NEW YORK | 45 East 45th St (Roosevelt Hotel) | FT | FLOORS - Page 13

Busy Bee · #**241** Posted **Dec 19, 2022, 2:57 AM**

For all the opinions here that say this building isn't special enough to save, I still think this would make an awesome opportunity to save the warm and historic facade and build out a modern tower inside and above its walls.

chris08876 · #**242** Posted **Dec 19, 2022, 3:09 AM**

Would be nice if they announce this joint venture early next year. If a decision is made next year, time to get crackin on this and develop something.

2022 had about 34 million sq/ft of leases expire. So there is always room for upgrades and tenants seeking new space.

A lot of what will fuel new towers comes in the form of tenants wanting new space, from older and antiquated space.

A 2028/2029 launch would be ideal. Join the latest wave of super towers rising. A lot of potential with this site, a lot!

JMKeynes · #**243** Posted **Dec 19, 2022, 3:12 AM**

Quote:

Originally Posted by Busy Bee

For all the opinions here that say this building isn't special enough to save, I still think this would make an awesome opportunity to save the warm and historic facade and build out a modern tower inside and above its walls.

I’d prefer that they entire building remain, but saving them facade would be better than nothing. That being said, no developer would do that.

NYguy · #**244** Posted **Dec 19, 2022, 6:40 PM**

Quote:

Originally Posted by JMKeynes

I’d like to see this landmarked, but it clearly will be sold. A lot of firms are seeking new space. A tower here will be a huge success.

It won’t be landmarked, but it won’t be sold outright either. They are moving towards partnering with a developer to build a new tower, possibly with a hotel included.

JMKeynes · #**245** Posted **Dec 19, 2022, 7:32 PM**

Quote:

Originally Posted by NYguy

It won’t be landmarked, but it won’t be sold outright either. They are moving towards partnering with a developer to build a new tower, possibly with a hotel included.

I agree.

NYguy · #**246** Posted **Dec 27, 2022, 6:44 AM**

I wonder which developer will jump in…

https://customstoday.media/privatization...-leasing-of-roosevelt-hotel-in-new-york/

Privatization committee directs to start leasing of Roosevelt Hotel in New York

byCT Report
27/12/2022

Quote:

The Cabinet Committee on Privatization (CCoP) has directed Privatisation Commission (PC) to initiate the process of appointment of Financial Adviser (FA) to undertake the envisaged leasing of the Roosevelt site.

Regarding the privatization of PIA Investment Ltd (PIA-IL) Owned Asset- Roosevelt Hotel, New York, the CCCP decided to uphold its earlier decision dated 2nd July 2022 where the meeting directed the Privatisation Commission (PC) to initiate the process of appointment of Financial Adviser (FA) to undertake envisaged leasing of Roosevelt site for meeting up a Joint Venture project for prospective mixed-used development, through the best-suited mode of Privatisation.

https://tribune.com.pk/story/2392989/roosevelt-hotel-to-be-given-on-lease

Roosevelt Hotel to be given on lease
Cabinet committee decides to hire firm for leasing the asset in New York

Quote:

“Regarding privatisation of PIA Investment Ltd (PIA-IL)-owned asset – Roosevelt Hotel, New York, the CCOP decided to uphold its earlier decision dated July 2, 2022, where the meeting directed the Privatisation Commission to initiate the process of appointment of financial adviser (FA) to undertake the envisaged leasing of Roosevelt site for meeting up a joint venture project for prospective mixed-use development, through the best suited mode of privatisation,” said the Ministry of Finance.

Usually, it takes around four months to hire a financial adviser, who then takes significant time to prepare a roadmap. Roosevelt Hotel faces the threat of being declared as a heritage building by the local authorities in New York.

Pakistan’s Foreign Office has asked the US ambassador in Islamabad to request the authorities in New York not to declare the property as a heritage building.

Quote:

Former finance minister Asad Umar-led CCOP in October 2018 had decided to evaluate the possibility of constructing high-rise hotels on the land of Roosevelt Hotel on a public-private partnership (PPP) basis.

