"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."
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.
Read at New York Post
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