Archive · 31 Jan 2026
Pakistan Seeks $1 Billion for Roosevelt Hotel Redevelopment
Pakistan owns a historic hotel in New York called the Roosevelt Hotel.
It's a very old and famous building in a great location.
The hotel has been closed for a few years, and Pakistan doesn't want to reopen it as a hotel anymore.
Instead, they want to build a new, tall building with offices and homes on the same spot.
They think this land is very valuable and want to partner with a global developer to do this.
Pakistan hopes to get at least $1 billion for this project.
They need the money to help with their country's financial problems.
The building of the new tower is expected to take about 4 to 5 years.
Pakistan is seeking a valuation of at least $1 billion for the Roosevelt Hotel in New York through a joint venture model rather than an outright sale.
The Roosevelt Hotel, a historic property in Midtown Manhattan, was acquired by Pakistan International Airlines (PIA) in 1998 for $36.5 million.
The hotel has been closed since 2020 due to pandemic-related losses and was temporarily used as a migrant shelter between 2021 and 2023.
Pakistan plans to redevelop the site into a 50 to 60-storey mixed-use tower, combining office and residential spaces, with an expected investment of $3 to $4 billion.
The redevelopment is part of Pakistan's $7 billion IMF-backed privatisation push to shore up finances and meet austerity measures.
- Who
- Pakistan International Airlines (PIA) and the Pakistani government
- What
- Redevelopment of the Roosevelt Hotel in New York
- When
- Redevelopment process to begin immediately and conclude within 6 to 9 months
- Where
- 45 East 45th Street, Midtown Manhattan, New York
- Why
- To unlock maximum value from a prime overseas asset and meet IMF-mandated austerity measures
- Location
- 45 East 45th Street, Midtown Manhattan
- Current Owner
- Pakistan International Airlines (PIA)
- Acquisition Year
- 1998
- Acquisition Price
- $36.5 million
- Proposed Redevelopment
- 50 to 60-storey mixed-use tower
- Expected Redevelopment Duration
- 4 to 5 years
- Initial Payment Expected
- $100 million by June 2026
- IMF Privatisation Programme
- $7 billion
