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Thread: Potential new large tower in Midtown (Roosevelt Hotel Site)

  1. #16

    Default Potential new large tower in Midtown

    (NY Times)

    Roosevelt Hotel, Near Grand Central, Goes on the Market

    By CHARLES V. BAGLI

    The Roosevelt, the dowager hotel near Grand Central Terminal, is being sold by its Pakistani and Saudi owners, who have controlled it for more than two decades.

    Pakistan International Airlines, which is owned by the Pakistani government, and Prince Faisal bin Khalid of Saudi Arabia are putting the 1,013-room hotel on the auction block this week in the hope of raising about $225 million.

    It is not the best time to sell a hotel, even one wrapped in limestone and antique French marble. Foreign tourists are scarce and room rates are down. But the 20-story hotel is being looked at by developers and hotel companies that see the rare opportunity to buy an entire block in the city's premier office district.

    Some real estate executives said the Roosevelt, which sits on a one-acre parcel bounded by Madison and Vanderbilt Avenues, between 45th and 46th Streets, could even be demolished in the future to make way for a new skyscraper.

    "You don't get much more prime real estate than this site," said John Fox, a senior vice president at PKF Consulting, a hotel consulting company. "The public areas are some of the nicest in New York, although the guest rooms are a little small. The question is: Is it worth more as something else?"

    According to real estate executives, several hotel companies as well as developers like Donald J. Trump, Harry Macklowe, Sheldon Solow and Alan B. Friedberg are circling the hotel, which has a gilded ceiling in the lobby, marble floors and a brass pendant clock.

    "I think the world's going to bid on it," said one developer, who added that he would be one of the bidders. "You could keep it as a hotel for a while and then do office development, but I think it works as a hotel."

    The Roosevelt was to go on sale earlier this year, said Lawrence B. Wolfe, a managing director of Eastdil, the real estate investment bank representing Prince Faisal and Pakistan Airlines, but the process was delayed until after the war in Iraq.

    The partners have decided to sell the Roosevelt, as well as the Hotel Scribe in Paris, to raise cash for the airline and to continue a government privatization effort in Pakistan.

    The Roosevelt opened in 1924 as part of Terminal City, a complex of hotels and office buildings near Grand Central that were linked to the terminal by underground passageways. One of the first hotels to offer a health club, child care and a dog kennel, the Roosevelt was included in scenes from movies over the years, like "The French Connection," "Wall Street," "Malcolm X" and "Maid in Manhattan."

    Like the railroad that built it, the hotel had fallen on hard times by the 1970's. The Loews Corporation paid $55 million to buy the Roosevelt in 1979 from the bankrupt Penn Central Railroad, along with two other railroad hotels, the Barclay (now the Intercontinental Hotel) and the Biltmore. Loews quickly resold the Roosevelt to Paul Milstein, a developer, for less than $30 million. (Mr. Milstein also bought the Biltmore, demolished it and built the Bank of America Tower.)

    Nine months later, Mr. Milstein leased the hotel to a joint venture of the Pakistani airline and Prince Faisal for $2.7 million to $4 million a year in rent.

    The airline and its partner, however, had more than $70 million in operating losses over the next 16 years, Aslam R. Khan, managing director of Pakistan Airlines Investments, said in an interview in 2000. The hotel took on a dowdy cast, with threadbare carpets and tarnished brass fixtures.

    In 1996, the airline brought in a new management company and spent $58 million on renovation, and the hotel started to turn a profit. According to sales documents, the Roosevelt had a net operating income of $12.7 million last year and a 74 percent occupancy rate, down from $29 million in income in 2000 and an 84.8 percent occupancy rate.

    The airline and the Saudi prince bought the hotel after becoming embroiled in a legal battle in 1999 with the Milstein family over the 20-year-old option to buy for $36.5 million. The Milsteins thought the property was worth about $250 million, but the State Supreme Court eventually ruled in favor of the airline.

