Real Estate
NYC Hotel Dubbed ‘New Ellis Island’ Gets Redevelopment Offer
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Shahal Khan’s Burkhan World Investments and its partners are pitching the owner of the Roosevelt Hotel on a deal to redevelop the midtown Manhattan property, according to a document reviewed by Bloomberg News.
The proposed transaction would be structured as a joint venture, with the property’s current owner keeping a 50% stake in the entity, the document shows. The venture would take a 99-year ground lease on the property, with the option to extend the lease for another 99 years, the document shows.