NEW YORK | 45 East 45th St (Roosevelt Hotel) | FT | FLOORS

[NYguy]

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

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.

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

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.

https://www.dawn.com/news/1974378

Pakistan, US sign pact to redevelop New York’s Roosevelt Hotel


February 19, 2026

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.

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.

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.

[ChiND]

I wonder if this project will get that federal funding that 175 Park is getting. Hopefully, this is a sign that this will be a colossal project.

[Busy Bee]

WTF is going on in this country??? Since when does the government use the federal GSA to partner with a quasi-hostile foreign government to develop private real estate in New York City?

We're through the looking-glass here.

[NYguy]

The whole thing is bizarre, I don't know why the US would be partnering with them at all in a "development". I do know that the man in the White House has long wanted to develop this site, however. It's probably tied into another deal.

Witkoff was on the team that proposed the Affirmation Tower, so maybe we'll at least get some height out of the deal.

“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.

From Pakistan's point of view, maybe they think this will help.




A little more...


https://profit.pakistantoday.com.pk/2026...roosevelt-hotel-redevelopment-framework/

Pakistan, US sign MoU on Roosevelt hotel redevelopment framework
GSA to jointly evaluate technical and commercial parameters as Islamabad seeks maximum value under privatisation strategy.

By Monitoring Desk

Pakistan and the United States have launched a strategic economic initiative that includes joint cooperation on the operation, renovation, and redevelopment of the Roosevelt Hotel in New York, the finance ministry said on Thursday.

Both governments signed a memorandum of understanding (MoU) to establish a structured, time-bound framework for assessing technical, commercial, and economic aspects of the project. The MoU was signed by US General Services Administration (GSA) Administrator Edward C Forst and Finance Minister Muhammad Aurangzeb, and witnessed by Prime Minister Shehbaz Sharif and US Special Envoy Steve Witkoff.

The ministry said the engagement was negotiated by Witkoff under the leadership of President Donald J. Trump, adding that cooperation with the GSA would help reduce execution risks, improve regulatory clarity, and maximise transaction value, given the complexity of New York zoning and municipal processes.

The government said the objective is to secure maximum value for the Manhattan property in line with Pakistan’s privatisation strategy, while strengthening bilateral economic ties.

The ministry described such facilitative frameworks as consistent with international practice in cross-border real estate and infrastructure projects. However, it remains unclear under what authority the GSA, which primarily manages federal property and procurement for US agencies, would facilitate redevelopment of a foreign state-owned commercial asset.

[The New York Lion]

Originally Posted by ChiND

I wonder if this project will get that federal funding that 175 Park is getting. Hopefully, this is a sign that this will be a colossal project.

If Trump is involved, and he has the full resources of the US and Pakistani governments, there is no reason this couldn't be the first 2,000 foot tall tower in New York.

And possibly significantly higher knowing the egos involved and the limitless piles of money the feds can access.

I am cautiously optimistic.

[NYguy]

Originally Posted by The New York Lion

If Trump is involved, and he has the full resources of the US and Pakistani governments, there is no reason this couldn't be the first 2,000 foot tall tower in New York.

And possibly significantly higher knowing the egos involved and the limitless piles of money the feds can access.

Stop the nonsense. Any development here would have to be economically sound, they aren't just going to throw money away. I don't doubt that there would be some ego in play, but they're in it to get something.

[Busy Bee]

What, you mean we shouldn't just mindlessly cheerlead?

[The New York Lion]

Originally Posted by NYguy

Stop the nonsense. Any development here would have to be economically sound, they aren't just going to throw money away. I don't doubt that there would be some ego in play, but they're in it to get something.

The original WTC wasn't built on market principles.

This is bizarre, I agree with you.

If we were ever going to get a monster Tower, these are the circumstances it'd probably come under.

[NYguy]

Originally Posted by Busy Bee

What, you mean we shouldn't just mindlessly cheerlead?

I'm saying that the deal is "suspect". Something seems off. Not that they won't actually do it. But it doesn't pass the smell test.



https://nypost.com/2026/02/19/business/w...otel-raises-more-questions-than-answers/

White House-Pakistan deal to redevelop NYC’s Roosevelt Hotel raises more questions than answers





By Steve Cuozzo
Feb. 19, 2026

In a startling Thursday announcement, the Trump administration signed an agreement with Pakistan’s government to “jointly redevelop” the Pakistan-owned Roosevelt Hotel on Madison Avenue — a vacant eyesore worth at least $1 billion for its development potential, according to real estate analysts.

But the announcement raised more questions than it answered about the precious site’s future. It said nothing about how the seeming partnership would work or which side would be calling the shots.

In the absence of clarification from the White House, speculation was rampant as to the agreement’s meaning on Thursday.

