Search
 

Valued 'South of $250M,' Hotel Roosevelt Hits the Market

NEW YORK CITY-But that value is as a hotel property. The question one source poses is: what's it worth as an office? Eastdil beat out several other brokers to land the plum marketing assignment.

By John Salustri | Updated on February 05, 2003

NEW YORK CITY-Sources close to the deal have confirmed that the Roosevelt Hotel, the time-worn Madison Avenue asset, is up for grabs, and Eastdil, vying with “several firms,” has landed the marketing assignment. The property is currently owned by Pakistani International Airlines, doing business as PIA Investments Ltd. Eastdil officials did not return phone calls by deadline.

The confirmation ends a prolonged period of speculation about the future of the 1,000-room hotel, given “its location, its current condition and its age.” But the question is how much can the 79-year-old lodging asset yield. The building underwent a recent renovation, but one contact characterizes the upgrades as “an effort to cure deferred maintenance issues. They were never of a nature that would completely reposition the property as a first-class hotel.” He added that the property was valued at “well south of $250 million in 2000. It’s certainly south of that now. But the question is what it’s worth as an office site.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.