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

[Ahoi]

It will be the same height as One Vanderbilt, I assume. With this other project, it's going to be pretty dense in the Grand Central Zone and on Park Ave. when you think about everything else that's coming.

[Zapatan]

Originally Posted by Ahoi

It will be the same height as One Vanderbilt, I assume.

What makes you think that?

That would be awesome but it would also be cool if they went for taller than 175 Park or even the WTC.

[Busy Bee]

Well as I've stated before, I would love to some sort of imaginative re-use of the façade perimeter of the original structure with a colossal glass tower rising from it's center BUT I realize that is probably not likely. The Roosevelt Hotel is a charming Terminal City relic but in all honesty not especially noteworthy architecturally - and not remarkable enough to expend the time and $$$ it would take to incorporate the original façade.

That all said, if we were talking about the new development being a massive mixed-use tower, if it had a large hotel component it would be extremely cool to have the hotel be named The Roosevelt in honor of the history.

[Ahoi]

This property has the same FAR as One Vanderbilt so I think it will get the same height. But I'll wait until the proposals are presented to us. As I like to design skyscrapers myself, I would be very happy with a total height of 1200 feet here.

[Sky88]

^^^
Here they want an iconic tower, but to be such the tower would have to be at least taller than One Vanderbilt e not a 1,200ft tower.

[ChiND]

If this tower will include condos, a hotel, and offices, as claimed by the NYP, I wonder if the office component will be sufficiently small (e.g., less than 600k sf) that it will be built on spec. I also wonder if a sovereign investment fund will finance it.

https://nypost.com/2024/02/04/busine...-property/amp/

Roosevelt Hotel owner taps JLL to replace migrant-filled property with multi-use mega-tower
By Steve Cuozzo

Published Feb. 4, 2024, 11:15 a.m. ET

… JLL’s New York region CEO/president Peter Riguardi confirmed the deal to Reality Check on Friday Islamabad, the Pakistani capita:

“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…

[NYguy]

Originally Posted by Ahoi

This property has the same FAR as One Vanderbilt so I think it will get the same height.

Not necessarily. That just means it will have the same amount of floor space. Even if this tower were to be all office, which isn’t what they’re saying now, everything depends on design. The interesting thing about One Vanderbilt is that although it is the second tallest office building in the city (after the Freedom Tower), it’s not in the top 10 largest office towers in the city, likely not in the top 20. It’s all in how the space is allocated. Vanderbilt could easily have been a shorter tower. Likewise, it could have been taller. Ownership of the Roosevelt Hotel is a point of pride for Pakistan, so it’s logical they would want something to retain that significance.

Speaking on the occasion, the minister expressed the commitment of the Government of Pakistan to develop the historic and landmark site in the heart of the financial capital of the world as an iconic structure with the most modern development features and standards.

[ChiND]

Originally Posted by NYguy

Not necessarily. That just means it will have the same amount of floor space. Even if this tower were to be all office, which isn’t what they’re saying now, everything depends on design. The interesting thing about One Vanderbilt is that although it is the second tallest office building in the city (after the Freedom Tower), it’s not in the top 10 largest office towers in the city, likely not in the top 20. It’s all in how the space is allocated. Vanderbilt could easily have been a shorter tower. Likewise, it could have been taller. Ownership of the Roosevelt Hotel is a point of pride for Pakistan, so it’s logical they would want something to retain that significance.

How much square feet of office space do you think this might have in light of all of these varied uses:

JLL’s New York region CEO/president Peter Riguardi confirmed the deal to Reality Check on Friday Islamabad, the Pakistani capita:

“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…

[Zapatan]

If it has the same amount of floor space as One Vanderbilt, unless the ceilings are just as high and / or it's way skinnier and there's a considerable amount of vanity height, it probably won't be as tall.

Due to the high ceilings and vanity height OV is well taller than a typical building of its floor space.

I'm still cool with a 1,200 footer here though, any chance they'll buy more air rights?

[NYguy]

Originally Posted by ChiND

How much square feet of office space do you think this might have in light of all of these varied uses:

JLL’s New York region CEO/president Peter Riguardi confirmed the deal to Reality Check on Friday Islamabad, the Pakistani capita:

“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…

It will have the same floor area as Vanderbilt, somewhere between 1.4-1.6 msf.

