After it was announced last week that the historic Roosevelt Hotel would be closing its doors, owner Pakistan International Airlines (PIA) has since teased to what will become of the Midtown East building. One possibility is a new hotel standing 100 stories. Set in a prime location, the block-long 19-story structure is bordered by Madison and Vanderbilt Avenues and East 45th and 46th streets.
45 East 45th Street via Google Maps
PIA has publicly stated that there are no currently plans for the building once the hotel closes. As reported by ProPakastani, during a Senate Standing Committee on Aviation PIA’s CEO Air Marshal Arshad Malik brought up the pending Roosevelt Hotel closure with regard to the financial constraints of the airline.
Arshad Malik said the hotel would be closed down by December 31 for renovations and future utility plans. At that point it would be decided if the Roosevelt Hotel needed necessary renovations or repair work, or the existing building will be demolished to make room for the new supertall. Assessed by accounting firm Deloitte, the current market value of the hotel is $662 million based on highest and best use, according to Malik.
PIA’s CEO also said the hotel revenue was in the negative in part because of debt servicing and unionization, as well as the dilapidated conditions of the building including infrastructure, guest rooms, and public areas. The coronavirus pandemic has only aggravated the declining business, which is estimated to increase revenue losses to $6 million per year.
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According to the map in the article, the Roosevelt Hotel is not part of the East Midtown rezoning area… It’s in the “Vanderbilt Corridor (Area Excluded from the Proposed Action)” carve-out.
I thought the Roosevelt was an individual landmark. I hope it cannot be demolished. It is a wonderful part of our history. It would be a disgrace to destroy it.
Two things the writer should have noted: They can’t build a 100 story hotel, because the necessary air rights from GC are for office development. Second, even if they could build a 100 story hotel, we know from other buildings that “100” is likely a vanity number, and given that hotels tend to have low ceiling heights this quite likely wouldn’t be a supertall. Now let’s dispense with the rumors and hope that the Pakistanis come to their senses and partner with one of the city’s premier developers to erect a spectacular mixed use or office highrise that can actually push into supertall heights.
Why dont they just keep the building, it’s a nice old classic building from times long gone. I don’t know, Manhattan is to over built now
Yep. It is a very classic, well designed historical building and replacing a hotel with a new hotel is stupid and ridiculously wasteful. Convert the building into housing with a mix of low, middle and market rate prices.
Um, Pakistani Airlines is a for-profit company, not a charity. If you think for a second they’d convert the Roosevelt to low-income housing, you’re deluded. No one’s going to want to live in this location anyways—it’s too busy and surrounded by much taller buildings. There are two options here: sell the Roosevelt to someone who will keep it operating as a hotel, or replace it with a much larger office or mixed-use building.
Is there any way that the ballroom can be saved, and incorporated into the new building? That dance floor is one of the best there is, anywhere.
It Would be neat if they preserved at least the base of the existing hotel and incorporated it into the new tower.
Maybe they’ll rip this down and build a 100 story bldg designed by peter poon-tang or gene kaufman…given the city’s tendencies.
The fact that a historic American building is even allowed to be owned by Pakistan Airlines proves for the millionth time that America is no longer a nation. It’s merely a gigantic international arrivals lounge for sale to the highest bidder. Both political parties are to blame for this shameful and degrading situation. We’ve sold our nation for peanuts.
I agree. The iconic W=A now owned by the Chinese Government and I think (not entirely sure) the Carlyle owned by a Singapore Corporation. Just a couple of famous examples. As for the Roosevelt it should definitely be kept and updated as it is the only remaining of the big 3 Grand Central Hotels, the Biltmore (one of NYC’s finest) having been lost in the 80’ and the Commodore in the 70’s. (Altered beyond recognition) The last thing the city needs in that location is another super tall.
How can a totally foreign entity buy a non movable property in USA? I think US should never allow such sales. US must look at long range outcomes rather than short term economic gains particularly supported by party in power. Do other countries allow US or foreigners to buy their land or land fixed properties?
They need to put that building as a historic landmark, quickly.
they should just renovated the building and open back it as a hotel just like the Waldorf Astoria New York. No need to make it as apartment or office space. Have you guys ever seen how much condo they have in midtown but can’t sell them no point of doing that.
Why is there endless scaffolding in NYC? Are there no time limits?
At least save the base… DC has done some amazing things preserving historic facades while totally gutting “outdated” buildings. NYC aught to try it sometime…
NYC is literally emptying out of people. More are considering working from home for the long term, vacancy rates are increasing. Do they honestly believe there’s a need for another commercial skyscraper in midtown?
If they put up enough cash, and bribe the right people, it will come true, how do you think they got the rights to build Hudson Yards, its all about money, to hell with any one who stands in the way of the money flow..
The Roosevelt was always our go to for the St. Patty’s Day Parade! Drinks in the beautiful bar! The perfect location! This hotel is a landmark and a icon! Praying they don’t take it down! Truly loved staying there I will miss it dearly!