PAKISTAN – The government is aiming for a valuation of up to $1 billion in its plan to redevelop the iconic Roosevelt Hotel in New York City, according to sources familiar with the matter.
The hotel, owned by Pakistan International Airlines Investment Limited (PIAIL), has been closed to the public since 2020 but has recently been used to accommodate migrants under a lease agreement with New York City authorities. Officials now intend to move forward with a long-term redevelopment strategy that includes commercial and hospitality components.
According to a senior official involved in the discussions, the objective is to unlock the property’s maximum value through private sector participation while ensuring that Pakistan retains ownership. A new subsidiary is expected to be created under PIAIL to handle redevelopment activities and attract international investment.
The federal government has constituted a committee to oversee the transaction structure, which may include leasing, joint ventures, or other public-private models. Financial and legal advisors will be appointed to guide the process and ensure compliance with both U.S. and Pakistani regulations.
Experts say the move could significantly enhance Pakistan’s foreign asset portfolio and generate much-needed revenue. However, they also warn of potential challenges, including regulatory hurdles and shifting market conditions in the U.S. real estate sector.
This story has been reported by PakTribune. All rights reserved.
