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

[BuildThemTaller]

Originally Posted by Sky88

Oh, this is my all-time favorite tower. The legendary 2,000-foot, 125-story Miglin-Beitler Skyneedle tower. My dream is to have a tower like this in New York and one in Chicago. It would be fantastic. I hope the designers of the Roosevelt Hotel project can take inspiration from this design.

Coincidently, they did build a tower based on the design of the Miglin-Beitler Skyneedle at the proposed spot in Chicago, 181 W Madison. It's just that they scaled it down a little.

[NYguy]

https://www.abnamro.com.pk/govt-delegati...e-advisors-for-roosevelt-hotel-sell-off/

Govt delegation heads to US to secure advisors for Roosevelt Hotel sell-off


written by Sara Ahmed
August 16, 2025

The federal government is preparing to dispatch senior officials to the United States later this month as part of its push to privatise the Roosevelt Hotel, a landmark property in New York owned by Pakistan International Airlines (PIA).

According to official documents, a delegation from the Privatisation Commission — including the Prime Minister’s Advisor on Privatisation and the Commission’s Secretary — is awaiting Prime Minister Shehbaz Sharif’s formal approval to travel from August 20 to 24. The mission’s focus will not be to court investors directly, but rather to hire financial consultants who can steer the privatisation process.

The trip, estimated to cost around Rs3 million, marks a departure from the government’s usual practice of reaching out to prospective buyers. Instead, the team will hold discussions with several top global firms, including CitiBank, CBRE, and Savills, to secure advisory services.

This unusual step follows the abrupt exit of the last financial advisor, who stepped down last month over a conflict of interest. That firm had been awarded a contract worth Rs2.2 billion, half of which had already been paid. The company has since agreed to refund the amount.

Meanwhile, the government has already invited fresh expressions of interest through local and international advertisements, with a deadline set for September 2.

[ChiND]

https://www.ft.com/content/8d1c9978-353a-4a2b-81d3-0d4113ce0b85

Investors pile billions into New York office market

August 25, 2025

[NYguy]

https://mettisglobal.news/Privatization-...ppointment-in-Roosevelt-Hotel-Case-55003

Privatization Commission extends deadline for Financial Advisor appointment in Roosevelt Hotel Case


September 4, 2025

The Privatization Commission has extended the deadline for submission of applications for the appointment of a financial advisor in the privatization process of PIA’s Roosevelt Hotel in the United States until September 16, 2025.

Earlier, the previously appointed financial advisory firm had excused itself from handling the transaction, prompting the Commission to seek fresh expressions of interest from potential advisors.

https://bloompakistan.com/privatisation-...ne-for-advisors-on-pias-roosevelt-hotel/

According to officials, the financial advisor will be tasked with evaluating the Roosevelt Hotel’s financial standing, recommending viable transaction structures, and guiding the government through the privatisation process. The aim is to ensure maximum value for the state while adhering to international best practices.

Privatisation Commission representatives noted that extending the deadline would allow more firms to participate, thereby enhancing transparency and strengthening investor confidence in Pakistan’s privatisation programme.

[NYguy]

https://www.arabnews.com/node/2615767/pakistan

Seven firms, including Citigroup, bid to advise Pakistan on Roosevelt Hotel privatization


ISMAIL DILAWAR
18 September 2025

Citigroup is among seven international consortia that have submitted bids to advise Pakistan on the privatization of the Roosevelt Hotel in New York, a privatization commission official with direct knowledge of the issue told Arab News on Thursday.

Islamabad is pursuing a joint venture model rather than an outright sale, seeking a redevelopment partner to maximize long-term value as part of a broader privatization drive agreed under its $7 billion IMF program.

“The technical bids of seven consortia have been opened on Sept. 16,” the official, who declined to be named, said. “The legally successful bidder has to be announced within 30 days after the opening of the bids as per PPRA rules.”

