Pakistan is preparing a $3–4 billion high-rise redevelopment of the Roosevelt Hotel in New York City, using a joint-venture privatization model designed to maximize returns while retaining a significant government stake. The Roosevelt Hotel, a 16-storey landmark located in midtown Manhattan, is set to be redeveloped into a modern 50–60 storey high-rise property, reflecting a major upgrade that could dramatically enhance its market value.
Under the proposed plan, the Pakistani government will contribute the land as its equity in the project, while a private partner will provide $1 billion in equity along with $2–3 billion in debt financing to fund construction and redevelopment. Following the redevelopment, government ownership is expected to reduce to 40–50 percent, but analysts predict that the overall value of the asset could increase by up to 250 percent, making it a highly lucrative investment for Pakistan.
The government’s approach avoids an outright sale, instead leveraging a public-private partnership structure to attract global interest from institutional investors, multinational banks, and technology firms looking to participate in a high-profile Manhattan project. Officials believe this strategy not only preserves long-term ownership and income potential for Pakistan but also positions the asset to benefit from the prime real estate market in New York.
The redevelopment is expected to include modern amenities, upgraded hotel facilities, office spaces, and possibly residential units, transforming the historic property into a mixed-use skyscraper while maintaining its iconic presence in midtown Manhattan. By adopting this joint-venture model, Pakistan aims to balance risk, attract world-class investors, and secure one of its most valuable overseas assets for future revenue growth.
