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

[ChiND]

I’ve always liked The Roosevelt, but since it’s clearly coming down, I hope that we get something iconic and not a 900” mundane box from KPF.

https://www.bloomberg.com/news/articles/...-national-airline?embedded-checkout=true

Pakistan Draws Several Bidders for Loss-Making National Airline PIA

https://pix11.com/video/new-york-city-shuts-down-roosevelt-hotel-shelter/10819144/

[NYguy]

https://nypost.com/2025/06/19/us-news/ny...-week-as-last-migrant-families-relocate/

NYC’s notorious Roosevelt Hotel shelter will close next week as last migrant families relocate


By Matthew Fischetti, Mikella Schuettler, Craig McCarthy and Marie Pohl
June 19, 2025

The Roosevelt Hotel migrant shelter is set to close Tuesday – three years after it opened and quickly became a symbol of the city’s migrant crisis in the heart of Manhattan.

The Post previously reported that the hotel could sell for as much as $1 billion after migrants move out. A source told the Post that the property owner – the Pakistani government’s Pakistan International Airlines – were considering replacing the over 100-year-old hotel with a new skyscraper.

[NYguy]

https://apnews.com/article/nyc-migrant-s...closing-9cb72a41af87627f4a4da57214162b63

New York City closes arrival center for migrants in once grand Manhattan hotel


By PHILIP MARCELO
June 24, 2025

Monday was the center’s last full day in operation, and the hotel was vacant as of Tuesday afternoon, according to Mayor Eric Adams’ office. Services provided at the Roosevelt, including registration, legal assistance and medical care, are now being offered to migrants at other shelter locations, the office said.

The future of the storied hotel, which the city had leased from its longtime owners, Pakistan’s government-owned airline, remains unclear. Representatives for the property didn’t immediately respond to an email seeking comment Tuesday.

[ssh]

Just in time for the golden age of NYC to begin.

[NYguy]

https://www.arabnews.com/node/2605891/pakistan

Pakistan says Roosevelt Hotel’s base valuation complete, will decide on transaction structure this month


MEHREEN ZAHRA-MALIK
26 June 2025

Pakistan has completed the baseline valuation of the Roosevelt Hotel in New York and is preparing to move forward with a transaction structure this month to privatize the state-owned property, the head of the Privatization Commission told Arab News this week.

The Roosevelt, a 1,015-room historic hotel in Midtown Manhattan, has long been one of Pakistan’s most prominent but politically sensitive overseas assets. Acquired by Pakistan International Airlines Investment Limited (PIAIL) in 1979, the hotel occupies a full city block on Madison Avenue and 45th Street. Over the past two decades, successive Pakistani governments have floated plans to sell, lease, or redevelop the property, but no proposal has advanced beyond early-stage planning.

“We have an idea of the asset valuation in Roosevelt,” Muhammad Ali, chairman of Pakistan’s Privatization Commission, said in an interview when asked about the timeline to privatize the hotel.

“We have appointed JLL [Jones Lang LaSalle], who are one of the top consultants in the US market. They have done their homework. They have done the market sounding also. We just need to get approval from the Cabinet Committee [on Privatization] on the structure, and we’ll move ahead.”

He added:

“So this year, before June, I’m hoping that on the Roosevelt, we will have gone ahead with execution of the transaction as far as whatever structure is decided.”

If the government opted for a straightforward “as-is” sale and sold the property without securing any new permissions or approvals for zoning or development, the hotel would fetch the lowest price.

However, if the government first obtained the necessary permits and approvals that a buyer would typically need for redevelopment, the property’s value could double compared to the “as-is” sale.

Alternatively, if the government formed a joint venture with a private investor, sharing both the risks and future profits, the hotel could be worth four to five times more than its as-is valuation.

“So, depending on what sort of structure you have, how much risk you take, how much effort the government puts in, we can make a lot of money from this asset,” the privatization chief said.

“If we go with a joint venture structure, then this year we will only get the first advance payment, so that’s a small amount of money which will be coming in [FY26].”

[NYguy]

https://profit.pakistantoday.com.pk/2025...ion-base-price-for-roosevelt-hotel-sale/

Pakistan sets $100 million base price for Roosevelt Hotel sale
Final proceeds from the transaction will depend on structure approved by Cabinet Committee on Privatisation





By Monitoring Desk
June 27, 2025

The Privatisation Commission has finalised a base valuation of $100 million for the iconic and PIA-owned Roosevelt Hotel in New York, with plans to sell the property during the 2025–26 fiscal year.

US-based firm Jones Lang LaSalle has already completed the valuation and market assessment. However, sources said that the hotel’s value could significantly increase if prior regulatory approvals are secured for redevelopment, while a direct sale “as-is” would likely yield the lowest returns. A joint venture model, if chosen, could raise the value to four or five times the current base estimate, though it may result in limited upfront revenue in the first year.

https://propakistani.pk/2025/06/27/govt-...m-roosevelt-hotel-sale-next-fiscal-year/

Govt Aiming to Get $100 Million From Roosevelt Hotel Sale Next Fiscal Year


By Business Desk
Jun 27, 2025

A simple sale in its current state would yield the lowest return, while securing regulatory approvals for future redevelopment could double the property’s value. A joint venture with a private investor may raise the hotel’s worth to four to five times the base valuation but would bring limited upfront proceeds in FY26, with larger gains expected over time.

