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2w ago

Pakistan and U.S. Sign MoU to Evaluate Redevelopment of New York’s Roosevelt Hotel

The nonbinding pact sets a time-limited review to weigh redevelopment options under an unusual role for the U.S. General Services Administration.

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A view of The Roosevelt Hotel in midtown Manhattan in New York City, U.S., February 24, 2025. REUTERS/Adam Gray
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Overview

  • The memorandum was signed by GSA Administrator Edward C. Forst and Pakistan’s Finance Minister Muhammad Aurangzeb, with Prime Minister Shehbaz Sharif and U.S. Special Envoy Steve Witkoff witnessing.
  • Pakistan says the engagement was negotiated and stewarded by Steve Witkoff under President Donald Trump’s leadership.
  • The framework outlines cooperation on operation, maintenance, renovation and redevelopment, launching a structured, time-bound assessment of technical, commercial and economic parameters.
  • GSA’s participation in a foreign state-owned commercial project is atypical, and reports note unanswered questions about legal authority and implementation details, with no financial terms specified.
  • Owned by Pakistan International Airlines, the century-old hotel has been closed since 2020 after serving as a migrant intake site, and reporting has pegged potential redevelopment value above $1 billion within Pakistan’s broader privatization and IMF-linked fiscal strategy.