Posted Feb 19, 2026, 10:44 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,652
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Very suspect...
https://www.reuters.com/world/asia-pacif...op-new-yorks-roosevelt-hotel-2026-02-19/
Pakistan, US sign pact to redevelop New York's Roosevelt Hotel
By Ariba Shahid
February 19, 2026
Quote:
Pakistan has signed an agreement with the United States to jointly redevelop New York's Roosevelt Hotel, according to four official documents reviewed by Reuters and two sources, in a deal between the two governments that will allow Islamabad to unlock the value of one its most prized overseas investments.
The two countries signed a memorandum of understanding on Thursday shortly after Pakistan's cabinet approved the process, two sources told Reuters.
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https://www.bloomberg.com/news/articles/...-with-us-to-revamp-nyc-s-roosevelt-hotel
Pakistan Signs Deal With US to Revamp NYC’s Roosevelt Hotel
By Patrick Clark and Gregory Korte
February 19, 2026
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Pakistan’s Ministry of Finance said Thursday it launched a “strategic economic initiative” with the US General Services Administration to handle the operation, maintenance, renovation and redevelopment of the property.
Real estate brokers have been eyeing the site for redevelopment for years. The property’s location in Midtown would make it an appealing site for a new office tower, though such a project would be difficult and expensive to pull off.
“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,” Pakistan’s Finance Ministry said in the statement.
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https://www.dawn.com/news/1974378
Pakistan, US sign pact to redevelop New York’s Roosevelt Hotel
February 19, 2026
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In a statement, the ministry said that the initiative would include collaboration with the US General Services Administration (GSA) for the redevelopment of the hotel.
“This engagement was negotiated and stewarded by US Special Envoy Steve Witkoff under the leadership of President Donald J. Trump,” it said.
“To advance this partnership, both governments have signed an MoU formalising their cooperation,” the ministry added.
The statement said the MoU was signed by GSA Administrator Edward C Forst and Finance Minister Muhammad Aurangzeb, and was witnessed by Prime Minister Shehbaz Sharif and Witkoff.
“It 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,” the statement said.
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Quote:
The statement noted the Roosevelt Hotel’s prime location in Manhattan and the complexity of New York zoning and municipal process, saying the “institutional coordination aims to reduce execution risk, enhance regulatory clarity, and maximize transaction value”.
“Such facilitative frameworks are consistent with international practice in cross-border real estate and infrastructure projects,” it added.
“The objective remains to secure maximum value for this property in alignment with the government’s privatisation strategy while strengthening Pakistan-United States economic ties,” the statement concluded.
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Quote:
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The GSA primarily manages federal property and procurement for US government agencies, and its publicly stated mandate does not typically include commercial redevelopment of foreign state-owned assets. It was not immediately clear under what authority the agency would facilitate the project.
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