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  #1  
Old Posted Jul 2, 2020, 9:02 PM
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Smile NEW YORK | 45 East 45th St (Roosevelt Hotel) | FT | FLOORS

Just a matter of time before this was going to be redeveloped. Planning for such a development looks to be on hold.


https://www.dawn.com/news/1566569/ca...-joint-venture

Govt decides against selling off PIA-owned hotel in New York, to run it through joint venture





Tahir Sherani | Sanaullah Khan
July 02, 2020


Quote:
The Cabinet Committee on Privatisation (CCoP) on Thursday decided against privatising the Roosevelt Hotel in New York, owned by the embattled Pakistan International Airlines (PIA), and to run it through a joint venture instead.

A meeting of the committee was chaired by Adviser to the Prime Minister on Finance Dr Abdul Hafeez Sheikh to review the one-point agenda of the privatisation of Roosevelt Hotel, owned by PIA Investment Limited in the Manhattan borough of New York City.

According to a Finance Division statement, the CCoP directed the Privatisation Commission to hire the services of a financial adviser to start the process for the transaction in light of a report by accounting firm Deloitte from July 2019 which recommended that “the highest and best use of the Roosevelt Hotel property is to redevelop the site into a mixed-use [property] (through joint venture) of primarily an office tower over retail and condominium.”
Quote:
The meeting was informed that Deloitte would update its study on the hotel transaction in the next four weeks and the same will be shared with the CCoP.

Additionally, "as requested by the Aviation Division", the CCoP also decided to de-notify a task force formed last year to develop a business plan and for framing the terms of reference for leasing the Roosevelt’s site and setting up a joint venture project, the press release added.
Quote:
On Wednesday, amid reports that the government was holding the CCoP meeting to discuss the plan to sell the Roosevelt Hotel, the PPP had opposed the move, terming it ill-timed.

“Is this the time to sell Roosevelt Hotel, when due to the pandemic property prices have come down significantly and it will result in a loss to Pakistan as we will not get the right price?” PPP’s parliamentary leader in the Senate Sherry Rehman had questioned in a statement.

“The property is worth billions and it was making a profit when I was serving as ambassador to the US,” she added.

The PIA-owned 19-storey hotel with 1,025 rooms plus allied facilities in New York is considered a valuable property that also carries cultural significance for Pakistan. It has remained in the news for the last several years over its proposed auction. However, the management of PIA in the past had always rejected the claims of auction, etc.


https://twitter.com/murtazawahab1/st...48206795759622

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  #2  
Old Posted Jul 2, 2020, 9:10 PM
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  #3  
Old Posted Jul 2, 2020, 9:16 PM
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So this hotel won't be thrown down?
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Old Posted Jul 2, 2020, 9:36 PM
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So this hotel won't be thrown down?
It will eventually. Personally, I like it a lot. I used to go to the bar there and pick up tourists all the time. I had great success there.

There are other sites in the area that I'd rather see redeveloped first like 415-425 Madison.
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Old Posted Jul 2, 2020, 10:40 PM
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Originally Posted by JMKeynes View Post
It will eventually. Personally, I like it a lot. I used to go to the bar there and pick up tourists all the time. I had great success there.

There are other sites in the area that I'd rather see redeveloped first like 415-425 Madison.


Happy Biiirttthhhdaaay Mr....... Preessiiiddeeennnntt

Great success! High five!

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Old Posted Jul 2, 2020, 10:43 PM
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On a serious note, they had a revenue audit back in 2018 on this property.


https://profit.pakistantoday.com.pk/...l-recommended/

I'm inclined to believe the loss potential was a big factor in changing course. The pandemic acting as a big catalyst in this respect and future forecasts.
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Old Posted Jul 2, 2020, 10:54 PM
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I think they should renovate it instead of tearing it down. The building needs to be power washed ASAP.
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Old Posted Jul 2, 2020, 11:07 PM
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Happy Biiirttthhhdaaay Mr....... Preessiiiddeeennnntt

Great success! High five!

Awesome!!! I love Borat!!

That place always attracted a lot of English female tourists who wanted to come to NY and go wild. I loved it.
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  #9  
Old Posted Jul 3, 2020, 2:55 AM
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I think they should renovate it instead of tearing it down. The building needs to be power washed ASAP.
This will be torn down. Highest and best use is obviously a huge office tower, as detailed by Deloitte.

Hopefully, once the pandemic clears, Pakistan will finally sell for redevelopment. Article mentions Deloitte will have an update on redevelopment plans within four weeks.
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  #10  
Old Posted Jul 3, 2020, 8:52 PM
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Originally Posted by Crawford View Post
This will be torn down. Highest and best use is obviously a huge office tower, as detailed by Deloitte.

Hopefully, once the pandemic clears, Pakistan will finally sell for redevelopment. Article mentions Deloitte will have an update on redevelopment plans within four weeks.

Yeah, it will come down, and become a multi-billion dollar office development. It’s a prized location in the heart of the heart of Midtown.
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Old Posted Jul 20, 2020, 12:53 PM
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Old Posted Jul 20, 2020, 2:12 PM
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it's no great shakes really.

1920s functional.

nice spot for a super duper tall though.
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  #13  
Old Posted Jul 20, 2020, 2:24 PM
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The Roosevelt obviously will be redeveloped at some point, but I'm in no rush to see it go. It's a beautiful building. Furthermore, with all of the projects ahead of it in the pipeline (i.e., the Grand Hyatt, the MTA Building, 415 Madison, 417 Park, 350 Park, the old Pfizer HQ on 42nd St., 3 Hudson (and hopefully, 2 WTC)), it may be around for quite some time
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Old Posted Jul 20, 2020, 2:45 PM
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Originally Posted by JMKeynes View Post
The Roosevelt obviously will be redeveloped at some point, but I'm in no rush to see it go. It's a beautiful building. Furthermore, with all of the projects ahead of it in the pipeline (i.e., the Grand Hyatt, the MTA Building, 415 Madison, 417 Park, 350 Park, the old Pfizer HQ on 42nd St., 3 Hudson (and hopefully, 2 WTC)), it may be around for quite some time
The current climate of hotels in the city is why this one remains suspect to potential development sooner rather than later. Added to that is the fact that it's a full block development site, and that would push it ahead of most in that list, particularly on the east side. They haven't officially signed on to a redevelopment plan yet, though. But when they do, I expect another Vanderbilt scaled development.

