Roosevelt Hotel sale anticipated at $1 billion

The Roosevelt Hotel in New York City is expected to be sold for around $1 billion after the city announced plans to move migrants out by June. The property, owned by Pakistan International Airlines, could be redeveloped into a skyscraper. Developers are interested in the site, which spans a full block in East Midtown. Recent rezoning allows for larger buildings, but any new project must meet city requirements and negotiate with the hotel workers' union. The hotel has housed migrants for nearly two years, and its condition is uncertain. The sale comes as PIA seeks to address financial challenges amid a $7 billion IMF bailout agreement.