The federal cabinet has approved the commercial use of the Roosevelt Hotel building in New York.
According to the sources, after approval from the federal cabinet, the building of Roosevelt Hotel will be prepared for commercial use.
The sources added that the Roosevelt Hotel will be demolished and used for office tower, apartments, rental and other purposes.
Sources in this regard said that the cabinet also approved to start the process of appointing a financial advisor for Roosevelt Hotel New York.
According to sources, the leasing process of the Roosevelt Hotel was stopped in 2021 due to the Rekodic case, the building will be developed by joint venture partners using the lease method.
Sources further said that the Aviation Division had demanded an early decision from the Privatization Commission, the Federal Cabinet also sought an implementation report from the Privatization Commission within 3 months.
In 2020, the National Accountability Bureau (NAB) also started an inquiry into the alleged privatization of the Roosevelt Hotel.