In the meantime, you can still get a discounted room...
https://www.theroosevelthotel.com/of...SAAEgJGqfD_BwE



Also, I've been holding this back, because I don't want to get into the political fighting, but it's noteworthy. So keep the political commentary out of this please, or I will have to delete many comments.


https://blog.siasat.pk/trump-pias-ro...new-york-city/

Quote:
President Trump Wants To Buy PIA’s Roosevelt Hotel In New York City

By Omair Kamran
Jul 16, 2020



A high-ranking Pakistan International Airlines (PIA) official on Wednesday informed the National Assembly Standing Committee on Privatisation that US President Donald J. Trump has shown an interest in buying the Roosevelt hotel, located in New York’s Manhattan borough.

At the outset of the meeting, PML-N’s Khwaja Asif inquired from PIA officials as to whether anyone had shown an eagerness in purchasing the property.

At this, the PIA’s Investment Limited Managing Director, Najeeb Sami, revealed that the US president “is still showing interest in The Roosevelt.”

In his meeting with the committee, Sami said that Roosevelt is a three-star hotel that had been profitable for almost 99 years. Nevertheless, the hotel endured a loss of $1.5 million last year, Sami added. He said it was not profitable for PIA to run the whole hotel by itself, and it should, consequently, be replaced with hotels and offices.

“It has been determined to give Roosevelt hotel on lease on a long-term basis,” Sami told the lawmakers.

Formerly this month, the Cabinet Committee on Privatisation (CCoP) had expressed against selling off the Roosevelt and to manage it through a joint venture alternatively.

The CCoP had instructed the Privatisation Commission to appoint a financial adviser to start the procedure for the transaction a report by the accounting firm Deloitte from July 2019, suggested that “the highest and finest use of the Roosevelt Hotel property is to renew the site into a mixed-use property (through a joint venture) of primarily an office tower over retail and condominium.”

Asif said, while his party did not oppose privatization “at all,” this wasn’t a suitable time to privatize any entity as the COVID-19 pandemic has caused market prices of nearly everything to plunge.


He said the defined rights of employees should be preserved whenever privatization is carried out, and they should be provided with sufficient funds to start their own businesses. People who possess real-estate companies abroad should not be made part of the body deciding the hotel’s destiny as it could lead to corruption, Asif added.

The Privatisation Minister Muhammad Mian Soomro briefed the committee that various options were currently being looked into concerning the fate of the Roosevelt, adding that a financial adviser will take the decision regarding leasing out the hotel.

The PIA-owned 19-story hotel with 1,025 rooms plus allied facilities in New York is considered a valuable property that carries cultural significance for Pakistan as well. It has persisted in the news for the last few years over its proposed auction. Nevertheless, the management of PIA in the past had always denied the claims of the sale.


And for lucky gameshow contestants...


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Old Posted Jul 20, 2020, 7:59 PM
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^I think I'm gonna be sick.
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Old Posted Jul 21, 2020, 1:45 AM
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^I think I'm gonna be sick.
Still better than some Atlantic City or Las Vegas hotels, which have their own form of hydrocarbons. Hydrocarbons you might ask? Well... see... the cigarette smell is so strong that for years, its seeped into the carpet, creating thick layer of condense solid matter that if extracted, could yield enough barrels to power all of Manhattan for a year.



Quote:
Asif said, while his party did not oppose privatization “at all,” this wasn’t a suitable time to privatize any entity as the COVID-19 pandemic has caused market prices of nearly everything to plunge.
Some foreshadowing is always good. Glad mixed used is considered.
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  #17  
Old Posted Jul 21, 2020, 4:54 PM
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If they go for redevelopment, I hope they can Atleast save the base facade and have the new tower rise out of that.
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  #18  
Old Posted Jul 21, 2020, 7:20 PM
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If they go for redevelopment, I hope they can Atleast save the base facade and have the new tower rise out of that.
I hope so too. The new tower may be like to the Miglin-Beitler Skyneedle.
The Skyneedle tower will be perfect both as a size, as a form and as an architectural style for this site and for New York. It could represent, given the height, a new focal point in the city skyline.



The Miglin-Beitler Skyneedle
2,000 ft tall
125-floor
140x140ft
1,369,987 ft
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  #19  
Old Posted Jul 21, 2020, 7:48 PM
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I hope so too. The new tower may be like to the Miglin-Beitler Skyneedle.
The Skyneedle tower will be perfect both as a size, as a form and as an architectural style for this site and for New York. It could represent, given the height, a new focal point in the city skyline.



The Miglin-Beitler Skyneedle
2,000 ft tall
125-floor
140x140ft
1,369,987 ft

I wouldn’t be mad at all if they resurrect this design.
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Old Posted Jul 21, 2020, 9:50 PM
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A high-ranking Pakistan International Airlines (PIA) official on Wednesday informed the National Assembly Standing Committee on Privatisation that US President Donald J. Trump has shown an interest in buying the Roosevelt hotel, located in New York’s Manhattan borough.
Had to do a double take on this one. Pakistan Int'l Airlines is owned by the government of Pakistan, so any deal here would be a potential emoluments-clause violation.
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