NYC’s Roosevelt Hotel may fetch $1B in sale after migrants move out: sources

The city’s announcement that it would move migrants out of the Roosevelt Hotel by June made the precious East Midtown site Topic No.1 among commercial developers.

The property’s owner, the Pakistan government’s Pakistan International Airlines (PIA), wants to sell it for what sources said could be $1 billion.

A developer could tear down the antiquated hotel to build a skyscraper of up to 1.8 million square feet on the roughly 42,000 square-foot parcel, sources said.

(People outside the Roosevelt Hotel wait for their children after school pickup.Michael Nagle)

PIA’s sale agent, JLL, has yet to issue a formal solicitation, which will likely happen in the spring.

However, market sources told Realty Check that “informal conversations of interest” have taken place with developers including Tishman Speyer, Related Companies, SL Green and Vornado.

The Roosevelt site takes up the full block bounded by Madison and Vanderbilt avenues between East 45th and East 46th streets.

(A view of the construction of JPMorgan Chase’s headquarters on Park Avenue.Christopher Sadowski):

PIA is eager to unload the site to help alleviate the airline’s and the government’s cash-crunch.

The Islamabad government is under pressure to meet terms of a $7 billion IMF bailout agreement.

Tens of thousands of migrants, not all of them legal and some with criminal records, have lived there for nearly two years.

(The Midtown Manhattan skyline and the Empire State Building, One Vanderbilt and the Chrysler Building from Jersey City.Christopher Sadowski)

(The front of One Vanderbilt Avenue.Helayne Seidman)

(A woman looks out at the Empire State building and Manhattan skyline from the Summit at One Vanderbilt observatory.REUTERS)

Ref: NYC’s Roosevelt Hotel may fetch $1B in sale after migrants move out: sources Photo Credit- Michael Nagle, Reuters, Helayne Seidman, Christopher Sadowski