utilitarian box like 343 Madison. 1 Vanderbilt is unusually nice for SL G. They usually are pretty tight. The pathetic “makeover” for 245 Park and the modest box at 1 Madison don’t forbode well for an icon at The Roosevelt site.

383 Madison is from a different era of office tower construction (and has just over 900,000 sf). Even that would be taller if built today. What you would compare this to is something like 1 Vanderbilt, even minus the crown and spire. It’s why even 250 Park is projected to reach supertall status.

I do wonder if JPMC would have taken the Roosevelt over 250 if it woukd have been possible. Not a Park Avenue address, but still connected enough to form a campus.

[ChiND]

Originally Posted by NYguy

383 Madison is from a different era of office tower construction (and has just over 900,000 sf). Even that would be taller if built today. What you would compare this to is something like 1 Vanderbilt, even minus the crown and spire. It’s why even 250 Park is projected to reach supertall status.

I do wonder if JPMC would have taken the Roosevelt over 250 if it woukd have been possible. Not a Park Avenue address, but still connected enough to form a campus.

I think that 383 Madison is magnificent. Also, I'd rather have a great 800' tower than a roughly 1,000' box like what was originally envisioned for 343 Madison. (If that lame tower is built, I hope that they cut the height even further so that it's not prominent on the skyline. The malignant tumor near the top makes the mundane box even worse.)

1 Vanderbilt seems to be an anomaly for SLG. I really hope that they are not involved in this project -- same with Boston Properties which only builds Pathmark vanilla in NY.

If the beautiful Roosevelt is replaced with something like this, I'll need Prozac.


KPF

[NYguy]

A little more from the article…


https://www.bloomberg.com/news/articles/...ew-ellis-island-gets-redevelopment-offer

Burkhan and its partners intend to seek approval to build a new tower on the site that would total about 1.3 million square feet (120,774 square meters), in part through the acquisition of air rights, the document shows.

A representative for Burkhan said the proposed transaction is the “best deal” for Pakistan’s government because it allows the country to keep the asset and “make a significant return.” They said the proposal has been submitted and the company has yet to receive a response from Pakistan’s government.

A representative for Pakistan’s privatisation commission said that the Cabinet Committee on Privatisation is expected to consider transaction structure proposals at its next meeting.

[ChiND]

Originally Posted by NYguy

A little more from the article…


https://www.bloomberg.com/news/articles/...ew-ellis-island-gets-redevelopment-offer

Let's hope for the best.

[NYguy]

https://therealdeal.com/new-york/2025/04/29/shahal-khan-makes-play-to-redevelop-roosevelt-hotel/

Shahal Khan makes play to redevelop Roosevelt Hotel


April 29, 2025
Holden Walter-Warner

Shahal Khan is trying to grab a stake in another iconic New York City hotel.

Burkhan World Investments and its partners proposed redeveloping the Roosevelt Hotel in Midtown Manhattan to its owner, Bloomberg reported. The hotel’s owner is an affiliate of the Pakistani government, which has been looking at redeveloping or selling the hotel for several years.

Khan has pitched a joint venture to take control of the property, which would allow Pakistan’s PIA Holding Co. to retain a 50 percent stake in the building. The joint venture would sign a ground lease for 99 years and have an option to extend it for another 99.

What Khan plans to do with control of the site isn’t fully clear. The venture would look for approval to build a 1.3-million-square-foot property on the site by taking advantage of air rights. The use of the tower, however, was not disclosed.

….. Khan’s Trinity Investment Group proposed acquiring the property from Pakistan back in 2020 for $600 million, but was rebuffed. The hotel closed during the height of the pandemic, but served as one of the more prominent migrant shelters in the city.

[NYguy]

Who, of the bidders, will live up to this?....


https://www.dawn.com/news/1905182/privat...ransaction-structure-for-roosevelt-hotel

Privatisation Commission board okays transaction structure for Roosevelt Hotel


Amin Ahmed
April 19, 2025

The Privatisation Commission’s board on Friday finalised recommendations for the transaction structure of New York’s Roosevelt Hotel, for presentation to the Cabinet Committee on Privatisation (CCoP).

The government intends to develop the historic site in the heart of the Big Apple as an iconic structure with modern features.

[NYguy]

https://nypost.com/2025/05/02/real-estat...-table-to-redevelop-the-roosevelt-hotel/

Midtown migrant hotel dubbed the ‘New Ellis Island’ has a new offer on the table for redevelopment

By Emily Davis
May 2, 2025

Shahal Khan’s Burkhan World Investments and its partners want to build a tower on the shuttered hotel’s roughly 42,000-square-foot parcel, Bloomberg reported.

The offer would allow the current owner — the Pakistan government’s PIA Holding Co. (Pakistan International Airlines) — to keep a 50% stake in the joint venture.

The joint venture proposed by Khan and his partners would build a new tower up to 1.3 million square feet, partially through the acquisition of air rights, Bloomberg reported. That square footage would put the potential tower on the same level, space-wise, as the massive 55 Hudson Yards or Central Park Tower. The venture would sign a 99-year ground lease and have the option to extend another 99 years.

