The governments of Pakistan and the United States have initiated a coordinated economic effort to explore the operation, upkeep, refurbishment, and possible redevelopment of the Roosevelt Hotel in New York.

The initiative includes engagement with the US General Services Administration and was facilitated through negotiations led by Steve Witkoff, during the administration of Donald J. Trump.

To institutionalize cooperation, both sides have signed a Memorandum of Understanding outlining a defined, time-bound mechanism for collaboration. The agreement was signed by Edward C. Forst representing the United States and Muhammad Aurangzeb on behalf of Pakistan, with Shehbaz Sharif and Witkoff in attendance.

Under the MoU, the two governments will jointly evaluate technical, commercial, and financial dimensions of the project, underscoring a mutual focus on transparency, rigor, and value creation.

Officials noted that the hotel’s central Manhattan location and the intricacies of New York’s zoning and municipal frameworks necessitate close institutional coordination. Such alignment is expected to mitigate execution risks, streamline regulatory processes, and enhance overall transaction value—consistent with global best practices for cross-border real estate and infrastructure ventures.

The effort is designed to help Pakistan realize optimal value from the asset as part of its broader privatization agenda, while also deepening economic cooperation between Islamabad and Washington.