T
he Roosevelt Hotel, a 101-year-old landmark known as New York City's "New Ellis Island," is at the center of a new redevelopment proposal. Burkhan World Investments and its partners, led by Shahal Khan, want to build a massive tower on the hotel's roughly 42,000-square-foot parcel.

    Under the proposed deal, the current owner, PIA Holding Co., would retain a 50% stake in the joint venture. The Pakistan government-owned company could benefit from the new development while keeping control of its asset. A Burkhan representative described the proposal as the "best deal" for PIA.

    The planned tower would span up to 1.3 million square feet, acquired through air rights and ground lease agreements. This would make it comparable in size to iconic buildings like 55 Hudson Yards or Central Park Tower. The joint venture would sign a 99-year ground lease with the option to extend for another 99 years.

    The Roosevelt Hotel has undergone significant changes over the past few years, transforming from a shuttered relic into a major intake center for migrants. After reopening in May 2023 as a shelter and processing center, it served over 173,000 individuals before closing in February due to a decline in asylum seekers. The city's decision to close the shelter was seen as a "milestone" by Mayor Eric Adams.

    The joint venture proposal has not yet received an official response from PIA or its advisors. However, Pakistan's Cabinet Committee on Privatisation is expected to consider the offer at their next meeting. If approved, it would join other prominent office buildings in the area, including the nearly completed JP Morgan Chase headquarters and SL Green's One Vanderbilt.