Shahal Khan's Burkhan World Investments has proposed a redevelopment deal for the Roosevelt Hotel, allowing its current owner, Pakistan International Airlines, to retain a 50% stake. The plan includes constructing a new tower of up to 1.3 million square feet and acquiring air rights, positioning the potential building alongside major New York real estate developments. The hotel had recently transitioned to a migrant shelter but is once again being eyed for redevelopment as tourism rebounds, with the city's prior lease ending.
The proposed redevelopment of the historic Roosevelt Hotel comes as the current owner remains poised to retain a significant stake in the venture.
Burkhan World Investments proposes to build a new tower on the site of the Roosevelt Hotel, allowing PIA to maintain 50% ownership.
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