“Unbelievable,” one Manhattan power broker said of the news.

Another speculated, “This could be a long-term play for Witkoff,” who played a big role financing Manhattan hotels including the Times Square Edition and the Faena next to the High Line.

Despite its history, the Roosevelt site is most valuable as either an all-office or mostly-office tower.

The building takes up the entire block between Madison and Vanderbilt avenues and East 44th and 45th streets. It’s at the heart of the country’s hottest office market, where rents easily top $200 per square foot in new buildings.

The development boom around Grand Central Terminal includes SL Green’s One Vanderbilt, JP Morgan Chase’s new headquarters tower and a skyscraper under construction by Boston Properties at 383 Madison Ave.

An outright, open-market sale of the land could easily fetch $1 billion, analysts said.

But PIA’s strategy has long baffled real estate professionals. At different times, officials said they would sell the Roosevelt, reopen it as a hotel or seek a development partner or equity investor.

Two years ago, PIA tapped prominent brokerage JLL to advise it on options and ultimately to put it up for sale.

The campaign was said to attract the interest of Tishman Speyer, SL Green and Related Companies, although it wasn’t known whether any made a formal offer.

But PIA and JLL went their separate ways last year for reasons that weren’t clear.

Well, the reasoning was clear. JLL had too many ties to the bidders.

[NYguy]

Originally Posted by The New York Lion

The original WTC wasn't built on market principles.

The original WTC was built by a government agency, decades ago, and it took decades for them to recover.

[NYguy]

Once this gets more widely known, we'll probably get something like this here. There has to be transparency, not just press releases with very little information.



https://www.dawn.com/news/1974580/ppps-r...loping-roosevelt-hotel-before-parliament

PPP’s Raza Rabbani calls for placing pact with US for redeveloping Roosevelt Hotel before Parliament


February 20, 2026

PPP stalwart and former Senate chairman Raza Rabbani on Friday said that the deal inked with the United States to redevelop the Roosevelt Hotel in New York “must be placed” in Parliament.

In a press release, Rabbani said, “The strategic economic initiative, including collaboration with the US General Services Administration, regarding the operation, maintenance, renovation and redevelopment of the Roosevelt Hotel has been signed without taking the people into confidence.”

Rabbani said the hotel was “prime property” in New York and dealings pertaining to it must be transparent.

“Parliament should have been taken into confidence before signing such memoranda of understanding (MoUs),” he said.

He further highlighted that earlier, a deal with the US relating to minerals in Balochistan was “broken by international media”.

“Till date, the details of this deal have not been made public,” he said. Rabbani further said that the PPP should move a private members’ bill, wherein all foreign agreements, once signed, would need ratification in Parliament.

“I had moved such a bill when in the Senate,” he said.

The remarks come a day after Pakistan and the US signed an MoU to launch a structured framework for cooperation on the future of the Roosevelt Hotel in New York, marking a key development in Islamabad’s efforts to secure maximum value for the landmark property under its privatisation strategy.

According to the finance ministry, the agreement was finalised in Washington and executed by US General Services Administration (GSA) Administrator Edward C. Forst and Finance Minister Muhammad Aurangzeb. Prime Minister Shehbaz Sharif and US Special Envoy Steve Witkoff witnessed the signing.

“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 ministry said.

[NYguy]

https://therealdeal.com/new-york/2026/02/20/surprising-roosevelt-hotel-partner-the-u-s-government/

Roosevelt Hotel gets a surprising new partner: the US government
Pakistan signs deal for cooperation on redevelopment, operation





Holden Walter-Warner
Feb 20, 2006

Just when it appeared Pakistan was back at square one in figuring out the future of the Roosevelt Hotel, an unexpected partner came along: the White House.

The federal government signed a pact with the Pakistani government, which owns the site at 45 East 45th Street, to jointly redevelop the famed hotel, Reuters reported. Financial terms of the deal were not disclosed in the memorandum.

The introduction of the federal government is an added complexity to an already winding process.

Earlier this week, Pakistan’s privatization commission was reportedly looking for a broker to help monetize the site, which has the potential to be redeveloped into a 1.8-million-square-foot office building.

The Pakistani government in 2024 hired JLL to market the property either for an outright sale or a joint venture development partnership, but after JPMorgan kicked the tires on it, JLL resigned in July, citing a conflict of interest from clients who were interested in bidding on the site.

In late November, it was reported that a team of CBRE and Morgan Stanley was the frontrunner to win the marketing assignment. The Pakistani government said there was increased interest in the site after New York City terminated its contract to use the hotel as a migrant shelter.

But last month, the privatization commission announced it had hit reset on the hiring process after five of the seven proposals under consideration were rejected for non-compliance. Around the same time, the Pakistani government ruled out a sale of the property.

