It’s one of those buildings you can’t help but stare at. Even in the sensory overload of Midtown Manhattan, the Roosevelt Hotel holds this weird, grand gravity. It’s got that Italian Renaissance vibe—all limestone and brick—sitting right there on 45th and Madison. But if you’ve walked past it lately, you know the vibe has shifted. It’s no longer the place where Guy Lombardo played "Auld Lang Syne."
People are asking who owns the Roosevelt Hotel New York for very different reasons than they did ten years ago. Back then, it was a question of classic Manhattan real estate. Today, it’s a political lightning rod.
The short answer? The government of Pakistan. Specifically, it’s owned by Pakistan International Airlines (PIA).
But saying "Pakistan owns it" is like saying "it's raining in New York." It’s true, but it doesn't tell you if you're in a drizzle or a hurricane. Right now, the Roosevelt is at the center of a massive financial and humanitarian tug-of-war that involves the NYC Mayor’s office, the Trump administration’s border policies, and a cash-strapped airline halfway across the globe.
The Weird History of How an Airline Bought a Landmark
Honestly, it’s a bit of a bizarre saga. How does a national airline from South Asia end up owning a massive chunk of Madison Avenue?
It started in 1979. PIA didn’t just walk in and buy the building with a suitcase of cash. They originally leased it from a developer named Paul Milstein. At the time, the airline was looking to diversify. They partnered with a Saudi prince—Faisal bin Khalid bin Abdulaziz Al Saud—and together they took over the management.
They had a "lease-to-buy" option. In 2000, they pulled the trigger. PIA and the Prince bought the whole thing for about $37 million. Eventually, PIA bought out the Prince’s share, becoming the sole owner. For a while, it worked. The hotel was actually making money—something like $30 million a year in its prime.
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But then, things got messy.
Why the "Grand Dame" Closed Its Doors
By the mid-2010s, the Roosevelt was showing its age. It’s a 1924 building. Pipes leak. Wiring gets sketchy. To keep a hotel like that competitive with the sleek glass towers of modern Manhattan, you need hundreds of millions in renovations.
PIA didn't have it. The airline itself was bleeding money. Then 2020 hit. The pandemic basically euthanized the NYC hotel industry for a year. In December 2020, the Roosevelt officially "closed" as a traditional hotel. It looked like the end of an era.
The $220 Million Shift: From Luxury to Shelter
For a couple of years, the building just sat there, dark and dusty. Then, the migrant crisis hit New York City. Suddenly, the city needed thousands of beds, and they needed them fast.
In May 2023, the city of New York signed a massive, three-year lease with PIA. The deal? $220 million.
The Roosevelt became the city’s primary intake center for asylum seekers. It got the nickname "the new Ellis Island." It was a win-win on paper: NYC got a centralized hub for migrants, and Pakistan got a financial lifeline for its airline.
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The 2025/2026 Turning Point
If you’re looking at the hotel today, things have changed again. In early 2025, Mayor Eric Adams announced the city would be terminating that $220 million lease early. Why? A mix of reasons:
- Political Pressure: Critics were furious that taxpayer money was going to a foreign government-owned airline.
- Drop in Arrivals: The number of migrants arriving in the city plummeted from 4,000 a week to just a few hundred.
- Maintenance Issues: Reports started surfacing that the building was being "trashed." We’re talking about rooms designed for 1920s luxury being used by thousands of people 24/7. The wear and tear was brutal.
Who owns the Roosevelt Hotel New York right now?
Technically, PIA Holding Co. still holds the deed. But "ownership" is getting complicated. In late 2025, Pakistan privatized its national airline. A consortium led by the Arif Habib Group bought a 75% stake in PIA.
However, the Roosevelt Hotel was often treated as a separate "trophy asset." As of early 2026, the Pakistani government is still trying to figure out what to do with the actual real estate. They aren't just going to sell it for peanuts—it’s too valuable.
The Skyscraper Rumors
There is a serious proposal on the table from a group called Burkhan World Investments. They want to do a joint venture. The idea? Tear down the historic structure—or at least parts of it—and build a 1.3 million-square-foot tower.
Under this plan:
- PIA would keep 50% ownership.
- The developer would take a 99-year ground lease.
- The site would be transformed into a mix of luxury offices and high-end residential.
It’s a controversial move. Preservationists hate it. The building is a landmark in spirit, if not always in strict legal protection.
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What Most People Get Wrong About the Ownership
You’ll hear people say, "The UN owns it" or "The city bought it."
Neither is true. The city of New York was just a tenant. A very high-paying tenant. Now that the city is moving out, the "owner" (the Pakistani government/PIA) is left with a massive, empty building that needs a lot of TLC and even more money.
Current Status Check (2026)
- Is it a hotel? No. You can't book a room.
- Is it a shelter? It is currently phasing out those operations as the lease ends.
- Who is in charge? The Pakistan Privatization Commission is the entity making the big decisions.
Actionable Insights for the Future
If you’re a real estate nerd or just a curious New Yorker, here is what to watch for in the coming months.
1. The Landmark Status Battle
Watch the NYC Landmarks Preservation Commission. If they move to protect the building, that 1.3 million-square-foot tower dream dies instantly. That would significantly drop the value of the property for the Pakistani government.
2. The Repair Lawsuits
Expect a legal battle between PIA and New York City. PIA is likely going to claim the city "ruined" the interior during the shelter phase. The city will argue they paid a premium ($200+ per night per room) precisely to cover that risk.
3. The Sale Price
The last "serious" offer that went public was around $375 million, which the Pakistani government rejected. In the current 2026 market, with interest rates stabilizing and Midtown office space showing some weird resilience, the land alone is worth a fortune.
The Roosevelt isn't just a building; it’s a mirror of whatever crisis or opportunity New York is facing at the moment. From Jazz Age icon to migrant center to future glass tower, the ownership might stay with Pakistan for now, but the soul of the building is always up for grabs.
If you are tracking the sale or the redevelopment, keep an eye on the Pakistan Privatization Commission’s official filings. That is where the "real" news breaks before it hits the New York papers.