Pakistan eyes $1 billion valuation in Roosevelt Hotel redevelopment plan

A migrant carrying a child speaks on the phone outside of The Roosevelt Hotel in midtown Manhattan in New York City, US, February 24, 2025. (Reuters/File)
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Updated 10 July 2025
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Pakistan eyes $1 billion valuation in Roosevelt Hotel redevelopment plan

  • Pakistan ready to part with minority stake in the prime Manhattan property, government official says
  • Pakistan has said it will adopt a joint venture model for the hotel’s sale to maximize long-term value

KARACHI: Pakistan is seeking a valuation of at least $1 billion for the Roosevelt Hotel it owns in New York and is ready to part with a minority stake in the prime Manhattan property as it scouts for a redevelopment partner, a senior government official said.

Named after former US President Theodore Roosevelt, the century-old property in midtown Manhattan is seen as one of Pakistan’s most valuable foreign assets, which it acquired in 2000. Faced with mounting losses, the over 1,000 room hotel was shut in 2020, and has also operated briefly as a migrant shelter.

As part of the government’s $7 billion IMF-backed privatization push, Pakistan’s government approved a “transaction structure for the Roosevelt Hotel” on Tuesday , saying it won’t do an outright sale but has decided to adopt a joint venture model to maximize long-term value. It gave no further details.

The senior Pakistani official said the government will retain ownership in the project through an equity partnership, but declined to disclose the size of the stake being offered to any potential JV partner.

The official declined to be named since the process is confidential. JLL, or Jones Lang LaSalle, will run the process and the government is eyeing a valuation of over $1 billion for the 42,000 square feet property it hopes could be redeveloped for residential-cum-office use, the official said.

“It is among the best pieces of land in NY real estate ... The process begins immediately and is expected to be completed in the next six-nine months,” said the official.

Pakistan’s Privatization Ministry and state-owned Pakistan International Airlines (PIA), which owns the hotel through its investment arm, did not respond to request for comments, and neither did JLL.

Pakistan this week also approved four parties to bid for a stake in debt-ridden PIA.

The hotel is located near marquee New York destinations such as Grand Central Terminal, Times Square, and Fifth Avenue, placing it in one of Manhattan’s most valuable commercial zones.

Pakistan’s government is estimating the redevelopment will take 4–5 years, the official said, adding the “interest level is extremely high.”

In June, the government said it expects $100 million in the initial payment from the joint-venture partnership by June 2026. 


Pakistan urges ‘time-bound and irreversible’ path to Palestinian statehood at UN

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Pakistan urges ‘time-bound and irreversible’ path to Palestinian statehood at UN

  • Pakistan warns the Security Council Israeli settlement expansion has reached its highest level in the West Bank
  • It says Islamabad backs sustained ceasefire, expanded humanitarian access, protection of UNRWA’s role in Gaza

ISLAMABAD: Pakistan on Tuesday called for a time-bound and irreversible political process leading to the establishment of a sovereign Palestinian state, urging the international community to move beyond declarations and turn long-standing commitments into concrete action.

Addressing a Security Council briefing on the Middle East, Pakistan’s ambassador to the United Nations said repeated diplomatic initiatives had underscored that the status quo was untenable and that only a credible political horizon, grounded in international law, could deliver durable peace.

His remarks came as the Security Council reviewed the implementation of Resolution 2334, which calls on Israel to halt settlement activity in occupied Palestinian territory.

Pakistan said recent diplomatic efforts — including a high-level conference in July and the General Assembly’s endorsement of the New York Declaration reaffirming the two-state framework — had sought to preserve the possibility of a negotiated settlement between Israelis and Palestinians.

It said follow-up meetings at Sharm El-Sheikh, along with US-led initiatives under President Donald Trump aimed at halting the fighting, were intended to reopen a political process toward Palestinian statehood.

“A time-bound and irreversible political process, anchored in relevant UN resolutions must lead to the establishment of a sovereign, independent and contiguous State of Palestine on the basis of pre-1967 borders, with Al-Quds Al-Sharif as its capital,” Pakistan’s Permanent Representative Asim Iftikhar Ahmad told the council.

“It is high time to turn promises into action and speed up this process,” he added.

Ahmad said Pakistan backed Security Council Resolution 2803, which calls for efforts to sustain the ceasefire, expand aid access and restart a political track toward Palestinian statehood.

He said settlement activity in the occupied West Bank, including East Jerusalem, had reached its highest levels since the United Nations began systematic monitoring, citing UN findings that more than 6,300 housing units were advanced during the reporting period.

Such actions, he said, had “no legal validity” under international law but continued to undermine the viability of the two-state solution.

Pakistan also defended the role of the UN Relief and Works Agency (UNRWA), saying it remained indispensable for Palestinian refugees and must not be weakened by what it called unfounded criticism.

Ahmad condemned the storming of UNRWA’s headquarters in East Jerusalem earlier this month, calling it a violation of international law and the inviolability of UN premises, and urged full, safe and unimpeded humanitarian access to Gaza, along with the immediate start of reconstruction without annexation or forced displacement.