You’ve probably seen it. That massive, neo-Renaissance block of limestone and brick sitting right at 45 East 45th Street. It’s a stone's throw from Grand Central. If you’ve ever walked through Midtown Manhattan, the Roosevelt Hotel is hard to miss, even if it’s currently wrapped in the kind of political and financial drama that would make a Succession writer blush.
But who is the owner of Roosevelt Hotel NYC?
The answer isn't a New York real estate mogul or a fancy private equity firm based in Greenwich. It’s actually the government of Pakistan. Specifically, the hotel is owned by Pakistan International Airlines (PIA), the national flag carrier, through a series of offshore subsidiaries. If that sounds weird, it’s because it kind of is. A foreign government owning one of the most iconic pieces of Manhattan real estate is a logistical and political headache that has lasted for decades.
The Long Game: How Pakistan Ended Up With a New York Icon
Back in the late 1970s, the world was a different place. The Roosevelt was aging, and the investment world was shifting. In 1979, PIA didn't just buy the building outright. They partnered with Prince Faisal bin Khalid bin Abdulaziz Al Saud of Saudi Arabia to lease the property.
They had an option to buy.
They took it. By 1999, they exercised that option for about $36.5 million. Think about that for a second. In today’s Manhattan market, $36 million wouldn't buy you a penthouse in some of the newer ultra-luxury towers, yet they snagged a 1,000-room hotel for that price. Later, in 2005, PIA bought out their Saudi partner’s share in a deal that valued the hotel at over $1 billion.
It was a brilliant move on paper. The owner of Roosevelt Hotel NYC was sitting on a goldmine. But owning a legendary hotel is different from running one profitably.
The Roosevelt opened in 1924. It was named after Teddy Roosevelt. It was the first hotel to have a television in every room (back in 1947). Guy Lombardo and his Royal Canadians performed "Auld Lang Syne" for the first time on New Year's Eve in the hotel’s grill room. It’s steeped in history. But history is expensive.
Old pipes leak. Old wiring fails.
By the time the 2010s rolled around, the hotel was hemorrhaging money. It needed a massive renovation—we're talking hundreds of millions of dollars—to compete with the shiny new hotels popping up in Hudson Yards and Billionaires' Row. The Pakistani government, facing its own economic crises at home, wasn't exactly in a position to cut a check for a luxury renovation in New York.
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Why the Roosevelt Closed Its Doors
Then 2020 happened.
The pandemic was the final nail in the coffin for the hotel's traditional operations. On October 31, 2020, the Roosevelt Hotel officially ceased operations as a commercial hotel. It was a somber day. The "Grand Dame of Madison Avenue" went dark.
For a while, everyone thought it would be sold. Developers were circling like vultures. The site is a prime candidate for a massive skyscraper. Under the Midtown East rezoning rules, a developer could potentially tear it down and build a tower significantly taller than the current structure.
But the owner of Roosevelt Hotel NYC—the Pakistani government—faced a massive backlash back home. Selling a "national asset" is a political third rail in Islamabad. There were court cases. There were protests. There were accusations of corruption. So, the building sat.
And sat.
It became a ghost ship in the heart of the city.
The Pivot to a Migrant Intake Center
Life is strange. In 2023, the hotel found a new, unexpected purpose. The City of New York was struggling with a massive influx of asylum seekers. They needed space, and they needed it fast.
The Pakistani government struck a deal with Mayor Eric Adams’ administration. The hotel would be leased to the city to serve as a centralized migrant processing center and shelter.
The deal was reportedly worth around $220 million over three years. For the owner of Roosevelt Hotel NYC, this was a lifeline. It provided guaranteed cash flow without the need for a massive capital injection to fix the hotel’s luxury amenities.
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The Current State of Ownership
Honestly, the ownership structure is still a bit of a labyrinth. It’s held through PIA Investments Ltd, a company incorporated in the British Virgin Islands. Using offshore companies for Manhattan real estate isn't unusual, but when it’s a state-owned enterprise, the transparency requirements get murky.
Here is the current reality of the ownership:
- Primary Owner: Pakistan International Airlines (via PIA Investments Ltd).
