On Feb. 17, two days earlier than information broke of an “settlement” for the US Common Companies Administration to staff up with the Pakistani authorities to redevelop the Roosevelt Resort, Pakistan’s Muhammad Ali, an advisor to Prime Minister Shehbaz Sharif, had this to say on Pakistani information station AAJ:
The Roosevelt “might be privatized by a joint-venture or redevelopment mannequin relatively than a direct sale,” Ali mentioned. He envisioned a “three way partnership” the place Pakistan would “contribute the land whereas a non-public associate would inject round $1 billion” right into a skyscraper challenge to interchange the empty, 100-year lodge that’s technically owned by Pakistan Worldwide Airways.
However in fact, the JV thought has solely been kicking round for 5 years. And in any occasion, how can the GSA — a federal paperwork that owns and manages buildings for federal staff — probably kick-start Pakistan’s confused marketing campaign to money in on the Roosevelt, which it urgently wants to assist pay $7 billion it owes to the Worldwide Financial Fund?
The questions in regards to the Roosevelt, which instructions certainly one of Manhattan’s choicest growth websites on Madison Avenue between East forty fourth and forty fourth streets, had actual property insiders scratching their heads.
The announcement Thursday appeared to catch Washington flat-footed. The White Home referred inquiries to the GSA, which received again to The Publish Friday morning with an announcement that did zero to elucidate precisely what the company might accomplish for the Pakistanis {that a} succession of brokerages, banks and advisors couldn’t.
“This settlement embodies the Trump Administration’s dedication to diplomacy and our nation’s financial prosperity,” mentioned GSA Administrator Edward C. Forst. “GSA seems ahead to working with the federal government of Pakistan on this challenge.”
Thanks for nothing, guys! A GSA supply informed us on background that the “memorandum of understanding” merely “establishes a structured, time-bound framework for joint analysis of the technical, business, and financial parameters of cooperation, reflecting a shared dedication to clear, disciplined, and mutually useful progress.”
And, given the Roosevelt’s prime location and “the complexity of New York zoning and municipal processes, institutional coordination goals to scale back execution threat, improve regulatory readability, and maximize transaction worth.”
Received it?
In different phrases, the Roosevelt web site’s future stays as murky as ever.
The Pakistani homeowners have led Roosevelt-watchers on a merry chase ever for the reason that pandemic compelled the closing of the Roosevelt in 2020.
In February 2024, we first reported that PIA had tapped outstanding brokerage JLL to market the Roosevelt web site to builders and buyers.
In April 2025, when the 1,000 room lodge was nonetheless occupied by migrants, Bloomberg reported an organization referred to as Burkhan World Investments pitched the Pakistan authorities on a deal to associate in a three way partnership to redevelop the property in a scheme the place PIA would retain 50% possession.
Two months later, Realty Verify reported that the funding firm by no means approached anybody at PIA in regards to the thought, however submitted it solely to a state privatization committee. Nothing extra got here of it.
Though Tishman Speyer, SL Inexperienced and Associated Firms had been mentioned to have expressed curiosity, JLL and PIA went their separate methods final summer season for causes by no means made totally clear.
In the meantime, Pakistani “sources” informed journalists that the Roosevelt can be renovated and reopened as a lodge — an concept that drew hoots from insiders who mentioned it will take at the very least a yr to make the lodge liveable once more.
Subsequent, in November, Saudi Arabia-based every day Arab Information reported that with JLL out of the image, PIA was “weighing proposals from seven potential teams” to advise on the lodge and facilitate any deal. Realty Verify subsequent reported the possible alternative of a consortium can be led by Morgan Stanley and embrace CBRE.
Nothing got here of that, both.
Then got here final week’s obscure announcement of US-Pakistani cooperation. President Trump’s particular envoy Steven Witkoff, a veteran of Large Apple actual property wars, brokered the deal.
Absolutely he is aware of one thing we don’t?
