Pakistan, US Sign MoU to Redevelop Roosevelt Hotel in New York

The governments of Pakistan and the United States have launched a strategic economic initiative to advance cooperation on the operation, maintenance, renovation, and potential redevelopment of the Roosevelt Hotel in New York.

The engagement, which also involves collaboration with the US General Services Administration, was negotiated and overseen by Steve Witkoff under the leadership of Donald J. Trump.

To formalize the partnership, both sides have signed a Memorandum of Understanding (MoU) establishing a structured and time-bound framework for cooperation. The MoU was executed by Edward C. Forst on behalf of the United States and by Muhammad Aurangzeb on behalf of Pakistan. The signing ceremony was witnessed by Shehbaz Sharif and Special Envoy Steve Witkoff.

The framework provides for a joint assessment of technical, commercial, and economic aspects of the project, reflecting a shared commitment to transparency, discipline, and mutually beneficial outcomes.

Given the Roosevelt Hotel’s prime location in Manhattan and the complexity of New York’s zoning and municipal regulations, enhanced institutional coordination is expected to reduce execution risks, improve regulatory clarity, and maximize transaction value. Officials noted that such facilitative arrangements align with international best practices for cross-border real estate and infrastructure projects.

The initiative aims to unlock maximum value from the asset in line with Pakistan’s privatization strategy, while further strengthening economic ties between Pakistan and the United States.