Pakistan Plans Major Redevelopment for Manhattan's Roosevelt Hotel

Feb 26, 2026

60 min

Feb 26, 2026 12:32

Manhattan ‘eyesore’: Pakistan decides fate of Roosevelt Hotel

## Pakistan's Redevelopment Strategy

Pakistan is set to transform the Roosevelt Hotel in Manhattan, a property it owns through Pakistan International Airlines (PIA). The government aims to retain ownership while seeking a joint venture to secure $4-5 billion for redevelopment. A financial adviser will be appointed by early March to structure the deal, ensuring long-term value without selling the asset outright.

## Historical and Current Challenges

The Roosevelt Hotel, valued at over $1 billion, has been closed since 2020 and is often criticized as an "eyesore". It was repurposed in 2023 as a migrant processing center, which led to overcrowding and logistical issues. The building's deterioration has raised concerns among preservationists.

## International Collaboration

Pakistan has signed a memorandum with the United States for the hotel's redevelopment, aiming to enhance economic ties. This agreement was facilitated by U.S. Special Envoy Steve Witkoff. The initiative is part of Pakistan's broader $7 billion privatisation program with the International Monetary Fund.

## Broader Implications

The redevelopment is seen as a flagship project to revitalize a historic landmark while strengthening Pakistan's international relations. Deputy Prime Minister Ishaq Dar emphasized the strategy of "tailored cooperation" with global partners, including the United States and China.

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