Pakistan, US sign agreement to redevelop New York’s Roosevelt Hotel

Pakistan has reached an agreement United States government to jointly redevelop the Roosevelt Hotel in New York.

The hotel with an estimated worth more than $1 billion has been closed since 2020 and is considered for redevelopment rather than outright sale. The century-old hotel in Midtown Manhattan owned by Pakistan’s national airline, PIA, plays a key role in restructuring and privatization plans.

The two countries have launched a “strategic economic initiative, including collaboration with the U.S. General Services Administration (GSA) regarding the operation, maintenance, renovation, and redevelopment of the Roosevelt Hotel,” a statement from finance division said.

This engagement was negotiated and stewarded by US Special Envoy Steve Witkoff under the leadership of President Donald J. Trump, the statement said.

The MoU was executed by GSA Administrator Edward C. Forst on behalf of the United States and Finance Minister Senator Muhammad Aurangzeb on behalf of Pakistan, and witnessed by Prime Minister Shehbaz Sharif and US envoy Witkoff.

“It establishes a structured, time-bound framework for joint evaluation of the technical, commercial, and economic parameters of cooperation, reflecting a shared commitment to transparent, disciplined, and mutually beneficial progress.

“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 maximize transaction value. Such facilitative frameworks are consistent with international practice in cross-border real estate and infrastructure projects.

“The objective remains to secure maximum value for this property in alignment with the government’s privatisation strategy while strengthening Pakistan-United States economic ties,” it said.

The memorandum does not specify any financial terms and says the project “shall be facilitated by the United States General Services Administration and by the Pakistan Ministry of Defence.”