Pakistan aims for a $1 billion valuation in the overhaul of the Roosevelt Hotel, as per a source.
The Pakistani government has announced plans to redevelop the century-old Roosevelt Hotel in Midtown Manhattan, with a goal to transform the property into a mixed-use residential and office complex. The real estate advisory firm Jones Lang LaSalle (JLL) has been appointed to manage the redevelopment process, which is expected to take four to five years.
The government is seeking a valuation of at least $1 billion for the property, which spans 42,000 square feet, and intends to retain ownership while offering a minority stake for redevelopment funding. Interest from potential partners is reported as "extremely high," with four parties having been approved to bid for a stake in the project.
An initial investment of around $100 million is expected from the joint venture partners by June 2026. The redevelopment is part of Pakistan's broader IMF-supported privatization program and will mark a significant transformation of a prime Midtown Manhattan location near landmarks like Grand Central Terminal and Times Square.
The Roosevelt Hotel, named after former US President Theodore Roosevelt, is one of Pakistan's most valuable foreign assets. The property, which has operated briefly as a migrant shelter, is located near marquee New York destinations such as Grand Central Terminal, Times Square, and Fifth Avenue, placing it in one of Manhattan's most valuable commercial zones.
The process for the redevelopment is expected to be completed within six to nine months from mid-2025. As part of the government's $7 billion IMF-backed privatisation push, a "transaction structure for the Roosevelt Hotel" has been approved. The government of Pakistan won't do an outright sale for the Roosevelt Hotel but has decided to adopt a joint venture model to maximize long-term value.
The property is being considered for redevelopment for residential-cum-office use, with the potential for over 1.3 million square feet of office space development, possibly expanding to 1.8 million square feet with additional zoning incentives. The redevelopment is set to bring new life to this iconic hotel and contribute to the vibrant cityscape of Midtown Manhattan.
- The Pakistani government intends to retain ownership of the Roosevelt Hotel, while seeking a minority stake from potential partners to fund its redevelopment, which is expected to have a valuation of at least $1 billion.
- The redevelopment of the Roosevelt Hotel, a prime real estate in Midtown Manhattan near landmarks like Grand Central Terminal and Times Square, will coincide with Pakistan's broader IMF-supported privatization program and may offer over 1.3 million square feet of office space.
- Interest from investors in the Roosevelt Hotel's redevelopment is reportedly "extremely high," with four parties having been approved to bid for a stake in the project, and an initial investment of around $100 million expected from joint venture partners by June 2026.
- The process for the redevelopment of the Roosevelt Hotel, one of Pakistan's most valuable foreign assets, is expected to be completed within six to nine months from mid-2025, with the government adopting a joint venture model to maximize long-term value while retaining ownership.
