The Roosevelt Hotel's closure will pave the way for lucrative redevelopment opportunities in East Midtown, with potential project sizes reaching 1.8 million square feet. Owner PIA aims to sell the site for around $1 billion, attracting interest from significant developers. Recent rezoning raises the maximum FAR to encourage higher density projects, necessitating improvements to transit and public spaces. JLL has indicated growing interest, with a formal solicitation expected in spring as they navigate the termination of the city's $220 million lease.
The Roosevelt Hotel's impending closure has made it a hot commodity among developers as the site is poised for a major redevelopment project.
Developers are eyeing the Rooseevelt site for a potential skyscraper taking advantage of recent zoning changes allowing increased development density.
The area's recent rezoning changes have raised the maximum FAR, incentivizing developers to incorporate transit improvements in their proposals for the Roosevelt site.
With the city terminating its lease, JLL anticipates a surge in developer interest in transforming the iconic East Midtown location.
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