New Trump Tower
Even state media in the US is confusedā¦
But the announcement raised more questions than it answered about the precious siteās 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 agreementās meaning on Thursday.
āUnbelievable,ā one Manhattan power broker said of the news.
Another speculated, āThis could be a long-term play for Witkoff,ā who played a big role financing Manhattan hotels including the Times Square Edition and the Faena next to the High Line.
The Pakistan finance ministryās agreement is with the US General Services Administration, Reuters reported. It appears to be non-binding, but GSA didnāt respond to The Postās request to clarify the deal.
The GSA agreement should theoretically be FOIA-able, but these days thatās not a guarantee it will ever be released.
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a project in the neo classic style
That would be great.
A GSA source told us on background that the āmemorandum of understandingā merely āestablishes a structured, time-bound framework for joint evaluation of the technical, commercial, and economic parameters of cooperation, reflecting a shared commitment to transparent, disciplined, and mutually beneficial progress.ā
And, given the Rooseveltās prime location and āthe complexity of New York zoning and municipal processes, institutional coordination aims to reduce execution risk, enhance regulatory clarity, and maximize transaction value.ā
Got it?
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Partnering with the current admin, they will try for the tallest in NYC here ā a legacy building. Then it will bog down into a morass of lawsuits, incompetence, infighting and failure. This partnership makes it less likely it will be built anytime soon.
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āJPMorgan Chaseās aspirations to expand its Manhattan real estate empire have hit a roadblock at the Roosevelt Hotel, which the government of Pakistan wants to knock down and replace with a high-rise development.
The bank led by Jamie Dimon has for more than a year had designs on buying the Roosevelt, which neighbours JPMorganās new 60-storey Park Avenue skyscraper and two other buildings it also owns, according to people familiar with the matter.ā
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Doubt Pakistan will ever sell it. They want to both make a statement piece and make a lot of money on this.
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Will the effects of skyrocketing energy prices and the costly war between Pakistan and Afghanistan prompt the lethargic bureaucrats of Islamabad to finally cease twiddling their thumbs and do something to monetize this prized investment?
I wouldnāt hold my breath.
Trumpgrandcentralgate here we come!
Float like a butterfly, sting like a bee
The next steps are unclear. Pakistan is looking to retain a stake in the property but wants to redevelop it with a partner, according to Muhammad Ali, the chairman of the Pakistani governmentās privatization commission.
In an interview at a government office in Islamabad, Mr. Ali said he did not know whether the U.S. government might remain involved in the project, but said the partnership with the G.S.A. was āone big plusā that gave Pakistan āmore credibility.ā
He said Pakistan would also seek to partner with sovereign wealth funds from the Middle East and U.S. real estate developers over the next four to six months.
source: After Wooing Trump With Deals, Pakistan Gets a Seat at the Table - The New York Times
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This is just gonna get worse. Like everything with this snake, itās as bad as you think it is. Sometimes worse.
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Per Nyguy on SSP:
Pakistan picks Citibank-led group as top bidder for Roosevelt Hotel privatization advisory role
Pakistanās Privatization Commission (PC) said on Tuesday that it has picked a consortium led by Citibank as the top-ranked bidder for the role of financial adviser for the privatization of its Roosevelt Hotel.
The Roosevelt Hotel, a century-old Manhattan property owned by the Pakistan International Airlines through its investment arm, is considered one of Pakistanās most valuable foreign assets. Islamabad is pursuing a joint venture model rather than an outright sale, seeking a redevelopment partner to maximize long-term value as part of a broader privatization drive agreed under its $7 billion IMF program.
Citibank was among seven international consortia that submitted bids for the financial advisor role last year,a PC official said last year. Global real estate firm Jones Lang LaSalle (JLL) resigned as financial adviser for the hotelās partial sale in August 2025, citing a conflict of interest due to client involvement.
āIn a separate agenda item, the Board approved the consortium led by Citibank as the top-ranked bidder for appointment as Financial Adviser for the privatization of the Roosevelt Hotel, New York,ā a press release by the Privatization Ministry said.
āThe Board also constituted a negotiation committee to finalize the Financial Advisory Services Agreement (FASA) with the successful consortium.ā
Pakistan says it expects the privatization of the Roosevelt Hotel to be completed this year. The property, located near Grand Central Terminal, Times Square and Fifth Avenue, was closed in 2020 due to heavy losses but has since been used intermittently, including as a temporary migrant shelter.
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