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

  1. #1

    Default Potential new large tower in Midtown (Roosevelt Hotel Site)

    NY Post...

    ROOSEVELT HOTEL GOING ON BLOCK
    By LOIS WEISS

    THE Roosevelt Hotel, where Guy Lombardo led his orchestra on New Year's Eve for many years, is for sale. An Eastdil group will begin marketing it as an office development site, sources said.

    Named for President Theodore Roosevelt, the 22-story hotel takes up the full block bounded by Madison and Vanderbilt avenues and 45th and 46th streets, just south of the Bear Stearns Building.

    Because it lies in the special Grand Central zoning district, the block could potentially be re-developed into an approximately 1 million square- foot office tower of a similar height and size to Bear Stearns.

    But the question potential buyers will be asking is, "Can I afford it?" A developer would have to buy it for $150 million to $300 million, then lay out another $500 million or more to raze it and put up a new tower - all with war on the horizon, the economy tanking, office vacancies rising and no large tenant to anchor its construction.

    The sellers are an entity of the state-run Pakistani International Airlines, which recently won its court battle against the Milstein family to exercise an old low-priced purchase option. Another $65 million was spent recently to freshen and tech-wire common areas and rooms.

  2. #2

    Default Potential new large tower in Midtown

    I stayed at this hotel once. Before the construction of the Bear Stearns Bldg. Its architecture is mediocre. I wouldn't miss it.

  3. #3

    Default Potential new large tower in Midtown

    Hopefully this won't be another in the 700-800 foot range. *Skyline wise it would be a good spot for a 1000 footer or a nice 500 footer.

  4. #4

    Default Potential new large tower in Midtown

    Quote: from Just Rich on 11:21 am on Feb. 5, 2003
    Hopefully this won't be another in the 700-800 foot range. *Skyline wise it would be a good spot for a 1000 footer or a nice 500 footer.
    The area isn't zoned for that; as it is reaching 800 ft is a bonus for the site....

  5. #5

    Default Potential new large tower in Midtown

    If im not mistaken this and the site at Bear Stearns were to be combined in what would be the Travelstead Tower. Maybe Im thinking of the wrong building though.

  6. #6

    Default Potential new large tower in Midtown

    The Travelstead Tower, had it been constructed, would have been THE builing of the 80's because of it's height and very 80's looking design. One can only reminisce...

  7. #7

    Default Potential new large tower in Midtown

    Agreed. It was a masterpiece of that era. Here we will recieve another building of the same general height, it will not create an impact on the skyline. But there should be an interplay between the entities of Metlife, Bear Stearns.

  8. #8

    Default Potential new large tower in Midtown

    Well thought Stern - I think Metlife and Bear Sterns play well off of each other. They are the same, just interpereted through the 60's and late 90s respectively. We have enough skyline "flatteners", it's time for more peaks. Chrysler, TWT, and Citicorp do well at it, but (maybe with the exception of Bloomberg) it just seems that most developers are contempt at stopping around 750-780 feet. I just dont' understand it!

  9. #9

    Default Potential new large tower in Midtown

    Do developers have some kind of "formula" they use to determine economincally feasible height, or is it just superstition and guesswork? *What I hear most of the time is that the ratio of elevators and service space to leasable floor space becomes impractical after a certain point, usually 50-60 stories it seems. *

    Residential buildings, for example, can be taller and narrower because they require smaller floorplates, allowing higher elevator/ leasable space ratios, etc. *Is there any one formula they use? *That is, before they start bending the zoning....

    If Trump world Tower and the proposed New York Place are any indication (don't forget that the tops of AOL TW are resiedential, and good old John Hancock in Chicago), the next "peaks" on our skyline might be residential buildings. *I think that's realistically where our hopes lie in the next few years.

    (Edited by dbhstockton at 2:57 am on Feb. 6, 2003)

  10. #10

    Default Potential new large tower in Midtown

    I'm sure Trump's World Tower won't be the last or highest of his or any other developers plans for the skyline. *There's already the potential 90-story 1 NY Place tower downtown.
    .................................................. .........................................

    Valued 'South of $250M,' Hotel Roosevelt Hits the Market
    By John Salustri

    NEW YORK CITY-Sources close to the deal have confirmed that the Roosevelt Hotel, the time-worn Madison Avenue asset, is up for grabs, and Eastdil, vying with "several firms," has landed the marketing assignment. The property is currently owned by Pakistani International Airlines, doing business as PIA Investments Ltd. Eastdil officials did not return phone calls by deadline.

    The confirmation ends a prolonged period of speculation about the future of the 1,000-room hotel, given "its location, its current condition and its age." But the question is how much can the 79-year-old lodging asset yield. The building underwent a recent renovation, but one contact characterizes the upgrades as "an effort to cure deferred maintenance issues. They were never of a nature that would completely reposition the property as a first-class hotel." He added that the property was valued at "well south of $250 million in 2000. It's certainly south of that now. But the question is what it's worth as an office site."

    Probably on the lower end of the $150-million-to-$300-million range that has been bandied about, the source speculates, even though its characteristics are much better suited for office than lodging. These characteristics include an underground--and currently locked--passage to Grand Central terminal and a massive footprint. "All of this strongly suggests that an alternative use of the site as an office might be the highest and best use of the property."



    Roosevelt Hotel

  11. #11

    Default Potential new large tower in Midtown

    I don't totally agree.
    Maybe that's true financially, but I think there's a risk of an excessive concentration of offices around that block.

    Why not a mixed-use building with offices and a hotel that would replace the Roosevelt.
    Well, I know developers don't like that kind of complexity.

  12. #12

    Default Potential new large tower in Midtown

    I think mixed-use is the wave of the future -- AOL TW, Random House, New York Place proposal, etc.

  13. #13

    Default Potential new large tower in Midtown

    The AOL-TW was known to be very expensive.
    The Bloomberg Tower lost its hotel part in the process.
    Definitely not an easy task.

  14. #14

    Default Potential new large tower in Midtown

    Imagine if the next skyscraper battle becomes the battle of the highest residential tower. It's a crazy idea. If buildings were designed for the height and not for the comfort of the people then it turn into a contreversy.

  15. #15

    Default Potential new large tower in Midtown

    Sounds cool to me.

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