[ssh]

What am I missing here, I thought it would get ~$1b..

[NYguy]

Originally Posted by ssh

What am I missing here, I thought it would get ~$1b..

This is being worked out in Pakistan. I guess they feel that a rezoning first would get a higher price, but it's not a sale outright.

sources said that the hotel’s value could significantly increase if prior regulatory approvals are secured for redevelopment, while a direct sale “as-is” would likely yield the lowest returns.

A joint venture model, if chosen, could raise the value to four or five times the current base estimate, though it may result in limited upfront revenue in the first year.

[ssh]

So with proper zoning, permitting, and development rights the site could 10x from current valuation? Sounds like Pakistan doesn't know what they have..

[NYguy]

Originally Posted by ssh

So with proper zoning, permitting, and development rights the site could 10x from current valuation? Sounds like Pakistan doesn't know what they have..

If it were a sale outright, the numbers would be higher. It also looks like they have been holding out to get Qatar involved (as opposed to a private developer). But sometimes foreign entities don't like to get involved with messy rezonings (although this wouldn't be that). I remember China Oceanwide wouldn't buy the 80 South Street site until all zoning was in place. This is why they need to bring on an experienced developer for the site.

[NYguy]

https://www.arabnews.com/node/2606171/pakistan

Pakistan plans to finalize Roosevelt Hotel privatization structure at next cabinet committee meeting
Privatization Commission denies reports claiming a $100 million base price has been set for the hotel


ISMAIL DILAWAR
28 June 2025

Pakistan is expected to finalize the transaction structure for the privatization of the Roosevelt Hotel in New York at the next meeting of the Cabinet Committee on Privatization, the government said in a statement on Saturday.

Located in Midtown Manhattan, the hotel is owned by Pakistan International Airlines Investment Limited (PIAIL) and occupies a full city block on Madison Avenue and 45th Street. It has also remained one of Pakistan’s most high-profile yet politically sensitive overseas assets.

“The base price and expected proceeds from the privatization of the Roosevelt Hotel will depend on the transaction structure and final terms approved by the government,” the Privatization Commission said in an official handout. “The transaction structure is expected to be finalized at the next meeting of the Cabinet Committee on Privatization.”

The statement informed no base price had yet been set for the property, rebutting some local media reports that claimed the government had fixed a $100 million floor.

https://www.brecorder.com/news/40370131

Roosevelt Hotel privatization: No base price determined: PC

APP
29 Jun, 2025

The Privatisation Commission Saturday clarified that no base price has yet been determined for Roosevelt Hotel, New York’s privatisation which can only be set at the time of bidding.

In a press statement, it said that the commission has noticed a misleading news report appearing on June 27 in a section of press asserting that the government has set $100 million as base price for sale of Roosevelt Hotel.

https://dailytimes.com.pk/1325068/no-price-tag-yet-govt-denies-100m-valuation-for-roosevelt-hotel/

No price tag yet: govt denies $100m valuation for Roosevelt Hotel

”The Privatisation Commission has noticed a misleading news report appearing on 27th June 2025 in certain news media outlets asserting that Pakistan has set $100 million as base price for the sale of Roosevelt Hotel.

“It is clarified that no base price has yet been determined for Roosevelt Hotel, New York’s privatisation, which can only be set at the time of bidding,” read the statement.

The commission highlighted that the report misquotes Adviser to the Prime Minister on Privatisation, Muhammad Ali, who had referred to an estimated initial partial payment to be made by the successful party on signing the agreement, expected during the current fiscal year.

“The base price and timing for realisation of total proceeds from the privatisation of Roosevelt Hotel will be based on transaction structure and final terms of the agreement approved by the government,” it said, with the finalisation of the transaction structure expected to be taken up in the next CCOP meeting.

Last month, Defence Minister Khawaja Asif told the National Assembly that the government is exploring a joint venture to operate the Roosevelt Hotel, aiming for long-term economic benefits rather than selling the asset outright.

Describing the nearly century-old 19-story hotel as “a strategic gem,” Asif praised its prime Manhattan location and stressed the government’s intent to retain ownership.

[NYguy]

https://nypost.com/2025/06/29/business/a...-building-faces-a-whole-new-development/

As migrants exit Roosevelt Hotel, coveted building faces a whole new development






By Steve Cuozzo
June 29, 2025

The Roosevelt Hotel site will most likely be sold by Pakistan International Airlines for a new office tower, sources said, despite recent chatter to the contrary.

