Pakistan and the United States have signed an MoU to redevelop New York’s Roosevelt Hotel, aiming to modernize operations and boost economic ties. The agreement formalizes cooperation on renovation, maintenance, and redevelopment of the century-old Manhattan property. The project directly affects the hotel’s future, Pakistan’s overseas investments, and bilateral commercial relations with the US.
According to Pakistan’s finance ministry, the collaboration involves the US General Services Administration (GSA) and was negotiated by US Special Envoy Steve Witkoff under President Donald Trump’s leadership. The MoU was signed by GSA Administrator Edward C. Forst and Finance Minister Muhammad Aurangzeb on Pakistan’s behalf, witnessed by Prime Minister Shehbaz Sharif and Witkoff. Officials said the framework ensures structured, time-bound evaluation of technical, commercial, and economic parameters.
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The ministry emphasized that the initiative aims to reduce execution risks, streamline New York zoning and municipal approvals, and maximize transaction value. Roosevelt Hotel’s prime location in midtown Manhattan, near Times Square, Grand Central Terminal, and Fifth Avenue, makes it one of Pakistan’s most valuable foreign assets. The structured approach reflects international practice in cross-border real estate and infrastructure projects.
The Roosevelt Hotel, named after President Theodore Roosevelt, was acquired by Pakistan in 2000 but faced mounting losses and was shut in 2020. It briefly operated as a migrant shelter. The redevelopment plan seeks to secure maximum value for the property while aligning with Pakistan’s privatization strategy and enhancing bilateral economic engagement.
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While the GSA traditionally manages US federal properties, its role in this foreign commercial project is unprecedented, and the legal authority for facilitating the redevelopment remains unclear. Pakistani officials stress that the engagement represents a transparent, mutually beneficial partnership designed to strengthen US-Pakistan economic ties and ensure long-term value from one of Pakistan’s flagship international assets.