US, Pakistan formalize cooperation on Roosevelt Hotel project

The governments of Pakistan and the United States have formally launched a strategic economic initiative centered on cooperation over the Roosevelt Hotel in New York, officials said.

The engagement includes collaboration with the U.S. General Services Administration on the operation, maintenance, renovation, and redevelopment of the property, which occupies a prime location in Manhattan.

The initiative was negotiated and stewarded by U.S. Special Envoy Steve Witkoff under the leadership of President Donald J. Trump, according to officials from both governments.

To advance the partnership, both governments signed a Memorandum of Understanding formalizing their cooperation.

The agreement was executed by GSA Administrator Edward C. Forst on behalf of the United States and Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on behalf of Pakistan. It was witnessed by Prime Minister Mian Shehbaz Sharif and U.S. Special Envoy Steve Witkoff.

The MoU establishes a structured, time-bound framework for joint evaluation of the technical, commercial, and economic parameters of cooperation, reflecting what officials described as a shared commitment to transparent, disciplined, and mutually beneficial progress.

Managing complexity

Given the Roosevelt Hotel’s prime Manhattan location and the complexity of New York zoning and municipal processes, the institutional coordination is intended to reduce execution risk, enhance regulatory clarity, and maximize transaction value.

Officials said such facilitative frameworks are consistent with international practice in cross-border real estate and infrastructure projects.

The objective, they added, is to secure maximum value for the property in line with Pakistan’s privatization strategy while strengthening economic ties between the United States and Pakistan.