- Ultimate Stakeholder: The Government of Pakistan.
- Current Operator: The City of New York (under a multi-year lease agreement).
There is constant talk about privatizing PIA. If the airline is sold to a private buyer—which the Pakistani government has been trying to do to satisfy IMF loan conditions—the Roosevelt Hotel is the "crown jewel" of the deal.
However, there’s a catch. The government often tries to "carve out" the hotel from the airline sale because it’s worth so much more as a real estate play than as part of a struggling airline.
What is the Hotel Actually Worth?
Estimates vary wildly. If you look at it as a hotel, it’s a money pit. If you look at it as a piece of land? It’s arguably worth between $1 billion and $1.5 billion.
The land is the value.
The building is "landmark-eligible" but not officially landmarked in the way the Waldorf Astoria is. This creates a high-stakes poker game. If the city landmarks the interior or exterior, the value plummets because you can’t tear it down. If it remains unlandmarked, the owner of Roosevelt Hotel NYC is sitting on one of the most valuable development sites in the Western Hemisphere.
Common Misconceptions About the Owner
People often get confused because the hotel has been featured in so many movies. They think a film studio owns it or some famous billionaire like Trump or Bloomberg.
- "Does a Saudi Prince own it?" Not anymore. He was bought out in 2005.
- "Is it owned by the city?" No. New York City just rents it. They are a high-paying tenant, but they don't hold the deed.
- "Is it owned by the Roosevelt family?" Never was. It was just named after him to capitalize on his popularity.
It’s just Pakistan. A country thousands of miles away owns the keys to a building where Don Draper once "lived" in Mad Men.
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The Future: Sale or Renovation?
The Pakistani government is currently in a bind. They need foreign exchange reserves. Selling the Roosevelt would provide a massive, one-time cash infusion.
But there’s the "pride" factor.
In Pakistani politics, selling the Roosevelt is often framed as "selling the family silver." Every time a sale is proposed, the opposition party uses it as a weapon. This political gridlock is the only reason the building hasn't been turned into a 100-story glass needle yet.
The lease with New York City ends in a couple of years. At that point, the owner of Roosevelt Hotel NYC will have to make a choice.
- Reopen as a hotel (unlikely, too expensive).
- Convert to luxury condos (possible, but requires a partner).
- Demolish and build a commercial tower (most profitable, most controversial).
- Sell the whole thing to a developer like SL Green or Vornado.
Real-World Actionable Insights
If you’re a traveler, an investor, or just a NYC history buff, here is what you need to know about the current situation:
For Travelers:
Don't try to book a room. You can't. The Roosevelt is no longer a public hotel. If you're looking for that "Old New York" vibe, you'll have to head over to the Knickerbocker or the Warwick. The Roosevelt is strictly a city-run facility for now.
For Real Estate Observers:
Keep an eye on the "Midtown East" rezoning updates. Any change in the landmark status of 45th and Madison will immediately signal what the owner of Roosevelt Hotel NYC plans to do. If the scaffolding goes up for anything other than basic maintenance, the end of the building is near.
For Policy Geeks:
The Roosevelt is a case study in "Sovereign Real Estate Investment." It shows how difficult it is for a government to manage a commercial asset in a foreign country. The layers of bureaucracy between the PIA board, the Pakistani Ministry of Privatization, and New York zoning boards make any decision move at a snail's pace.
The Roosevelt remains a symbol of a bygone era of New York glamour, currently acting as a release valve for a modern humanitarian crisis, all while being owned by a cash-strapped South Asian airline. It’s a strange, uniquely New York story.
If you want to see the building in its glory, go soon. Walk past the Madison Avenue entrance and look up at the intricate stonework. Whether it stays in Pakistani hands or is sold to a developer, the building as it exists today is on borrowed time. The economics of Midtown Manhattan simply don't allow a 100-year-old hotel to sit underutilized forever. The land is too hungry.
To track the official status of the property, you can monitor the NYC Department of Finance ACRIS system, which records all deed transfers and major lease memorandums for the property (Borough: Manhattan, Block: 1281, Lot: 21). Any change in the owner of Roosevelt Hotel NYC will show up there first.