X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-The Roosevelt Hotel, a Midtown Manhattan stalwart since 1924, is officially on the market amid much speculation regarding its future status. The Pakistan government announced plans to go ahead with the auction of the 1,013-room property which is owned by Pakistan International Airlines and a Saudi partner. The owner has operated the hotel since 1979 and acquired the surrounding land in 1999. Eastdil Realty Co. LLC has been named the exclusive advisor by the owner in connection with the sale.

A February 5 GlobeSt.com report noted the value of the property to be nearly $250M, but questioned whether plans were in the works to demolish it and place an office building on the site.

Named for President Theodore Roosevelt, the 43,313-sf hotel is bounded by Madison Ave., East 45th and 46th streets and Vanderbilt Ave. The hotel has just completed a makeover, according to its website, with a $3 million soft good renovation to all of the guest rooms and suites and a $100,000 renovation to the Madison Club Lounge lobby bar. That renovation updated its look with new carpeting, tables, chairs, lighting, artwork, couches and bar stools. The guest room makeover included the replacement of all carpeting, duvets, pillows, and drapes, plus the addition of a sofa chair, a desk lamp with Internet and DC plugs and an ergonomic desk chair.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.