The city emptied migrants from the building bounded by Madison and Vanderbilt avenues and East 45th and East 46th streets this month. Major developers have champed at the bit for a crack at the precious site, which can support a new tower of at least 1.3 million square feet — and up to 1.8 million square feet if a buyer were to buy nearby air rights and exploit zoning rules that allow floor-area bonuses in exchange for providing transit and public-space improvements.

Asked about rumors a replacement building might combine offices, residences and a new hotel, one astute real estate dealmaker not involved at the location scoffed: “Get real. The value is in offices. The block is in the hottest commercial-development corridor in the country, from Grand Central Terminal north to East 57th Street between Madison Avenue and Park Avenue.

“You’ve already got One Vanderbilt and the new JPMorgan Chase headquarters. Two more giant buildings are planned on Park and another one on Madison. There are enough top-gun types of tenants looking for signature skyscrapers to go around.”

Meanwhile, insiders shot down reports last month that Shahal Khan’s Burkhan World Investments had proposed a joint-venture deal to develop the Roosevelt site with PIA.

The pitch was not apparently submitted to PIA, however, but to a Pakistani privatization commission which has certain approval rights over disbursement of government property.

“No offer was made to any official party with authority to sell the Roosevelt,” an insider told Realty Check

[NYguy]

https://www.arabnews.pk/node/2607397/business-economy

Pakistan greenlights Roosevelt Hotel joint venture deal


Updated 08 July 2025
ISMAIL DILAWAR

Separately, the CCOP approved the transaction structure for Roosevelt Hotel under a “Joint Venture model with multiple options.”

“This option is aimed at maximizing long-term value for the country, while ensuring flexibility, multiple exit opportunities, and minimizing future fiscal exposure,” the privatization commission said.

How much money the hotel ultimately brings in, and its overall valuation, depends on the type of transaction structure adopted, Privatization Commission Chairman Muhammad Ali told Arab News in an interview last month. If the government formed a joint venture with a private investor, sharing both the risks and future profits, the hotel could be worth four to five times more than its as-is valuation, he said at the time.

“So, depending on what sort of structure you have, how much risk you take, how much effort the government puts in, we can make a lot of money from this asset,” the privatization chief had said.

[Crawford]

Finally moving forward. Great news.

[NYguy]

Originally Posted by Crawford

Finally moving forward. Great news.

Now we just have to wait to see who is brought in as partner, and what the design will be. Then it’ll go through ULURP.

[NYguy]

https://humenglish.com/pakistan/govt-app...evelt-hotel-in-major-privatization-push/


Zahid Gishkori
July 9, 2025

Following extensive analysis by the appointed financial advisor, the joint venture model was selected and approved by the CCOP. This approach allows the government to maintain a stake in the asset while partnering with private entities to revitalise operations and ensure a steady revenue stream.

Officials say the model offers flexibility, several exit routes, and significantly reduces future fiscal exposure for the national exchequer.

The Privatisation Commission will now present the transaction structure to relevant stakeholders in an upcoming meeting.

A final decision on the operational specifics and partner selection is expected within the next three months.

The timeline and expected revenue from the transaction will be determined at a later stage.

[NYguy]

https://www.reuters.com/world/asia-pacif...development-plan-source-says-2025-07-10/

Pakistan eyes $1 billion valuation in Roosevelt Hotel redevelopment plan, source says





By Ariba Shahid
July 10, 2025

Pakistan is seeking a valuation of at least $1 billion for the Roosevelt Hotel it owns in New York and is ready to part with a minority stake in the prime Manhattan property as it scouts for a redevelopment partner, a senior government official said

The senior Pakistani official said the government will retain ownership in the project through an equity partnership, but declined to disclose the size of the stake being offered to any potential JV partner.

The official declined to be named since the process is confidential. JLL, or Jones Lang LaSalle, will run the process and the government is eyeing a valuation of over $1 billion for the 42,000 square feet property it hopes could be redeveloped for residential-cum-office use, the official said.

"It is among the best pieces of land in NY real estate ... The process begins immediately and is expected to be completed in the next six-nine months," said the official.

Pakistan's government is estimating the redevelopment will take 4–5 years, the official said, adding the "interest level is extremely high."

[ChiND]

I really hope that we get a mixed-use tower here. An 800', KPF, vanilla, glass box like 347 Madison will be disappointing. For that matter, I'd rather have an 800' Stern that an 1,100' KPF, vanilla glass box.

[NYguy]

Originally Posted by ChiND

I really hope that we get a mixed-use tower here. An 800', KPF, vanilla, glass box like 347 Madison will be disappointing. For that matter, I'd rather have an 800' Stern that an 1,100' KPF, vanilla glass box.

Again, with the whining. The article states it a may be a mixed-use, office/residential tower. It says nothing of a “vanilla, glass box”.

[ChiND]

Originally Posted by NYguy

Again, with the whining. The article states it a may be a mixed-use, office/residential tower. It says nothing of a “vanilla, glass box”.

Wanting the best for NY is not whining.