ISLAMABAD: Pakistan is aiming to secure up to $5 billion in investment to redevelop the Roosevelt Hotel in New York City, as part of efforts to maximize returns from one of its most valuable international properties.
Government officials indicate that a financial adviser will soon be appointed to design the investment structure and engage potential global partners for the redevelopment initiative. The Roosevelt Hotel, located in Manhattan’s Midtown district and owned by Pakistan International Airlines (PIA), has been closed since 2020 due to prolonged financial challenges during the pandemic.
Built in 1924, the landmark property is located in a globally significant commercial area. Authorities are exploring plans to convert the site into a large-scale mixed-use or high-rise development through a joint venture. Under this model, Pakistan would retain ownership of the land while private investors would contribute the required capital.
The move follows a cooperation framework agreed between Pakistan and the United States to support the redevelopment process and help navigate regulatory and zoning procedures in New York. Officials consider the project an important component of broader reforms aimed at restructuring state-owned assets, attracting foreign direct investment, and expanding economic collaboration between the two countries.
The proposed redevelopment aligns with Pakistan’s wider economic reform agenda and ongoing financial stabilization efforts. Analysts believe that, if executed effectively, the project could substantially increase the property’s market value and generate sustainable long-term revenue.
Despite optimism, observers note that the initiative’s outcome will depend on investor participation, clear financial planning, and efficient execution, as several key financing and timeline details remain under discussion.
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