Roosevelt Hotel may fetch $1B

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The 1,013-room Roosevelt Hotel, which takes up a full block between 45th and 46th streets and Vanderbilt and Madison avenues, may sell for as much as $1 billion. With special district air rights, the hotel site could support a tower of up to 1.5 million square feet. An investment arm of the Pakistani government, PIA Investments, owns the property and has recently put it on the market. more [Post]