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

[NYguy]

Originally Posted by faridnyc

What is the projection height of this building ??

As tall as you would like it.

[faridnyc]

Originally Posted by NYguy

As tall as you would like it.

😂😂😂 you know me right now , i am for 1700ft !!!
It is just my forcast.

[NYguy]

Originally Posted by faridnyc

😂😂😂 you know me right now , i am for 1700ft !!!
It is just my forcast.

Big enough spire, and you could be right.

[NYguy]

https://twitter.com/JalilJilani/stat...73291334168576

This is no time to sell Roosevelt Hotel New York. This would be seen as a desperate sale and Pakistan won’t get the right price. The property is worth more than a billion dollars. Due to Pandemic property prices have come down significantly.

https://www.brecorder.com/news/40099638

Rs252bn to be raised through sell-off proceeds

Wasim Iqbal
12 Jun 2021

The Privatisation Commission (PC) is expected to generate Rs300 billion from the privatisation proceeds of only two RLNG power plants-Haveli Bahadur Shah and Balloki power plants.

The government is also assessing options to divest the Pakistan International Airlines (PIA) non-core assets (two hotel properties-Roosevelt Hotel in New York City, and Sofitel Paris Scribe Hotel in Paris).

[mrnyc]

pull out your discover card it’s a fire sale for the roosevelt hotel!

[NYguy]

https://www.brecorder.com/news/amp/40102638

Roosevelt Hotel: Govt for putting a cap on recurring liabilities
Wants Aviation Division to formulate viable future plan


Mushtaq Ghumman
24 Jun 2021

The Aviation Division is said to have been directed by the Federal Cabinet to formulate a viable future plan of Roosevelt Hotel, New York, aimed at putting a cap on recurring liabilities, well-informed sources told Business Recorder.

Finance Minister endorsed the views of Chairman BoI and observed that the Aviation Division must formulate recommendations for a permanent solution of the Roosevelt Hotel in order to forestall the recurring liability for the Government of Pakistan.

The ECC in its meeting held on June 16, 2021 discussed the entire issue of Roosevelt Hotel and decided that the Aviation Division should consult Finance Division regarding the mode of financing separately and formulate recommendations for the ECC.

It was also decided that Aviation Division will formulate a viable future plan about the Roosevelt Hotel after consultation with relevant stakeholders and place it before the CCoP. After consideration of the plan by the CCoP, it should be placed before the ECC within 30 days.

[Sky88]

How much indecision on this site. The various Pakistani authorities pass the ball to each other without ultimately knowing what to do with the hotel.

[NYguy]

https://www.arabnews.pk/node/1920441/pakistan


Pakistan approves $10 million to clear financial liabilities of New York’s Roosevelt Hotel


KHURSHID AHMED
August 31, 2021

The government on Tuesday allowed the Pakistan International Airlines Investment Limited (PIA-IL) to utilize $10 million and clear the financial liabilities of the Roosevelt Hotel Corporation in New York.

The Economic Coordination Committee (ECC) approved a summery presented by the Aviation Division, requesting for the provision of funds to meet the hotel’s liabilities that include payments of local taxes and utilities.

“ The PIA-IL requested the ECC to utilize $10 million available with the National Bank of Pakistan to clear the immediate financial liabilities [of the Roosevelt Hotel],” the finance ministry said in statement issued after the ECC meeting in Islamabad.

The committee also directed the PIA-IL to engage a world class consultant to meet the financial and operational challenges faced by the hotel in New York.

The Roosevelt Hotel permanently closed its door on October 31, 2020, after remaining operational since 1924.

[Hudson11]

sounds like a sale will be coming. They could fetch that 10$ million and then some if they sell it to an ambitious developer. Might need to demolish the building first, sadly. To get the most in a sale the site will need to be shovel-ready.

[JMKeynes]

This is the last thing that Vornado wants to hear.

[NYguy]

Originally Posted by Hudson11

sounds like a sale will be coming. They could fetch that 10$ million and then some if they sell it to an ambitious developer. Might need to demolish the building first, sadly. To get the most in a sale the site will need to be shovel-ready.

I don’t think they’re looking for sale, but to partner with a real estate developer.

[Hudson11]

Originally Posted by NYguy

I don’t think they’re looking for sale, but to partner with a real estate developer.

I doubt an agency of a sovereign nation is interested in only partially owning an office/hotel tower in Manhattan when they can recuperate on their investment and wash their hands of the holding. I think they'll demolish the current building and sell fully for a premium, but we'll see. Either that, or they'll redevelop the property themselves - which I doubt. Such a redevelopment would be unprecedented. The only equivalent I can think of is the Abu Dhabi purchasing the Chrysler Building, but obviously that is a trophy property not requiring redevelopment.

[NYguy]

NOVEMBER 3, 2021

[NYguy]

• Video Link

[JMKeynes]

I hope that they’re both landmarked. The Roosevelt is a beautiful building.

If they’re landmarked, could their air rights be sold? That could result in some massive new towers.

[NYguy]

• Video Link

[MAC123]

Speaking of this area, what's the building in between the USPS building and 175 park avenue? And any chance that could be redeveloped?

[streetscaper]

Yes please! come on Landmarks, please do your job!

[Raysiri]

Originally Posted by MAC123

Speaking of this area, what's the building in between the USPS building and 175 park avenue? And any chance that could be redeveloped?

USPS Building? Do you mean the building that has a blue top but it body and base are similar to Chrysler’s? I think you mean that.

[Raysiri]

Originally Posted by streetscaper

Yes please! come on Landmarks, please do your job!

Well, looks like Tower Fifth has more rivals. Watch out CPT, you’re about to get dwarfed.