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  #161  
Old Posted Jul 19, 2022, 6:35 PM
BK1985 BK1985 is offline
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this would be a nice candidate to get the Hearst treatment at the base.
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  #162  
Old Posted Jul 20, 2022, 12:01 AM
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this would be a nice candidate to get the Hearst treatment at the base.
I’d like to see it landmarked, and to compensate the owners, double the air rights that it could have had could be sold. It’s a beautiful building.
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  #163  
Old Posted Jul 20, 2022, 12:12 AM
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I’d like to see it landmarked, and to compensate the owners, double the air rights that it could have had could be sold. It’s a beautiful building.
Landmarks already rejected landmarking this dump. It's a goner.
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  #164  
Old Posted Jul 20, 2022, 12:14 AM
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Landmarks already rejected landmarking this dump. It's a goner.
That sucks Dick Cheney.
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  #165  
Old Posted Jul 20, 2022, 4:41 AM
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That question was decided decades ago.

It was just a placeholder until a new tower is built. Now even the placeholder is done, as the Pakistan Investment Authority closed the hotel.
yes, but any real news?
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  #166  
Old Posted Jul 23, 2022, 2:36 AM
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https://www.brecorder.com/news/amp/40186967

Roosevelt Hotel: AD presents ‘incomplete’ leasing plan to ECC


Mushtaq Ghumman
20 Jul, 2022


Quote:
The Aviation Division (AD) has reportedly presented an ‘incomplete leasing plan’ of Roosevelt Hotel, New York to the Economic Coordination Council (ECC), seeking its approval urgently, fearing that Roosevelt Hotel Corporation (RHC), could be land marked any day, well informed sources in Aviation Division told Business Recorder.
Quote:
On July 7, Aviation Division secretary noted that RHC New York is owned by PIA-Investment Limited (PIA-IL), a subsidiary of PIAC. It was added that hotel business has been badly affected as a result of Covid-19 pandemic and had to be shut down in December 2020 with the approval of cabinet to avoid cost of $37 million per annum.

Aviation Division explained that earlier on 2 September 2020, ECC had approved $142 million for RHC to payoff outstanding loan, severance charges of about 500 employees and other liabilities such as local taxes, insurance etc.

Subsequently, ECC again approved $30.3 million on September 15, 2021 as carrying over costs for 2021. Pursuant to ECC decisions, Finance Division had arranged funds through loan from National Bank of Pakistan.
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The ECC was informed that the Cabinet Committee on Privatization (CCoP) on July 2, 2020 approved leasing of RHC site for setting up a joint venture project for prospective mixed used development, the best suited mode of privatisation as delineated in the PC Ordinance, 2000 and directed PC to initiate the appointment of Financial Advisor to undertake the exercise in its meeting held on July 02, 2020.

However, the litigation in Tethyan Copper Company (TCC) in a Reko Diq case, halted the process for appointment of FA.

Subsequently, after out of court settlement with TCC, the office of Attorney General of Pakistan had advised Aviation Division to initiate the process of appointment of FA and PC was requested accordingly.
Quote:
Aviation Division further shared two serious issues that confronted PIA-IL’s management - one related to illegal demand from the union employees and the other land marking of RHC. It was stated that Aviation secretary along with PIA-IL board members held discussions with all concerned, led by Ambassador of Pakistan in USA. A post visit report was also submitted to the office of the Prime Minister on May 23, 2022.

The PMO had directed Aviation secretary to brief the board of directors of PIA-IL of RHC and any firmed-up proposal be presented to the competent forum for further directions.
Quote:
Secretary Aviation, in his capacity as Chairman PIA-IL Board convened a meeting and after deliberation, requested for GoP’s decision on the following proposals:

(i) in view of the foregoing onerous demands by the Union, and to mitigate the risk of land marking, GoP to reconsider its earlier decision regarding permanent closure of the Hotel and to re-open it;

(ii) PIA-IL/RHC to explore the option of re-opening the Hotel either on its own or through third-party short-term leasing arrangements.

(iii) PIA-IL/RHC would continue negotiations with the Union, and would try for restoration of status quo ante, however, if it fails, then a firm commitment be made to the Union for a component of the Hotel as part of re-development of the Roosevelt’s site;

and (iv) Privatisation Commission be requested to expedite the implementation of CCoP’s earlier decision for appointment of financial advisor to undertake the envisaged leasing of Roosevelt’s site for setting up a joint venture project for the prospective mixed used development through the best suited mode of privatisation as delineated in the Privatisation Commission’s Ordinance, 2000.
Quote:
The Secretary Aviation indicated urgency and stated that the issue merits attention as RHC could be land marked any day. However, on directions of the forum, Secretary Aviation agreed to provide supplemental information on the proposal for consideration of the forum in its next meeting. The Economic Coordination Committee (ECC) of the Cabinet deferred the item and directed the Aviation Division to provide supplemental information on the proposal for further deliberation on the matter in the next meeting of ECC.
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  #167  
Old Posted Jul 23, 2022, 2:40 AM
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Uhmmso what does this mean^
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  #168  
Old Posted Jul 23, 2022, 2:53 AM
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Uhmmso what does this mean^
Basically they’re back to where they were before the lawsuits put everything on hold. But the perceived potential for landmarking has put a renewed sense of urgency on coming up with a plan, now that the lawsuit has been resolved. It looks like they don’t want to lose the hotel component completely, and could possibly include it in a mixed-use development, similar to the Grand Hyatt redevelopment.
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  #169  
Old Posted Jul 23, 2022, 3:01 AM
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That'll be nice! A new lux hotel at the top.