  2. #17

    Default Potential new large tower in Midtown

    I think it's too soon to build more offices. The market doesn't need much space right now, and I'm afraid the new building would be as mediocre as CIBC.
    This site deserves better. Something of the size of the Chrysler building.

  3. #18

    Default Potential new large tower in Midtown

    Do you suppose a mixed use project similar to AOL Time Warner could rise at that site? *That area could use more than just offices, and a mixed use project will help justify a very tall skyscraper on that site.

  4. #19

    Default Potential new large tower in Midtown

    That's true.
    Would the zoning allow a very tall skyscraper ?
    I'm afraid the project by KPF in the 80s was not authorized for that reason.

  5. #20

    Default Potential new large tower in Midtown

    The neighborhood groups fought the KPF tower which used air-rights from neighboring buildings to legally get the proposed height but it was eventually lowered to become the Bear Stearns tower.

  6. #21

    Default Potential new large tower in Midtown

    Quote: from Fabb on 7:32 am on May 26, 2003
    I think it's too soon to build more offices. The market doesn't need much space right now, and I'm afraid the new building would be as mediocre as CIBC.
    This site deserves better. Something of the size of the Chrysler building.
    If a new tower were built on the site, it would be at least a few years before construction anyway. *As of yet, there are no plans for the site, and the building would have to be demolished.

  7. #22

    Default Potential new large tower in Midtown

    You mean that in a few years the market would easily swallow the new offices ?
    That's what I usually think.
    But in this case, there are already several big projects on the waiting list : NYTimes, Pfizer... and the new WTC.

  8. #23

    Default Potential new large tower in Midtown

    Cross-block 237 Park Avenue has a better chance of getting off the ground first, it is further along atleast.

  9. #24

    Default

    nope, they own 237 already, the hotel is on Madison ave next to 225 park, another Max property. They are two different projects, and i doubt 237 will ever get that extension, doesnot make sense
    kliq6:

    Do you think its possible air-rights could be combined from the Helmsley Building, 237 Park Avenue, and maybe Grand Central, to create one super tower?

  10. #25

    Default

    GlobeSt.com UPDATE: Roosevelt Hotel is Not for Sale
    By Barbara Jarvie
    Last updated: Oct 15, 2003 08:45AM

    NEW YORK CITY-Proving the adage it ain't over 'til it's over, the sale of the Roosevelt Hotel has been called off, according to inside sources. A few weeks ago, all the bids were in for the 1,013-room property owned by a joint venture of Pakistan International Airlines and Saudi Arabia's Prince Faisal, but now refinancing is the favored course of action.
    The joint venture had operated the hotel since 1979 and acquired the surrounding land in 1999.

    In early February, GlobeSt.com reported that the value of the property was nearly $250 million, but questioned whether plans were in the works to demolish the property in favor of an office building. According to a report published last week in a Pakastani newspaper, a $244 million bid from Donald Trump was rejected, but a second lower bid was about to be accepted. Eastdil was the exclusive advisor on the sale.

    Named for President Theodore Roosevelt, the 43,313-sf site is bounded by Madison Avenue, East 45th and 46th streets and Vanderbilt Avenue. The hotel has just completed a makeover, according to its website, with a $3 million soft good renovation to 1,013 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.


    Imagine what Trump would have done with all those air rights he could have bought too.

  11. #26

    Default

    Ehhh.......that stinks. With this not happening and NY Times running into rocks, these last few days have been dissapointing from a building persepctive.

  12. #27
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    Eh, I'd prefer a renovated classic New York hotel to Trump Tower Grand Central.

  13. #28
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    Stern, i would have said yes to you, when i heard it thatway, but if the Hotel plan is off the shelf i guess nothing will happen, i just hope then now that 237 gets that 1 million sf extension.

  14. #29
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    the building is no longer for sale so i assume this project is dead

  15. #30
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    In the near future, big news will come of the future of this hotel, stay tuned

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