Pakistan and U.S. Launch Strategic Plan for Roosevelt Hotel Redevelopment
The governments of Pakistan and the United States have launched a strategic economic initiative focused on the operation, maintenance, renovation, and redevelopment of the Roosevelt Hotel at 45 East 45th Street in Midtown Manhattan. The circa-1924 property, which stopped operating as a luxury hotel in 2020, has been owned by Pakistan International Airlines since 2000.
U.S. Special Envoy Steve Witkoff, a veteran of New York commercial real estate, negotiated the agreement, according to a statement from Pakistan’s Ministry of Finance. The statement noted that, given the Roosevelt Hotel’s prime Manhattan location and the complexity of New York zoning and municipal processes, institutional coordination is intended to reduce execution risk, improve regulatory clarity, and maximize the value of the transaction.
Reuters has reported that the Pakistani government estimates the hotel could be worth as much as $1 billion. The Ministry of Finance identified the U.S. General Services Administration as a partner in the initiative, though Reuters also reported that it remains unclear under what authority the GSA would facilitate the project.
