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New York’s Roosevelt Hotel May Make Way for New Skyscraper
MINT· 2025-10-04 11:03
Group 1 - Pakistan is exploring options for the Roosevelt Hotel in Manhattan as part of its commitments to the IMF, including the possibility of demolishing it to build a skyscraper [1][2] - The government is considering a joint venture where Pakistan provides the land and a partner contributes equity, with clarity expected in the coming months [1][2] - The hotel, previously owned by Pakistan International Airlines (PIA), has been closed since the pandemic and briefly served as housing for migrants [2] Group 2 - The government is undertaking significant efforts to restructure or sell state-owned companies as part of a $7 billion loan agreement with the IMF [3] - PIA is likely to be the first asset sold, with hopes for a sale by November, as the airline has been reliant on government bailouts [3][4] - Interested buyers for PIA include some of the largest business groups in Pakistan, with an estimated investment of around $500 million needed for its turnaround [4] Group 3 - Pakistan is in the process of appointing advisers for the hotel transaction, with bids received from seven groups, including Citigroup Inc., CBRE Group Inc., and Savills PLC [5]