PIA-IL, the parent company of Roosevelt Hotel and wholly owned subsidiary of PIAC, engaged services of Deloitte to conduct a feasibility study. In July 2019, Deloitte recommended that the best use of the hotel would be to redevelop the site into mixed use, primarily an office tower over retail and condominium.

Busy Bee · #**247** Posted **Dec 27, 2022, 2:11 PM**

Quote:

Pakistan’s Foreign Office has asked the US ambassador in Islamabad to request the authorities in New York not to declare the property as a heritage building.

I feel like we should do it just to spite them. Did we forget already that they were likely knowingly harboring OBL?

NYguy · #**248** Posted **Dec 27, 2022, 6:54 PM**

Quote:

Originally Posted by Busy Bee

I feel like we should do it just to spite them. Did we forget already that they were likely knowingly harboring OBL?

That’s not how Landmarks operates.

Busy Bee · #**249** Posted **Dec 27, 2022, 9:00 PM**

I would've sworn...

NYguy · #**250** Posted **Dec 30, 2022, 5:41 PM**

https://profit.pakistantoday.com.pk/2022...be-leased-as-pc-initiates-redevelopment/

Roosevelt Hotel to be leased as PC initiates redevelopment
CCoP directs PC to initiate appointment process of FA to redevelop Roosevelt Hotel

By Abdullah Niazi
December 27, 2022

Quote:

The saga surrounding the PIA owned Roosevelt Hotel in Manhattan was discussed once again during a meeting of the Cabinet Committee on Privatisation (CCoP), which has recommended that the process to redevelop the hotel be kickstarted.

The CCoP directed the Privatisation Commission (PC) to initiate the appointment of a Financial Adviser to redevelop the historic hotel that had to shutter operations because of losses incurred during Covid-19.

The suggested redevelopment would involve the land of the hotel being utilised to redevelop the site into a mixed use of primarily office tower over retail and condominium.

JMKeynes · #**251** Posted **Dec 30, 2022, 6:18 PM**

If this is an office and condo, I wonder how many square feet it can have.

chris08876 · #**252** Posted **Dec 30, 2022, 7:23 PM**

I was just thinking about the ratio of office to condo. Being mixed-use, that is a good sign. Hopefully this won't need a sizable office commitment to start; with the other functionalities aiding to get something shovel ready.

NYguy · #**253** Posted **Dec 30, 2022, 8:11 PM**

Quote:

Originally Posted by JMKeynes

If this is an office and condo, I wonder how many square feet it can have.

It has the same zoning (and lot size) as One Vanderbilt. Residential can be no more than 20% under zoning. I can see a commercial (office/hotel) topped by a residential component. But that will have to play itself out. I’m not sure they have a solid plan other than that they will build something.

We can already see another mixed-use tower taking shape at 7 E. 40th. That one will have 82 residential units over office space.

JMKeynes · #**254** Posted **Dec 30, 2022, 8:18 PM**

Thanks. Are there concrete plans for 7 E 40th? It’s a beautiful building.

NYguy · #**255** Posted **Dec 30, 2022, 11:22 PM**

Quote:

Originally Posted by JMKeynes

Thanks. Are there concrete plans for 7 E 40th? It’s a beautiful building.

Still in planning.

https://skyscraperpage.com/forum/showthread.php?t=251623

JMKeynes · #**256** Posted **Dec 30, 2022, 11:25 PM**

Quote:

Originally Posted by NYguy

Still in planning.

https://skyscraperpage.com/forum/showthread.php?t=251623

Thanks.

NYguy · #**257** Posted **Jan 15, 2023, 4:24 AM**

JANUARY 14, 2023

Xing Lin · #**258** Posted **Jan 17, 2023, 3:21 PM**

A fantasy concept I designed— a tower that rises from a cantilever, preserving the Roosevelt's historic facade and Terminal City massing:

colemonkee · #**259** Posted **Jan 17, 2023, 3:28 PM**

Xing Lin, you are officially hired!!! That looks amazing.

SkyHigher · #**260** Posted **Jan 17, 2023, 5:06 PM**

wow great work. thought it was real for a second as scrolling from last post.

sadly rare things built in this city could be as bold anymore of which new york is know for.

preserving the hotel was something i have said in the past. it must happen.

i hope you can show off more angles with this design Xing Lin