{"id":142986,"date":"2026-02-23T18:54:10","date_gmt":"2026-02-23T18:54:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/142986\/"},"modified":"2026-02-23T18:54:10","modified_gmt":"2026-02-23T18:54:10","slug":"pakistan-and-gsa-sign-deal-to-renovate-manhattans-roosevelt-hotel","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/142986\/","title":{"rendered":"Pakistan and GSA sign deal to renovate Manhattan\u2019s Roosevelt Hotel"},"content":{"rendered":"

Pakistan<\/a> has signed<\/a> a Memorandum of Understanding (MoU) with the U.S. to renovate the Roosevelt Hotel in Midtown Manhattan.<\/p>\n

The 19-story building completed in 1924 was designed by George B. Post. In 2000 it was acquired by Pakistan International Airlines (PIA). The hotel<\/a> closed in 2020 and, in 2023, it reopened briefly<\/a> as an emergency migrant intake center.<\/p>\n

Islamabad officials estimate the property to be worth $1 billion. The Trump appointed U.S. General Services Administration (GSA<\/a>) administrator Edward C. Forst <\/a>entered the MoU to renovate the hotel with the Pakistan Ministry of Finance.<\/p>\n

\u201cGiven the Roosevelt Hotel\u2019s 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,\u201d the Pakistan Ministry of Finance said in a statement<\/a>.<\/p>\n

In a press release<\/a>, the Pakistani Government called the deal a \u201cstrategic economic initiative.\u201d It will collaborate with the GSA on \u201cthe operation, maintenance, renovation, and redevelopment of the Roosevelt Hotel in New York.\u201d<\/p>\n

The renovation project was announced not long after the White House<\/a> restructured the GSA\u2019s regulatory policies, as reported<\/a> by AN.<\/p>\n

\"\"The hotel is estimated to be worth $1 billion by Pakistan officials. (gargola87\/Wikimedia Commons<\/a>\/CC BY 2.0<\/a>)<\/p>\n

The GSA\u2019s role in the transaction is unclear because it primarily manages federal, not private properties. U.S. Special Envoy Steve Witkoff brokered the agreement with Pakistan. Witkoff is today working with Jared Kushner on a masterplan for Gaza<\/a> under the auspices of Trump\u2019s Board of Peace.<\/p>\n

The Pakistan Ministry of Foreign Affairs announced in January that Pakistan Prime Minister Shehbaz Sharif accepted<\/a> the Trump administration\u2019s invitation to join the Board of Peace, although reports indicate it still has not paid the $1 billion cost of admission. Sharif attended<\/a> the Board of Peace\u2019s inaugural meeting in Washington, D.C. on February 19 with other world leaders.<\/p>\n

The GSA and Pakistani Government announced the Roosevelt Hotel\u2019s redevelopment the same day<\/a> as the Board of Peace\u2019s inaugural meeting, on February 19, however there is no mention of the Midtown property in the meeting\u2019s full transcript<\/a>.<\/p>\n

The International Monetary Fund (IMF) is in the process of restructuring and privatizing Pakistan\u2019s domestic and foreign assets. The $7 billion IMF program entails renovating the Roosevelt Hotel. It\u2019s been suggested<\/a> that Pakistan may use IMF funds to gain admission to the Board of Peace.<\/p>\n","protected":false},"excerpt":{"rendered":"Pakistan has signed a Memorandum of Understanding (MoU) with the U.S. to renovate the Roosevelt Hotel in Midtown…\n","protected":false},"author":2,"featured_media":142987,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[75,84,83,9,24,63],"class_list":{"0":"post-142986","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-manhattan","8":"tag-manhattan","9":"tag-manhattan-headlines","10":"tag-manhattan-news","11":"tag-new-york","12":"tag-new-york-city","13":"tag-nyc"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/142986","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=142986"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/142986\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/142987"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=142986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=142986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=142986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}