Originally Posted by Zapatan

If it has the same amount of floor space as One Vanderbilt, unless the ceilings are just as high and / or it's way skinnier and there's a considerable amount of vanity height, it probably won't be as tall.

Due to the high ceilings and vanity height OV is well taller than a typical building of its floor space.

Newer office towers, at least in New York, all have the higher ceilings. That’s why they all have “adjusted” floor designations. One Vanderbilt is all office. This planned tower will be mixed use, hotel-office-maybe even residential. It could easily shoot above Vanderbilt.

”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…

[NYguy]

A little more from the Post…



https://nypost.com/2024/02/04/busine...lled-property/

Roosevelt Hotel owner taps JLL to replace migrant-filled property with multi-use mega-tower





By Steve Cuozzo
Feb. 4, 2024

A spectacular, multi-use mega-tower on the scale of One Vanderbilt will replace the run-down Roosevelt Hotel — once the migrants move out, that is.

The hotel’s owner, the government of Pakistan, officially signed brokerage JLL as its exclusive agent to market the precious Midtown property to developers and investors.

The choice of JLL after a highly competitive selection process was long speculated but only nailed down late last week.

JLL’s New York region CEO/president Peter Riguardi confirmed the deal to Reality Check on Friday Islamabad, the Pakistani capita:

“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.

The hotel stands between Madison and Vanderbilt avenues and between East 45th and East 46th streets.

Riguardi said that because Roosevelt is bounded by four different streets, “It could have four separate entrances” for the various uses.

“We see the opportunity to build a massive project such as [SL Green’s] One Vanderbilt,” Riguardi added.

His marketing team also includes New York senior managing director Andrew Scandalios and managing director Sheheryar Hafeez.

However, there’s no rush to put out a formal request for proposals.

Riguardi noted that Vanderbilt-corridor rezoning, which propelled construction of supertall One Vanderbilt, could yield a much larger new skyscraper than the Roosevelt’s previous 800,000 square-foot limit in exchange for significant transit and public amenities.

“But first we have to perform all the due diligence” on what can be done, Riguardi said.

The city leased the Roosevelt from Pakistan last June for $220 million for three years to serve as a migrant shelter.

The time frame as well as changing market conditions made it impossible to say how much a sale might be worth by the time proposals are due, Riguardi said.

“We can’t answer that question because the elevator is rising and we don’t know how high it will go. The market’s poised for a turnaround,” he predicted.

[ChiND]

Originally Posted by NYguy

A little more from the Post…



https://nypost.com/2024/02/04/busine...lled-property/


By Steve Cuozzo
Feb. 4, 2024

I know it will have about the same total sf of space as 1 Vanderbilt, but I’m specifically curious as to how much of that 1.6m sf might be allocated to office space since there also apparently will be a hotel and condos.

Might the office space be less than 1m sf?

I assume that even high-end boutique hotels use at least 250k sf, and condos would probably require about 400-500k sf. Do You think that those numbers are about right? If so, that would leave about 800k sf for office space.

[NYguy]

Originally Posted by ChiND

I know it will have about the same total sf of space as 1 Vanderbilt, but I’m specifically curious as to how much of that 1.6-1.8m sf might be allocated to office space since there also apparently will be a hotel and condos.

Might the office space be about 1m sf or less?

I assume that even high-end boutique hotels use at least 250k sf, and condos would probably require about 400-500k sf. Do You think that those numbers are about right? If so, that would leave about 1m sf for office space.

We have no way of knowing exactly what will be what, until first they get a developer partner (there are many), and they put forth a formal plan. That will be in some time. What we do know is that residential is permitted to be no more than 20% of floorspace. (Keep in mind that the Steinway addition is of about 100k sf, though that is to an extreme nature). What we also know is that they are going into this with the intent to build an iconic tower with these different uses. That allows for a lot of flexibility in design, which is what we want. 270 Park with it’s 57 floors of office space just backed into something epic, as will 350 Park. But they’re specifically looking for something grand here, and I think they will deliver.

[ChiND]

Thanks. So 320k sf (ie., 20% of 1.6m) could be residential. Is there a similar limit to the amount that could be hotel space, or is “hotel” included in the 20% “residential” limit?

[NYguy]

Originally Posted by ChiND

Thanks. So 320k sf (ie., 20% of 1.6m) could be residential. Is there a similar limit to the amount that could be hotel space, or is “hotel” included in the 20% “residential” limit?