[ChiND]

I suspect that this is going to start moving pretty quickly.

[Triple_Sim]

I'd have thought that such a massive prewar building would've been protected, there are plenty of other sites to develop, no need to raze something that's already got a nice floor-area ratio + some heritage status...

[NYguy]

Originally Posted by Triple_Sim

I'd have thought that such a massive prewar building would've been protected, there are plenty of other sites to develop, no need to raze something that's already got a nice floor-area ratio + some heritage status...

That's not the way it works. And no, there aren't "plenty" of other sites to develop. Even if there were, these people don't own them, so it's got nothing to do with what they want to do with their own property.

[NYguy]

https://nypost.com/2026/02/22/business/r...clear-despite-white-house-pakistan-deal/

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


By Steve Cuozzo
Feb. 22, 2026

On Feb. 17, two days before news broke of an “agreement” for the US General Services Administration to team up with the Pakistani government 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” where Pakistan would “contribute the land while a private partner would inject around $1 billion” into a skyscraper project to replace the empty, 100-year hotel that’s technically owned by Pakistan International Airlines.

But of course, the JV idea has only been kicking around for five years. And in any event, how can the GSA — a federal bureaucracy that owns and manages buildings for federal employees — possibly kick-start Pakistan’s confused campaign to cash in on the Roosevelt, which it urgently needs to help pay $7 billion it owes to the International Monetary Fund?

The questions about the Roosevelt, which commands one of Manhattan’s choicest development sites on Madison Avenue between East 44th and 45th streets, had real estate insiders scratching their heads.

The announcement Thursday seemed to catch Washington flat-footed. The White House referred questions to the GSA, which got back to The Post Friday morning with a statement that did zero to explain exactly what the agency could 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 words, the Roosevelt site’s future remains as murky as ever.

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

In February 2024, we first reported that PIA had tapped prominent brokerage JLL to market the Roosevelt site to developers and investors.

In April 2025, when the 1,000 room hotel was still occupied by migrants, Bloomberg reported a company called Burkhan World Investments pitched the Pakistan government on a deal to partner in a joint venture to redevelop the property in a scheme where PIA would retain 50% ownership.

Two months later, Realty Check reported that the investment company never approached anyone at PIA about the idea, but submitted it only to a state privatization committee. Nothing more came of it.

Although Tishman Speyer, SL Green and Related Companies were said to have expressed interest, JLL and PIA went their separate ways last summer for reasons never made fully clear.

[NYguy]

Despite the confusion over who's actually in charge here, I have no doubt that this will become an amazing development. I just hope they keep politics out of it, we don't need any more delays and derailments once this process kicks off.



As for the site itself, It's very fitting the another piece of the great Terminal City is being modified to join the 21st century as a vital piece of one of New York's great developments. Other pieces that were planned for redevelopment even before Midtown East rezoning took place - 335 Madison and 237 Park Avenue - will surely follow with a redevelopment of their own, in time.







































Another look around the current building...




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[streetscaper]

Originally Posted by Triple_Sim

I'd have thought that such a massive prewar building would've been protected, there are plenty of other sites to develop, no need to raze something that's already got a nice floor-area ratio + some heritage status...

I agree, it should be protected

[NYguy]

https://www.curbed.com/article/2-world-trade-foster-silverstein-american-express.html

Of Course Trump Wanted to Get In on the Roosevelt Hotel Deal





By Christopher Bonanos
Feb 25, 2026

Barring a really surprising turn, the Roosevelt Hotel is headed for demolition. It shouldn’t be, because we’re short on nice hotels and it’s a 1,000-room building with a lot to recommend it. If it were in London, it would be renovated and rise again. But at 45th Street and Madison Avenue, it’s got no chance. Last week, a joint deal between the overseas owners and, weirdly, the federal government all but sealed its fate. It’s almost sure to come down.

The hotel is on a prime cut of the Midtown East business district near Grand Central that the Bloomberg and de Blasio administrations upzoned in the 2010s. That change was meant to spur projects like this one, replacing older mid-rise buildings with newer taller ones, and we’re seeing the results now. Two blocks to the north, Chase’s 800-foot behemoth has been demolished for its even behemoth-ier 1,500-foot replacement. Just to the south, the old Equitable Trust building (20 stories) is gone, and another thousand-footer is going up.

The Roosevelt, a stolid 19 masonry floors, can’t compete in this new game. It’s a good building but also kind of frumpy, and it spent a few years as a migrant shelter during the pandemic, so if it were to be returned to use as an upscale hotel, it’d need rehabbing. A supertall on the site seems inevitable.

[ChiND]

I loved The Roosevelt and was in no rush to see it go. That being said, with this new team, I suspect that this tower is going to be absolutely iconic. I wouldn't be surprised if it becomes the city's new tallest tower.