{"id":104841,"date":"2026-02-23T07:00:00","date_gmt":"2026-02-23T02:00:00","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=104841"},"modified":"2026-02-20T12:58:27","modified_gmt":"2026-02-20T07:58:27","slug":"pak-partners-with-us-to-revive-manhattans-roosevelt-hotel","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/pak-partners-with-us-to-revive-manhattans-roosevelt-hotel.html","title":{"rendered":"Pak partners with US to revive Manhattan\u2019s Roosevelt Hotel"},"content":{"rendered":"\n<p>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.<\/p>\n\n\n\n<p>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\u2019s Finance Minister Muhammad Aurangzeb, in the presence of Prime Minister Shehbaz Sharif and US Special Envoy Steve Witkoff.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/panel-to-negotiate-islamabad-airports-privatisation.html\" target=\"_blank\" rel=\"noreferrer noopener\">Panel formed to negotiate privatization of Islamabad Airport<\/a><\/p>\n\n\n\n<p>The objective of the initiative is to secure maximum value for the Manhattan property, which aligns with Pakistan\u2019s 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.<\/p>\n\n\n\n<p>Acquired by Pakistan in 2000, the Roosevelt Hotel is one of the country\u2019s 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\u2019s most commercially valuable zones.<\/p>\n\n\n\n<p>The redevelopment initiative signals Pakistan\u2019s commitment to leveraging its overseas assets while fostering closer economic cooperation with the United States.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019s 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. Read: Panel formed to negotiate privatization of Islamabad Airport The objective of the initiative is to secure maximum value for the Manhattan property, which aligns with Pakistan\u2019s 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&hellip;<\/p>\n","protected":false},"author":18,"featured_media":104842,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15016],"tags":[71263,71264,71262,63000,71261,4455,33450,63747,108,32,63288,33,69143,33449,61118,71260,67849,71259],"persona":[],"class_list":{"0":"post-104841","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-developments","8":"tag-bilateral-economic-cooperation","9":"tag-cross-border-investment","10":"tag-edward-c-forst","11":"tag-finance-ministry","12":"tag-foreign-assets","13":"tag-infrastructure","14":"tag-manhattan","15":"tag-muhammad-aurangzeb","16":"tag-new-york","17":"tag-pakistan","18":"tag-privatization","19":"tag-real-estate","20":"tag-redevelopment","21":"tag-roosevelt-hotel","22":"tag-shehbaz-sharif","23":"tag-steve-witkoff","24":"tag-united-states","25":"tag-us-general-services-administration","26":"cat-15016-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pak partners with US to revive Manhattan\u2019s Roosevelt Hotel - Zameen News<\/title>\n<meta name=\"description\" content=\"Pakistan and the United States have launched a strategic economic initiative to redevelop the Roosevelt Hotel in New York, the Finance Ministry said on\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/pak-partners-with-us-to-revive-manhattans-roosevelt-hotel.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pak partners with US to revive Manhattan\u2019s Roosevelt Hotel - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Pakistan and the United States have launched a strategic economic initiative to redevelop the Roosevelt Hotel in New York, the Finance Ministry said on\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/pak-partners-with-us-to-revive-manhattans-roosevelt-hotel.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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