The Ministry of Finance announced today the formal launch of a Strategic Economic Initiative between the Government of Pakistan and the United States, focused on the operation, maintenance, renovation, and redevelopment of the historic Roosevelt Hotel in Manhattan, New York.
The Governments of Pakistan and the United States have formally launched a strategic economic initiative, including collaboration with the U.S. General Services Administration (GSA) regarding the operation, maintenance, renovation, and redevelopment of the Roosevelt Hotel in New… pic.twitter.com/p0Gix5TLFX
— Ministry of Finance, Government of Pakistan (@Financegovpk) February 19, 2026
A Partnership for Revitalization
The initiative was negotiated and stewarded by U.S. Special Envoy Steve Witkoff under the direct leadership of President Donald J. Trump. To formalize this high-level cooperation, both governments have signed a Memorandum of Understanding (MoU). The document was signed by Finance Minister Muhammad Aurangzeb and U.S. General Services Administration (GSA) Administrator Edward C. Forst, in the presence of Prime Minister Shehbaz Sharif and Special Envoy Witkoff.
Strategic Framework and Execution
The MoU establishes a structured, time-bound framework designed to evaluate the technical, commercial, and economic parameters of the project. By collaborating with the GSA—the agency responsible for managing federal property and procurement for U.S. government agencies—both nations aim to:
- Reduce Execution Risk: Leveraging institutional expertise to navigate the complexities of New York City zoning and municipal processes.
- Enhance Regulatory Clarity: Ensuring a transparent and disciplined approach to the redevelopment of one of Manhattan’s most prominent real estate assets.
- Maximize Transaction Value: Aligning the project with Pakistan’s national privatization strategy to secure the highest possible value for the century-old property.
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Strengthening Bilateral Ties
The Roosevelt Hotel, located in the heart of midtown Manhattan near Grand Central Terminal, remains one of Pakistan’s most valuable foreign assets. This partnership reflects a shared commitment to strengthening Pakistan-United States economic ties through innovative cross-border real estate and infrastructure frameworks.
“The objective remains to secure maximum value for this property while fostering a mutually beneficial economic relationship with the United States,” the Ministry stated.
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