New York City’s Roosevelt Hotel, a historic venue that establishment that is now housing serving as the centralized intake center for the waves of illegal immigrants being brought into the city, will have a new life as a mixed-use project after the city’s lease on the property expires.
The New York Post reported the hotel’s owner, the government of Pakistan, has contracted the brokerage JLL (NYSE:JLL) as the exclusive agent to market the property to developers and investors. The hotel was closed during the Covid-19 pandemic and the city signed a three-year lease last June for $220 million.
“Pakistan hired us to evaluate the property’s potential as a mixed-use project combining retail, offices, a new hotel, condo apartments and event space all in a single building,” said JLL’s New York region CEO/president Peter Riguardi. “We expect all the major developers and global capital sources to be interested. It will attract the greatest architects. The Roosevelt location is in the hottest part of New York City, close by Grand Central Terminal.”
The Roosevelt Hotel opened in 1924 and was named in honor of President Theodore Roosevelt. Located adjacent to Grand Central Station, the hotel was the center of year-end national attention when bandleader Guy Lombardo and the Royal Canadians would broadcast their annual New Year’s Eve concert from the hotel’s Roosevelt Grill. The Beaux-Arts design of the hotel was also popular with film and television producers, and its use as a location for “Mad Men” inspired the hotel to sell vacation packages tied to the TV show.
Photo by Billy Hathorn / Wikimedia Commons