The hotel can be whatever, it falls under commercial like office. They just have to get a permit for it during approval. I would imagine the hotel will be smaller than what is there now. It probably won’t be until next year that we know the exact mix, but it all depends on when the developer is brought in. They’ve been salivating over this site for a while now.

[ChiND]

Originally Posted by NYguy

The hotel can be whatever, it falls under commercial like office. They just have to get a permit for it during approval. I would imagine the hotel will be smaller than what is there now. It probably won’t be until next year that we know the exact mix, but it all depends on when the developer is brought in. They’ve been salivating over this site for a while now.

That’s interesting. I wonder how many square feet very high-end, boutique hotels occupy (e.g., Amman, Plaza Athenee, St. Regis, The Mark, etc.). Presumably, the restaurant and hotel services would be a selling point for the condos, assuming they go the mixed-use route.

[Busy Bee]

Can someone please explain what the logic is in not having larger hotels in these mixed use projects? The new hotel component in 175 Park is slated for 500 rooms, nearly a third of the former Grand Hyatt, and we're now contemplating the Roosevelt being replaced with a hotel with half the rooms? Is this just a change in the hospitality industry away from very high key number formats or just specific to these projects? Call me crazy but right next door to GCT, even if GCT is no longer a long distance passenger station, is exactly the place to put the same amount if not more hotel rooms in Manhattan. The same could be said for Penn adjacent IMO.

[NYguy]

Originally Posted by Busy Bee

Can someone please explain what the logic is in not having larger hotels in these mixed use projects? The new hotel component in 175 Park is slated for 500 rooms, nearly a third of the former Grand Hyatt, and we're now contemplating the Roosevelt being replaced with a hotel with half the rooms?

One reason being is the demand for offices. That's the entire reasoning behind the Midtown East rezoning. It was to allow for more office space to be built, not hotels. To even build a hotel, you have to apply for a permit. The Grand Hyatt was a unique situation, being that they had a complicated city/state lease for that site. They will stay on with a smaller hotel, one that could actually be an extended stay hotel, not like the current model on site. This is no longer the era of those huge hotels in central business districts. That makes more sense in places like Times Square, or even by the Javits Center. Vornado won't even attempt to replace the Hotel Penn office space inside 15 Penn.

[NYguy]

https://www.globest.com/2024/02/07/p...n-migrant-hub/

Pakistan Eyes Mixed-Use Tower for Manhattan Migrant Hub

By Jack Rogers
February 07, 2024

The owner of the Roosevelt Hotel, New York City’s make-shift entry point on the East Side of Manhattan for thousands of migrant asylum-seekers, has stepped forward to unveil ambitious new plans for the aging venue.

The government of Pakistan has tapped JLL as its exclusive agent to market the Roosevelt Hotel as a redevelopment site for what the New York Post is calling “a spectacular, multi-use mega-tower on the scale of One Vanderbilt.”

In June, NYC inked a $220M, three-year lease with Pakistan for the Roosevelt, converting it into a 1,025-room migrant shelter-as well as the main “intake center” for migrants entering Manhattan, who previously had been dropped off at the dilapidated Port Authority Bus Terminal.

According to the Post’s report, Peter Riguardi, CEO of JLL’s New York region, confirmed the deal to Reality Check on Friday from Islamabad, stating “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 noted that the Roosevelt, which stands between Madison and Vanderbilt avenues on East 45th Street a couple of blocks away from Grand Central Terminal, “is in the hottest part of New York City.”

Riguardi added that he expects “all the major developers, global capital sources” and “the greatest architects” to be interested in the property, the report said.

On September 22, 2024, the Roosevelt Hotel will mark the 100th anniversary of its opening.

[NYguy]

Had time to go back and refresh my memory on the Vanderbilt Corridor rezoning, which was a slice of the Midtown East rezoning taken out for approval to get One Vanderbilt underway. It was approved before the other surrounding areas, with slightly different rezoning. But it's basically the same thing : a base FAR of 15, with various means of air rights transfers to reach a 30 FAR.








Block 1281 is the Roosevelt Hotel site.


































How the zoning worked for One Vanderbilt...


















































A refresher on site relation to surrounding area and developments...















































Whatever the ultimate design, it will be joining a corridor of planned and rising supertall skyscrapers. The residents or occupants of those upper floors will have eye opening views of skyscrapers.