Pakistan and the US have entered a formal agreement to cooperate on the operation, maintenance, renovation, and redevelopment of the Roosevelt Hotel in Manhattan, New York City.
The countries signed a memorandum of understanding (MoU), setting out a framework for jointly evaluating technical, commercial, and economic aspects of the project.
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Pakistan’s Ministry of Finance made the announcement yesterday (19 February), confirming the involvement of the US General Services Administration (GSA).
US Special Envoy Steve Witkoff led negotiations for this initiative.
GSA administrator Edward C Forst signed the MoU on behalf of the US while Pakistan was represented by finance and revenue minister Senator Muhammad Aurangzeb.
Pakistan Prime Minister Shehbaz Sharif and Special Envoy Witkoff observed the signing.
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By GlobalDataIn a statement, Pakistan’s Finance Ministry said: “Given the Roosevelt Hotel’s prime Manhattan location and the complexity of New York zoning and municipal processes, institutional coordination aims to reduce execution risk, enhance regulatory clarity, and maximise transaction value.”
The Roosevelt Hotel has remained closed as a luxury hotel since late 2020. It subsequently served as a processing centre and shelter for asylum seekers following an increase in new arrivals to New York City.
Real estate brokers have noted interest in redeveloping the site due to its position in Midtown Manhattan, although any significant project would face regulatory challenges.
The agreement aims to establish institutional coordination between both governments to reduce execution risks and clarify regulatory processes related to redevelopment activities.
The property has been under Pakistani ownership since Pakistan International Airlines acquired full control after initially leasing it in 1979.
Opened in 1924 near Grand Central Terminal and named after former US President Theodore Roosevelt, the hotel has changed hands several times over its history.
The current initiative is part of Pakistan’s broader efforts to maximise value from government-owned assets while advancing economic engagement with the US.
