Pakistan and the United States have formally entered into 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 York.
In a statement, the Ministry for Finance said U.S. Special Envoy Steve Witkoff, under the leadership of President Donald Trump, had negotiated and stewarded the deal. “To advance this partnership, both governments have signed a Memorandum of Understanding (MoU) formalizing their cooperation,” it said.
GSA Administrator Edward C. Forst executed the MoU on behalf of the U.S., while Finance Minister Muhammad Aurangzeb signed it on behalf of Pakistan. Prime Minister Shehbaz Sharif and United States Special Envoy Steve Witkoff witnessed it.
The GSA primarily manages federal property and procurement for U.S. government agencies, and its publicly stated mandate does not typically include commercial redevelopment of foreign state-owned assets.
The agreement establishes a structured, time-bound framework for joint evaluation of the technical, commercial, and economic parameters of cooperation, reflecting a shared commitment to transparent, disciplined, and mutually beneficial progress, per the statement.
“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 maximize transaction value,” read the statement. “Such facilitative frameworks are consistent with international practice in cross-border real estate and infrastructure projects,” it added.
The ministry said the primary objective remains securing maximum value for this property in alignment with the government’s privatization strategy, while strengthening Pakistan-United States economic ties.