Roosevelt Hotel’s fate remains unclear despite White House-Pakistan

Roosevelt Hotel’s fate remains unclear despite White House-Pakistan

On Feb. 17, two days before news broke of an “agreement” for the US General Services Administration to team up with the Pakistani authorities to redevelop the Roosevelt Hotel, Pakistan’s Muhammad Ali, an advisor to Prime Minister Shehbaz Sharif, had this to say on Pakistani news station AAJ:

The Roosevelt “will be privatized through a joint-venture or redevelopment model rather than a direct sale,” Ali said. He envisioned a “joint venture” the place Pakistan would “contribute the land while a private partner would inject around $1 billion” right into a skyscraper project to switch the empty, 100-year resort that’s technically owned by Pakistan International Airlines.

But in fact, the JV concept has only been kicking round for 5 years. And in any event, how can the GSA — a federal forms that owns and manages buildings for federal staff — presumably kick-start Pakistan’s confused campaign to money in on the Roosevelt, which it urgently wants to assist pay $7 billion it owes to the International Monetary Fund?

The Roosevelt Hotel was initially set to be redeveloped in a take care of the US and Pakistani authorities. Brian Zak/NY Post

The questions about the Roosevelt, which instructions considered one of Manhattan’s choicest development websites on Madison Avenue between East forty fourth and forty fourth streets, had real property insiders scratching their heads.

The announcement Thursday appeared to catch Washington flat-footed. The White House referred inquiries to the GSA, which bought again to The Post Friday morning with a press release that did zero to elucidate precisely what the company might accomplish for the Pakistanis that a succession of brokerages, banks  and advisors couldn’t.

“This agreement embodies the Trump Administration’s dedication to diplomacy and our nation’s economic prosperity,” said GSA Administrator Edward C. Forst. “GSA looks forward to working with the government of Pakistan on this project.”

Thanks for nothing, guys! A GSA source told us on background that the “memorandum of understanding” merely “establishes a structured, time-bound framework for joint evaluation of the technical, commercial, and economic parameters of cooperation, reflecting a shared commitment to transparent, disciplined, and mutually beneficial progress.”

And, given the Roosevelt’s prime 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.”

Got it?

In other phrases, the Roosevelt web site’s future remains as murky as ever.

The Pakistani homeowners have led Roosevelt-watchers on a merry chase ever since the pandemic pressured the closing of the Roosevelt in 2020.

Prime Minister Shehbaz Sharif’s advisor announced the resort “will be privatized through a joint-venture.” REUTERS

In February 2024, we first reported that PIA had tapped outstanding brokerage JLL to market the Roosevelt web site to builders and traders.

In April 2025, when the 1,000 room resort was still occupied by migrants, Bloomberg reported a company called Burkhan World Investments pitched the Pakistan authorities on a deal to accomplice in a three way partnership to redevelop  the property in a scheme the place PIA would retain 50% possession.

Two months later, Realty Check reported that the funding company never approached anybody at PIA about the concept, however submitted it  only to a state privatization committee. Nothing more got here of it.

Although Tishman Speyer, SL Green and Related Companies had been said to have expressed curiosity, JLL and PIA went their separate methods last summer time for causes never made totally clear.

The inside of the Roosevelt Hotel Stephen Yang

Meanwhile, Pakistani “sources” told journalists that the Roosevelt can be renovated and reopened as a resort  — an concept that drew hoots from insiders who said it might take no less than a yr to make the resort liveable again.

Next, in November, Saudi Arabia-based daily Arab News reported that with JLL out of the image, PIA was “weighing  proposals from seven potential groups” to advise on the resort and facilitate any deal. Realty Check next reported the possible alternative of a consortium can be led by Morgan Stanley and embrace CBRE.

Nothing  got here of that, both.

Then got here last week’s obscure announcement of US-Pakistani cooperation. President Trump’s particular envoy Steven Witkoff, a veteran of Big Apple real property wars, brokered the deal.

Surely he is aware of one thing we don’t? 

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