According to the official, the following seven consortia have submitted proposals:

-Greysteel, B6 Real Estate Advisers and Kirkland & Ellis LLP

-CBRE, Morgan Stanley, Paul Hastings and Goldman Harris LLC

-Ankura, Bank of Punjab, Baker McKenzie and Orr, Dignam & Co.

-Savills, MACRO (a Savills Company), Cirtin Cooperman & Company LLP, Hogan Lovells, and Mohsin Tayebaly & Co.

-Alvarez & Marsal Private Equity Performance Improvement Group LLC, Proskauer, and FGE Ebrahim Hosain (FGE-EH)

-Citi Bank, Cushman & Wakefield, Proskauer Rose LLC, and HaiderMota & Co.

-Newmark, Herbert Smith Freehills Kramer (US) LLP, and Peregrinvest LLC

Pakistan says it expects the privatization of the Roosevelt Hotel to be completed this year. The property, located near Grand Central Terminal, Times Square and Fifth Avenue, was closed in 2020 due to heavy losses but has since been used intermittently, including as a temporary migrant shelter.

Last month, global real estate firm Jones Lang LaSalle (JLL) resigned as financial adviser for the hotel’s partial sale, citing a conflict of interest due to client involvement. The government has since accelerated efforts to appoint a new adviser and proceed with the joint venture model approved by the federal cabinet.

[NYguy]

https://www.bloomberg.com/news/articles/...lt-hotel-may-make-way-for-new-skyscraper

New York’s Roosevelt Hotel May Make Way for New Skyscraper


By Tooba Khan and Dan Strumpf
October 4, 2025

Pakistan is considering options for the Roosevelt Hotel in Midtown Manhattan as part of the South Asian nation’s efforts to meet its commitments to the International Monetary Fund.

One of the options is to raze the storied landmark and build a skyscraper in its place, said Muhammad Ali, adviser to the prime minister on privatization. The government is keen on a joint venture where Pakistan will contribute the land and the partner will bring in the equity, he told Bloomberg in Islamabad.

The other option is to retain the hotel if it makes economic sense, he said.

Once a historic hotel owned by Pakistan International Airlines, or PIA, it closed during the pandemic, briefly housed migrants, and has since been shuttered.

“We will have clarity on this in the next few months after finalization of the JV partner and market sounding,” Ali said.

Pakistan is in the process of appointing advisers for the hotel transaction, dubbed by some as “the new Ellis Island” for its historical role as a migrant intake point. The government will finalize a new adviser later this month after bids from seven groups, including Citigroup Inc., CBRE Group Inc., and Savills PLC.

[NYguy]

https://www.urdupoint.com/en/pakistan/committed-to-completing-pias-privatization-2088771.html

November 21, 2025

Speaking about the Roosevelt Hotel, Muhammad Ali said a policy decision has been taken to pursue a joint venture for developing a high-rise building.

The Government of Pakistan will remain a partner, while the new partner is expected to be a New York– or US-based developer. Shareholding and other modalities will be finalized in the next phase, with significant clarity expected in the first half of next year.

[ssh]

Wonder who it will be. SL Green?

[mrnyc]

lets hope muhammed ali isn’t rope a doping us and can deliver the knockout punch to get this site redevelopment rolling.

i’ll let myself out …

[NYguy]

I would prefer a developer that currently has no ongoing development in Midtown East, but at this point, any developer selected would be a big step towards getting this thing moving forward. This snail's pace of decision making is killing me.

[NYguy]

Looks like mixed-use is still on the table. That’s a good sign.


https://nukta.com/pakistan-aims-to-complete-pia-bidding-by-next-month


Haris Zamir
November 21, 2025

An official also briefed the meeting on the future of the Roosevelt Hotel, Pakistan’s prime property located in the heart of Manhattan, New York.

He said the government has decided to construct a new high-rise tower on the existing site through a joint venture with a reputable U.S. real estate developer. He said the precise stake Pakistan will retain in the project will be determined after an independent valuation and financial assessment.

