White House-Pakistan deal to redevelop NYC’s Roosevelt Hotel raises more questions than answers
NY Post
In a startling Thursday announcement, the Trump administration signed an agreement with Pakistan’s government to “jointly redevelop” the Pakistan-owned Roosevelt Hotel on Madison Avenue — a vacant eyesore worth at least $1 billion for its development potential, according to real estate analysts.
The shuttered, 22-story hotel between East 44th and 45th streets closed during the pandemic. Former Mayor Eric Adams filled it with 1,000 migrants until last June under a leasing agreement with Pakistan International Airlines, the hotel’s owner of record since 2000.
The agreement between Washington and Islamabad was negotiated by President Trump’s special envoy Steven Witkoff, according to Pakistan’s finance ministry. Reuters first reported the agreement.
But the announcement raised more questions than it answered about the precious site’s future. It said nothing about how the seeming partnership would work or which side would be calling the shots.
In the absence of clarification from the White House, speculation was rampant as to the agreement’s meaning on Thursday.
“Unbelievable,” one Manhattan power broker said of the news.
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