Pakistan and the United States have launched a strategic economic initiative to redevelop the Roosevelt Hotel in New York, the Finance Ministry said on Thursday.
Under the initiative, both governments signed a memorandum of understanding (MoU) establishing a structured, time-bound framework to assess the technical, commercial, and economic aspects of the project. The MoU was signed by US General Services Administration (GSA) Administrator Edward C. Forst and Pakistan’s Finance Minister Muhammad Aurangzeb, in the presence of Prime Minister Shehbaz Sharif and US Special Envoy Steve Witkoff.
The ministry noted that the engagement was negotiated under the leadership of former US President Donald J. Trump. Cooperation with the GSA is expected to reduce execution risks, improve regulatory clarity, and maximize transaction value, considering the complexities of New York zoning and municipal processes.
The objective of the initiative is to secure maximum value for the Manhattan property, which aligns with Pakistan’s broader privatization strategy, while strengthening bilateral economic ties. Analysts note that such frameworks are consistent with international practices in cross-border real estate and infrastructure projects, though the exact authority of the GSA in facilitating the redevelopment of a foreign state-owned commercial asset remains unclear.
Acquired by Pakistan in 2000, the Roosevelt Hotel is one of the country’s most valuable foreign assets. The more than 1,000-room hotel was closed in 2020 due to mounting losses and has temporarily served as a migrant shelter. Located near Grand Central Terminal, Times Square, and Fifth Avenue, the property sits in one of Manhattan’s most commercially valuable zones.
The redevelopment initiative signals Pakistan’s commitment to leveraging its overseas assets while fostering closer economic cooperation with the United States.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