According to the official, Pakistan will remain a “significant partner” in the redevelopment and will work with investors to determine how much of the new skyscraper will be allocated for hotel rooms, residential units, offices or commercial space.

The timeline for finalizing the joint venture partner and the transaction structure is mid-2026, he said.

[ChiND]

I'd like to see a 1,500 foot Stern developed by Naftali with about 25 stories of offices, a five-star hotel, and condos. There clearly is demand for condos here as demonstrated by 520 Fifth's success.

[NYguy]

Originally Posted by ChiND

I'd like to see a 1,500 foot Stern developed by Naftali with about 25 stories of offices, a five-star hotel, and condos. There clearly is demand for condos here as demonstrated by 520 Fifth's success.

I'd prefer to see a more modern looking design here. A mixed-use tower would have the greatest chance for height. The question is, how high? It will most likely be a supertall, but how tall is the question. Just below Vanderbilt or above it? A lot of that plays into the kind of design we want at this site. A simple 1,400 ft tower, while great, would be too similar in height to the other towers. I want more variation in height on the skyline. For that purpose, I want a capable developer with no current projects in that area, somebody who would like to leave their mark with an iconic tower of their own joining the fray on the skyline.

[ChiND]

I agree. I don’t want BP. They are the kings of quotidian architecture. The same is true with SL Green. 1 Vandy was an anomaly for them (and for KPF). I don’t want a 1,000 foot KPF glass box here.

[Busy Bee]

RIP Zaha.


'Cause that would have been one of my choices for this spot. Even though her firm is still banging them out, I'm sure some magic has been missing since she passed.

[ChiND]

Originally Posted by Busy Bee

RIP Zaha.


'Cause that would have been one of my choices for this spot. Even though her firm is still banging them out, I'm sure some magic has been missing since she passed.

I agree. Her High Line building is incredible. BP or SLG would be a huge disappointment.

[Busy Bee]

Wait a sec... Did I miss something?

Who/What is BP?

And why are developers being talked about like they're arch firms?

[ChiND]

Originally Posted by Busy Bee

Wait a sec... Did I miss something?

Who/What is BP?

And why are developers being talked about like they're arch firms?

Boston Properties. Their new buildings are routinely an exercise in architectural limbo (I.e., they aim for the lowest bar possible). 343 Madison is quotidian per se.

[Busy Bee]

Ah. Got it.

[NYguy]

https://nypost.com/2025/11/24/business/a...to-become-new-financial-adviser-sources/

As NYC’s historic Roosevelt Hotel site sits in limbo, Morgan Stanley team poised to become new financial adviser: sources

By Steve Cuozzo
Nov. 24, 2025

A Morgan Stanley-backed group appears to have the inside track to become the new financial adviser to Pakistan International Airlines, or PIA, as it decides what to do with the precious Roosevelt Hotel site in Midtown East, sources told The Post on Monday.

The consortium would replace JLL, which checked out of the role last summer.

PIA, which answers to the Pakistani government, was recently reported by Saudi Arabia-based daily Arab News to be weighing proposals from seven potential groups to advise on the Roosevelt’s future and to facilitate any deal. The Morgan Stanley team would include CBRE, Manhattan’s most prolific commercial brokerage.

The Roosevelt site between Madison and Vanderbilt avenues and between East 44th and East 45th streets is one of Manhattan’s most valuable pieces of land, situated in an East Midtown corridor where prestigious tenants have flocked to new office developments near Grand Central Terminal.

The shuttered hotel lies amidst the new JP Morgan Chase headquarters tower at 270 Park Ave., a future Boston Properties (BXP) tower at 343 Madison Ave., and an unspecified SL Green development site on the former Brooks Brothers store at 346 Madison.

A new office tower at the Roosevelt site could have as much as 1.8 million square feet under Midtown zoning that allows large-size bonuses in exchange for significant pedestrian and transit improvements.

That 1.8 msf figure is technically incorrect.