How Burkhan might use the tower is yet unknown, but it would count the nearly finished JP Morgan Chase headquarters and SL Green’s One Vanderbilt as neighbors in the crowded office corridor.

[Sky88]

Well, a tower like the Central Park Tower would be nice. We could even put a 400ft spire on top of it. It would be the tallest tower in New York.

[NYguy]

Originally Posted by Sky88

Well, a tower like the Central Park Tower would be nice. We could even put a 400ft spire on top of it. It would be the tallest tower in New York.

It was a reference to the size, not the height. They could have simplified it by simply saying 1 Vanderbilt.



May 2, 2025

[NYguy]

https://www.ourtownny.com/news/nearing-t...-told-june-20-will-be-last-day-IY4551794

Nearing the end: Workers at Roosevelt Hotel Told June 20 Will Be Last Day


Keith J Kelly
May 8, 2025

The Roosevelt Hotel has already announced plans to lay off nearly 100 employees in mid-June as the city no longer needs what was called “the new Ellis Island” during the height on the migrant crisis.

The Pakistan government which has owned the 101-year-old hotel for over a decade, have begun to solicit bids for what is expected to be a tear down and rebuild a new esupertall tower on the site.

Tishman Speyer, Related Companies, SL Green, and Vornado have all been linked as potential buyers.

Peter Riguardi declined to comment when reached by Straus News, to inquire about the bidding process.

But back in Feb., Riguardi told the Post: “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.

“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.

More recently, a developer has appeared that is willing to let the Pakistan government retain a 50 percent stake in a new multi-use tower that could be erected on the 42,000 sq. ft. site.

And the city’s Office of Management and Budget forecast about 38,000 new office-using jobs in 2025, derived mainly from companies in finance, business services and technology.

That has to be good news to the new JP Morgan Chase HQ, a supertall 60-story tower designed by Foster & Partners that was built on the site of the old Union Carbide Building. The tower will be opening shortly with a grand plaza entrance on Madison Ave. between E. 47th and E. 48th St.

That’s a stone’s throw away from the Roosevelt Hotel, which is listed as 45 E. 45th St. but takes up the full block between Madison and Vanderbilt Avenues and East 44th and East 45th Streets.

One Vanderbilt, an even taller 73-story supertall structure owned by SL Green opened in 2020. Its mostly office space with an observatory atop the tower and boasts its own connection to the Grand Central subway lines.

[Sky88]

And hopefully it will be a new esupertall tower...

[Busy Bee]

Any chance a India v. Pakistan armed conflict slows this project down?

[NYguy]

https://pkrevenue.com/pakistan-eyes-joint-venture-for-roosevelt-hotel-in-new-york/

Pakistan eyes joint venture for Roosevelt Hotel in New York





May 13, 2025

The Government of Pakistan is considering a joint venture model to operate the Roosevelt Hotel in New York, aiming to generate long-term economic returns while retaining full ownership of the property.

Speaking during the National Assembly’s Question Hour on Monday, Minister for Defense Khawaja Muhammad Asif stated that the Roosevelt Hotel is a highly valuable asset located in the heart of New York City. “It is a 19-storey building with access from two sides and occupies a prime, strategic location — unmatched in the city,” he said.

While there has been ongoing speculation about the possible sale of the hotel, Khawaja Asif clarified that the government is not in favor of an outright sale. “Selling the Roosevelt Hotel might offer short-term financial relief or help in debt repayment,” he acknowledged, “but a joint venture will secure sustainable returns without surrendering Pakistan’s ownership.”

“A joint venture is the best approach to unlock the economic potential of this property,” Asif added. “This way, Pakistan continues to benefit from the asset while maintaining control over its future.”

With growing interest in foreign investment and redevelopment opportunities, the Roosevelt Hotel stands as a key part of Pakistan’s strategy to boost non-traditional revenue streams through smarter asset management.

By maintaining ownership while benefiting from a joint venture, Pakistan aims to transform a valuable, underutilized asset into a consistent revenue source for years to come

[NYguy]

MAY 26, 2025

[NYguy]

If they could just get on with it, that would be great....



https://thetruthinternational.com/econom...f-pia-and-roosevelt-hotel-in-new-budget/

Government Accelerates Privatization of PIA and Roosevelt Hotel in New Budget

ByRomana Afsheen
June 10, 2025

The federal government has announced plans to fast-track the privatization of Pakistan International Airlines (PIA) and New York’s Roosevelt Hotel as part of its economic reform agenda for the upcoming fiscal year.

Finance Minister Muhammad Aurangzeb, while presenting the federal budget, revealed that completing these high-profile privatizations remains a top priority. “We are committed to concluding the PIA and Roosevelt Hotel transactions this fiscal year,” Aurangzeb stated during his budget speech.

The privatization push comes as Pakistan seeks to shore up foreign reserves and reduce losses from state-owned enterprises. The Roosevelt Hotel, a prime Manhattan property owned by PIA, has been a longstanding asset on the privatization list, while the national carrier’s sale is expected to attract both domestic and international investors.

Experts suggest these measures could help stabilize Pakistan’s economy, though some caution that the transition must ensure fair valuation and transparent processes.