The Finance Ministry announced on Thursday that Pakistan and the United States have officially launched a strategic economic initiative, which includes cooperation on the operation, maintenance, renovation, and redevelopment of New York’s Roosevelt Hotel.
According to the ministry, the project will involve working with the US General Services Administration (GSA) to oversee the hotel’s redevelopment. The initiative was negotiated and guided by US Special Envoy Steve Witkoff under the leadership of former President Donald J. Trump.
To formalize the partnership, both governments signed a Memorandum of Understanding (MoU). The MoU was signed by GSA Administrator Edward C. Forst and Pakistan’s Finance Minister Muhammad Aurangzeb, with Prime Minister Shehbaz Sharif and Witkoff serving as witnesses.
The MoU establishes a structured, time-bound framework for joint assessment of the technical, commercial, and economic aspects of the collaboration, emphasizing transparency, discipline, and mutual benefit. The statement highlighted the hotel’s prime Manhattan location and the complexity of New York’s zoning and municipal processes, noting that the coordination aims to reduce execution risks, improve regulatory clarity, and maximize the property’s value.
The ministry added that such frameworks align with international practices in cross-border real estate and infrastructure projects. The project’s goal is to secure maximum value for the Roosevelt Hotel in line with Pakistan’s privatization strategy while reinforcing economic ties between Pakistan and the United States.
The GSA, which manages federal properties and procurement for US agencies, does not typically handle commercial redevelopment of foreign state-owned assets, and its precise authority in this project remains unclear.
Named after President Theodore Roosevelt, the century-old hotel in midtown Manhattan is one of Pakistan’s most valuable overseas assets, acquired in 2000. The over 1,000-room property, which faced mounting losses, was closed in 2020 and has also briefly operated as a migrant shelter. Its central location near Grand Central Terminal, Times Square, and Fifth Avenue makes it a key commercial asset in Manhattan.
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