New York Shuts Down Roosevelt Hotel Shelter, Save $220 Millions

ByKhubaib

New York City has closed the migrant shelter at Roosevelt Hotel, which is owned by Pakistan International Airlines (PIA). This also ends the city’s $220 million contract with the hotel.

Mayor Eric Adams said the shelter is closing because fewer migrants are coming now.

In 2023, about 4,000 migrants arrived every week.
Now, only 350 migrants come each week.
In the last three years, around 232,000 migrants came to New York City.
Closing the shelter will save the city a lot of money.

About Roosevelt Hotel

Opened in 1924, near Grand Central Station.
Closed in 2020 due to money problems from COVID-19.
Reopened in 2023 as a migrant shelter under a $220 million deal with Pakistan.
In 2024, Pakistan planned new uses for the hotel, and Qatar showed interest in managing it.
Now that the shelter is closed, the hotel’s future is unknown.

Khubaib

Khubaib is a financial expert specializing in stock market trends, gold and silver trading, PSX, and currency rates. As a seasoned financial analyst, he offers insights on investment opportunities, mutual funds, and wealth management. An official author at firstcapital.com.pk, Khubaib provides practical advice to help readers navigate the dynamic world of finance.