Walk past 45 East 45th Street and you’ll see it. It’s hard to miss. The Roosevelt Hotel is a massive, limestone-clad beast of a building that practically defines the Midtown Manhattan skyline. But for anyone trying to book a room, you're out of luck. It’s been closed to the public since 2020. People often ask who the Roosevelt Hotel New York owner actually is, thinking it’s some local real estate tycoon or a massive American hedge fund.
The truth is way more global.
The hotel is owned by Pakistan International Airlines (PIA). Yeah, the national flag carrier of Pakistan. It’s not just a side investment either. For decades, this single piece of Manhattan real estate has been one of the most valuable assets on the Pakistani government's balance sheet. It’s a weird situation. You have a struggling international airline owning a premier, historic hotel in the heart of New York City.
How Pakistan Ended Up With a Manhattan Landmark
The history of the ownership isn’t a straight line. It’s messy. Back in the late 1970s, PIA didn’t just buy it outright. They initially leased the property through a subsidiary called PIA-IL (PIA Investments Limited). They partnered up with a Saudi prince—Faisal bin Khalid bin Abdulaziz Al Saud—to manage the investment. For a long time, it was a joint venture.
Eventually, in 2005, the airline bought out the Saudi prince’s share for about $103 million. That gave them 100% control. Since then, the Roosevelt Hotel New York owner has been the Pakistani state, essentially.
Ownership isn't just about holding a deed. It's about politics. Because the hotel belongs to a state-owned enterprise, every single decision—from choosing a carpet to deciding whether to sell the whole thing—goes through the highest levels of the Pakistani government. Imagine trying to run a luxury hotel in New York when your board of directors is a revolving door of politicians thousands of miles away. It's a headache.
The 2020 Shutdown and the Migrant Crisis
When COVID-19 hit, the Roosevelt didn't just stumble. It stopped. In October 2020, the owners announced they were closing the doors permanently. They cited "uncertainty" and "the current environment."
📖 Related: Private Credit News Today: Why the Golden Age is Getting a Reality Check
But the building didn't stay empty for long.
In a turn of events that nobody saw coming, the Roosevelt became the epicenter of New York City’s migrant crisis. The city government reached out to the owners. Now, the hotel serves as an intake center for thousands of asylum seekers. It’s a bizarre second life for a place that used to host Guy Lombardo’s New Year’s Eve broadcasts. Instead of tourists in tuxedos, the lobby is filled with families seeking a new life.
The city is paying the Roosevelt Hotel New York owner a massive amount of money for this. We're talking about a three-year lease agreement worth roughly $220 million. For an airline like PIA, which has been bleeding cash for years, this rent check is a literal lifeline.
Why Don't They Just Sell It?
This is the billion-dollar question. Literally.
Real estate experts have valued the land alone at astronomical prices. If the owners razed the building and put up a super-tall office tower or luxury condos, the payoff would be insane. But there are hurdles. Huge ones.
- Labor Issues: The hotel staff belonged to the New York Hotel and Gaming Trades Council. Dealing with severance and union contracts is a legal minefield that has historically made a sale difficult.
- National Pride: In Pakistan, the Roosevelt is seen as a "crown jewel." Selling it is often viewed as selling off a piece of the nation's heritage. Politicians are terrified of being labeled as the person who "gave away" the Roosevelt.
- Zoning: Manhattan zoning is a nightmare. Any new owner would have to navigate the East Midtown Rezoning rules, which are great for density but complicated for developers.
Recently, the Pakistani government has toyed with the idea of a "joint venture" to redevelop the site. They don't necessarily want to sell the land, but they want someone else to pay for a new building. It’s a "have your cake and eat it too" strategy.
👉 See also: Syrian Dinar to Dollar: Why Everyone Gets the Name (and the Rate) Wrong
The Interior: A Glimpse of the Past
If you ever got to go inside before the 2020 closure, you know it was like a time capsule. The Roosevelt was named after Teddy Roosevelt, and it opened in 1924. It had that Jazz Age vibe. The Palm Court, the chandeliers, the heavy wood—it felt like Mad Men.
But honestly? It was getting tired.
Maintaining a 1,000-room hotel in New York is expensive. If you aren't constantly pumping millions into renovations, the "historic charm" quickly starts to look like "old carpet." That was the struggle for the Roosevelt Hotel New York owner. They had the asset, but they didn't always have the liquid cash to keep it at a five-star standard.
What Happens Next?
The current lease with the City of New York won't last forever. Eventually, the migrant crisis will evolve, or the contract will run out. What then?
The Pakistani government has established a committee to look at the "highest and best use" of the property. This is corporate-speak for "how do we make the most money without getting fired?"
Most analysts believe the building will eventually be demolished or undergo a massive, multi-year gut renovation. The "Roosevelt Hotel" as a lodging destination is likely dead. What comes next will probably be a mixed-use skyscraper.
✨ Don't miss: New Zealand currency to AUD: Why the exchange rate is shifting in 2026
Critical Facts for Real Estate Observers
If you're following this story, keep these specific details in mind. The ownership isn't just a fun fact; it’s a geopolitical chess move.
- Tax status: Even though it’s owned by a foreign state-owned entity, the property is still subject to New York property taxes.
- The "Grand Central" Connection: The hotel is connected to Grand Central Terminal via an underground passage. This makes the location one of the most desirable on the planet.
- Privatization: There is constant pressure from the International Monetary Fund (IMF) for Pakistan to privatize state assets like the Roosevelt to pay off national debt.
It's a strange fate for a landmark. A Pakistani airline, a Saudi prince, a New York migrant center, and a possible future as a glass tower.
Actionable Steps for Researching Manhattan Land Ownership
If you want to track the future of the Roosevelt or any other major New York landmark, you don't have to guess. The information is public if you know where to look.
Check the ACRIS System
The Automated City Register Information System (ACRIS) is where every deed, mortgage, and lease in New York is recorded. You can search "Roosevelt Hotel" or the block and lot number to see exactly who is signing the documents. It’s a goldmine for verifying the Roosevelt Hotel New York owner records.
Monitor Pakistan’s Privatization Commission
Because the hotel is a state asset, the Privatization Commission of Pakistan issues regular updates. If a sale or a joint venture is actually happening, the official announcement will come from Islamabad before it hits the New York papers.
Follow the NYC Department of Buildings (DOB)
Before any construction or demolition starts, permits must be filed. Checking the DOB NOW portal for 45 East 45th Street will give you a heads-up months before the wrecking balls arrive.
The Roosevelt isn't just a hotel. It's a barometer for the Manhattan real estate market and a symbol of how globalized property ownership has become. Whether it stays a shelter or becomes a luxury tower, the Pakistani government is sitting on a gold mine—they just have to figure out how to dig it up.