The Roosevelt Hotel site will most likely be sold by Pakistan International Airlines for a new office tower, sources said, despite recent chatter to the contrary.
The city emptied migrants from the building bounded by Madison and Vanderbilt avenues and East 45th and East 46th streets this month. Major developers have champed at the bit for a crack at the precious site, which can support a new tower of at least 1.3 million square feet — and up to 1.8 million square feet if a buyer were to buy nearby air rights and exploit zoning rules that allow floor-area bonuses in exchange for providing transit and public-space improvements.
Asked about rumors a replacement building might combine offices, residences and a new hotel, one astute real estate dealmaker not involved at the location scoffed:
New Queens park to feature giant dragon…