‘Billion-dollar’ PIA property in New York captivates Big Apple realtors

A LUCRATIVE lease that saw the Roosevelt Hotel in downtown New York turned into a shelter for migrants may be drawing to a close, but with several options on the table and interested parties waiting in the wings, Pakistan’s interests seem to be secure. However, the property’s long-term fate is far from being settled. Property experts in New York say the three-year lease Pakistan International Airlines (PIA) — which owns the hotel that takes up the full city block bounded by Madison and Vanderbilt avenues — signed with New York City in 2023 ensures the property will continue generating income until June 2026.