Hopefully this one is 1,600 ft - 1,700 ft. If that's possible, idk the sqft of this site.
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  #170  
Old Posted Jul 23, 2022, 3:08 AM
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Originally Posted by MAC123 View Post
That'll be nice! A new lux hotel at the top.

Hopefully this one is 1,600 ft - 1,700 ft. If that's possible, idk the sqft of this site.
I don’t think it would go nearly that high, unless there was a huge skyline component like a spire. This site has the same exact zoning as Vanderbilt, and Vandy is very generous with its height.
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  #171  
Old Posted Jul 23, 2022, 3:11 AM
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I don’t think it would go nearly that high, unless there was a huge skyline component like a spire. This site has the same exact zoning as Vanderbilt, and Vandy is very generous with its height.
Really? That's it? I thought they quoted this at 100 stories, the floor heights aren't gonna be big, at least in comparison to some of the new ones.

Well hopefully it's at least 1,200 ft - 1,300 ft
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  #172  
Old Posted Jul 23, 2022, 1:42 PM
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Really? That's it? I thought they quoted this at 100 stories, the floor heights aren't gonna be big, at least in comparison to some of the new ones.

Yes, it could be 100 stories, depending on what type of tower they develop. But they haven’t partnered with a developer in the US yet, and any developer is likely to pitch mixed-use development if a hotel is involved. There could even be some residential thrown in.
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  #173  
Old Posted Jul 23, 2022, 2:18 PM
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And they will certainly want a tower much higher than the spire of One Vanderbilt to enjoy a spectacular view from those residential.
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  #174  
Old Posted Aug 17, 2022, 12:51 AM
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https://tribune.com.pk/story/2371409...evelt-to-qatar

Govt to offer 51% stakes in PIA, Roosevelt to Qatar


Shahbaz Rana
August 16, 2022


Quote:
ISLAMABAD:
The government on Monday shelved a plan to sell two LNG-fired power plants to Qatar and instead decided to offer 51% stakes in the Roosevelt Hotel, New York, and the Pakistan International Airlines (PIA).

Prime Minister Shehbaz Sharif took these decisions during a meeting convened to make preparations for his visit next week to Qatar, which is tentatively planned for August 22 to 23, highly placed sources told The Express Tribune.

The premier has also constituted a committee to finalise these proposals by end of this week and complete all the paperwork before his departure next week, they added.
Quote:
It was also decided on Monday that Pakistan should offer 51% stakes in The Roosevelt Hotel, New York, and the PIA along with the management control to Qatar. But the PIA law bars selling more than 49% stakes and giving management control to any other party.

It was decided that the legal process to amend the PIA law should immediately be initiated to do away with the restricting clause.

The Roosevelt Hotel is owned by the PIA through a PIA-Investment Limited. The PIA-IL holds its stakes through a subsidiary which is registered in the British Virgin Islands. The hotel, located at a highly priced location, was closed in December 2020.
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  #175  
Old Posted Aug 17, 2022, 1:23 AM
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That seals the deal. The Qataris have enough money to build on spec. I hope that they build condos and a seven-star hotel on top of the office portion.

I hope that the Qataris redevelop the hideous, full-block Manhattan Hotel in Times Square too.

Last edited by JMKeynes; Aug 17, 2022 at 2:43 AM.
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  #176  
Old Posted Aug 17, 2022, 4:55 AM
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Well, we shall see what happens. This has been a long saga, but it’s a valuable piece of property with development potential in a city that is running out of them.
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  #177  
Old Posted Aug 17, 2022, 12:03 PM
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Well, we shall see what happens. This has been a long saga, but it’s a valuable piece of property with development potential in a city that is running out of them.
I know that you disagree with me, but I would have preferred to see the hotel get landmarked. That being said with the unlimited money of Qatar, I envision something totally amazing here.
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  #178  
Old Posted Aug 17, 2022, 12:43 PM
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I wonder what kind of time table we are looking at? Hopefully we see some promising action in 2023.
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  #179  
Old Posted Aug 17, 2022, 1:17 PM
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Considering the Qataris’ enormous money, I would not be surprised to see this rise on spec.
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  #180  
Old Posted Aug 17, 2022, 5:10 PM
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Well, whatever happens short of re-opening the hotel will have to go through the approvals process again (to spell out the public benefits, and possibly permits for design).

The 30 FAR was approved for this site, but its set up in a way that they have to show how they get from 15 to 30. This is in contrast to how they do it in the Hudson Yards.






1281







https://arynews.tv/plan-for-qatari-i...-prepared/amp/

Quote:
….. sources further shared that shares and managerial control of the Roosevelt hotel in US is also likely to go into the hands of Qatari authorities. “The concerned officials will brief prime minister today on the investment plans,” they said, adding the prime minister will offer Qatar during his upcoming visit to invest in them.

The sources said that the CAA and PIA officials have reviewed all legal hitches before drawing up the plan. “The purpose of attracting the investment is aimed at improving foreign reserves of the country,” they said.
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