"The hotel is on a prime cut of the Midtown East business district near Grand Central that the Bloomberg and de Blasio administrations upzoned in the 2010s. That change was meant to spur projects like this one, replacing older mid-rise buildings with newer taller ones, and we're seeing the results now."
"The Roosevelt, a stolid 19 masonry floors, can't compete in this new game. It's a good building but also kind of frumpy, and it spent a few years as a migrant shelter during the pandemic, so if it were to be returned to use as an upscale hotel, it'd need rehabbing."
"Until recently, it was owned by the nation of Pakistan, which transferred it to a holding company that also controls PIA, the newly privatized Pakistani national airline. The government still seems to be in charge, though, judging by the fact that this redevelopment deal was signed by Pakistan's Ministry of Defense and the United States government's General Services Administration."
The Roosevelt Hotel, a 1,000-room property at 45th Street and Madison Avenue in Midtown East, faces demolition despite being a well-regarded building. Zoning changes implemented in the 2010s by the Bloomberg and de Blasio administrations encouraged replacing older mid-rise buildings with taller structures. The hotel, owned by Pakistan and transferred to a holding company controlling Pakistan's national airline, cannot compete economically with newer supertall developments. A redevelopment deal signed between Pakistan's Ministry of Defense and the U.S. General Services Administration essentially sealed the building's fate. While the hotel would likely be renovated if located elsewhere, the prime Midtown location and economic incentives for taller construction make demolition nearly inevitable.
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