Pakistan International Airlines profits off New York City taxpayers and refugees via a curious deal with city officials involving housing in a dilapidated hotel.
Pakistan International Airlines Sells Shelter To Refugees In New York City…At A Cost of $220 Million
Republican governors have bussed Central American refugees to New York City and dumped them, taunting the Big Apple for being a “sanctuary city.” With real estate markets already stretched thing, New York City cut a deal with Pakistan International Airlines (PIA) to lease The Roosevelt, a Manhattan hotel that it owns, in order to house refugees.
The Roosevelt, named after President Theodore Roosevelt, opened in 1924 and was a well-known landmark of New York City for decades. It was a watering hole for world leaders and hosted many heads of state during United Nations visits. The hotel features 1,025 rooms spread over 19 floors.
In 1979, the hotel was leased to PIA. In 2000, PIA and Saudi Prince Faisal bin Khalid jointly bought the hotel. Unable to manage the upkeep, the hotel closed during the pandemic and fell into a state of disrepair. But PIA, which has retained its 99% share, shrewdly leased it the dilapidated New York City…at a cool cost of $200/room per night.
850 rooms are full of refugees. In fact, most rooms have 4-5 people in them. Repairs are not being made and the front of the hotel has been repeatedly vandalized. Police also have more or less a permanent presence there.
But rather than condemn the building as inhabitable, New York City will pay PIA $220 million over the three-year lease period for the use of these rooms. That’s quite a good ROI for PIA considering the entire building is only valued at about $600 million in its current state of (dis)repair.
CONCLUSION
I have to hand it to PIA for its shrewd investment an deal it cut with New York City concerning the famed Roosevelt Hotel. Maybe instead of flying planes, PIA should go into the housing business…
I am reminded of the infrastructure issue I brought up last week, but there really is no easy issue for dealing with the refugees and asylum seekers who are already within US borders.
image: Roosevelt Hotel // H/T: View From The Wing
This happens all the time with “slum lords” who buy cheap properties, invest minimal money into making it desirable, and rent it out to Section 8 tenants. This is just a corporate version happening on a larger scale.
As much as I complain about foreign countries, I give them credit for both making money off us and laughing at us at the same time.
Can you imagine the conditions in those rooms and common areas with no maintenance and minimal repairs? But these illegals don’t deserve any better and it’s probably better than the 3rd world sh#$hole they came from.
And it’s nice hearing Khalid’s name again, he certainly a guy who gets things done and always finds ways to make money. For all the complaints about him, companies certainly line up to do business with him and in his country.
From what I’ve read of the situation, several vendors in the hotel lobby have closed shop due to theft and vandalism. Nice 1st impression from the refuges.
“…Republican governors have bussed Central American refugees to New York City and dumped them.”
Not exactly the entire story. Oscar Leeser Democratic Mayor of El Paso has bussed 10x+ more “migrants” than Abbott. And El Paso’s busses are paid for by “Federal Government” not Texas. Throw in the flights of the Biden administration…and the number of Abbott’s busses are a distant third. Easy when over 2,000 “migrants” are being dumped on El Paso streets..every day.
While flying out of a packed McAllen airport a few weeks ago I asked the AA counter agent if I could claim asylum and fly back free? No, I could not. And I even had to wait in the TSA security line….the “migrants” have their own express line.
Most of what is said here is not true. Especially regarding MFE.
So , a broken-down hotel is worth $ 600 million ; but N.Y. says that Trump’s Mar-a-Lago is worth a mere $ 18 million ? What a joke . Is he being railroaded ?
From 2011-2021 the palm beach county tax assessors office put it between 18-28 million. In 2020, a broker for trump initially appealed but later agreed to a 27 million valuation. The property deed, to my knowledge, has significant restrictions on what the land can be used for. This lowers its value as a teardown. Regardless of whether it’s 18 or 28 that is a far cry from the hundreds of millions or over a billion he or his reps have claimed.
@Scott … Katherine Limbaugh , Rush’s widow , sold their Palm Beach home for $ 155 million . Their home was much less than Mar-a-Lago . So , Mar-a-Lago is worth more than the Limbaugh home , yes ? So , I ask again , is Trump being railroaded ?
Oh, this comment thread is going to go well.
My thoughts as well… looking forward to the entertainment.
Never underestimate the stupidity of our government…..
It’s ok, morally superior NYC residents voted for this, they wanted this.
…Nah, not all of them. My friend in Staten Island is salty AF at the whole shituation
Good for the airline I guess. They need the money. The airline is in a very rough spot right now (more than before), and last I heard, the Pakistani government is finally taking steps to privatize PIA. That money could go a long way to refurbishing planes.
Actually, at 4-5 people per room, that’s not a bad deal. Less expensive than all those private prisons in Florida.
Corruption in the government is unbelievable who signed off on this deal!!! Democrats became so corrupt!
If it works out profitably for Pakistan Airlines, why is that a bad thing ? The hotel can and should be renovated in the long term, though.