The governments of Pakistan and the U.S. have launched a strategic economic initiative for the operation, maintenance, renovation, and redevelopment of the Roosevelt Hotel at 45 E. 45th St. in Midtown Manhattan. The circa-1924 lodging property, which ceased 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. “Given the Roosevelt Hotel’s prime Manhattan location and the complexity of New York zoning and municipal processes, institutional coordination aims to reduce execution risk, enhance regulatory clarity and maximize transaction value,” the statement said.
Reuters reported that the Pakistani government has estimated the hotel could be worth $1 billion. The Ministry of Finance statement identified the U.S. General Services Administration as a partner in the initiative, although Reuters reported that it’s not clear under what authority the GSA would facilitate the project.
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