(Feb 20): Pakistan agreed to work with the US to revamp the Roosevelt Hotel in Manhattan, marking a step forward in its plans to re-purpose a building once dubbed the “New Ellis Island” for its role in sheltering migrants.
Pakistan’s Ministry of Finance said on Thursday it launched a “strategic economic initiative” with the US General Services Administration to handle the operation, maintenance, renovation and redevelopment of the property.
The deal was negotiated by US Special Envoy Steve Witkoff, according to the statement. Witkoff has an extensive background in New York City real estate.
The Roosevelt Hotel opened in 1924 as part of a broader effort to develop the neighbourhood surrounding Grand Central Terminal. The property, named for former US president Theodore Roosevelt, passed between a series of owners and Pakistan International Airlines entered a lease for the property in 1979. PIA eventually bought out partners in the hotel.
The building ceased operations as a luxury hotel at the end of 2020. It then served as a processing centre and shelter for asylum seekers as the city struggled to manage an influx of new arrivals under its right-to-shelter laws.
Real estate brokers have been eyeing the site for redevelopment for years. The property’s location in Midtown would make it an appealing site for a new office tower, though such a project would be difficult and expensive to pull off.
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“Given the Roosevelt Hotel’s prime Manhattan location and the complexity of New York zoning and municipal processes, institutional coordination aims to reduce execution risk, enhance regulatory clarity, and maximise transaction value,” Pakistan’s Finance Ministry said in the statement.
“This agreement embodies the Trump Administration’s dedication to diplomacy and our nation’s economic prosperity,” GSA administrator Edward C Forst said in a statement. GSA looks forward to working with Pakistan on the project, he said.
Reuters first reported the pact.
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