Posted Dec 27, 2022, 6:44 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,919
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I wonder which developer will jump in…
https://customstoday.media/privatiza...l-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.
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https://tribune.com.pk/story/2392989...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.
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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.
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