New York, March 5, 2026, 18:14 EST
- Reports indicate that Pakistan won’t be selling the Roosevelt Hotel in Manhattan, despite interest from JPMorgan in acquiring the property.
- Islamabad wants to bring in a redevelopment partner, but intends to hold on to a share of the property.
- This development throws a wrench into JPMorgan’s efforts to build out its Midtown cluster near Grand Central.
Pakistan has put the brakes on JPMorgan Chase & Co.’s bid for Manhattan’s Roosevelt Hotel, choosing a redevelopment plan instead and holding on to its stake in the high-profile Midtown spot, the Financial Times reported via Moneycontrol. “We are not engaged in discussions with any entity about sale of Roosevelt property,” said Muhammad Ali, chairman of Pakistan’s privatisation commission, to the Financial Times, according to the article. Moneycontrol
This shift holds weight for JPMorgan: the Roosevelt is practically in the backyard of the bank’s expanding Midtown presence. Big banks have been pulling tighter around their New York office locations after years of remote-work upheaval. On Pakistan’s side, the hotel is among the rare foreign holdings big enough to matter as the country hunts for ways to reorganize state assets and drum up cash, all while sidestepping the political backlash a full sale might bring.
According to people with knowledge of the matter, JPMorgan spent over a year trying to acquire the property, the report said. One individual involved called JPMorgan’s approach “aggressive,” Moneycontrol wrote, citing the Financial Times. Moneycontrol
Islamabad is aiming to bring in a private investor to redevelop the site—most likely tearing down the current building in favor of a new high-rise—while keeping a stake in whatever emerges. Khurram Schehzad, who advises the finance ministry and sits on the privatisation commission board, told the report the government has “no plans to sell it outright,” calling it a cabinet-level decision. Moneycontrol
Pakistan’s finance ministry casts the Roosevelt initiative as an international play requiring New York’s regulatory maze to be navigated. On Feb. 19, the ministry put it this way: “institutional coordination aims to reduce execution risk, enhance regulatory clarity, and maximize transaction value,” citing work with the U.S. General Services Administration. Finance Division
Reuters earlier disclosed that Pakistan and the U.S. inked a memorandum to work together on the “operation, maintenance, renovation, and redevelopment” of the hotel. Islamabad’s stated goal: “secure maximum value” as part of its privatisation plans. The memorandum, which Reuters reviewed, left out financial specifics. It also raised questions—Reuters pointed out the agreement didn’t clarify how the U.S. agency would be authorized to help redevelop a commercial property owned by a foreign government. Reuters
JPMorgan is staying quiet about any plans for the property, according to Moneycontrol. The strategy isn’t unique—the bank, like others in Midtown, is focused on clustering its offices close to transit, reducing time lost to cross-town trips, and securing irreplaceable space within reach of Grand Central Terminal.
The Roosevelt comes with its own set of issues. Reuters notes the hotel shut its doors in 2020 and has since been eyed for redevelopment instead of a straight sale. Pakistan, for its part, values the site at over $1 billion.
Still, there’s plenty of risk in the new plan. Partners in a joint venture can spend months locked in disputes over who controls what, how the project gets funded, and when it actually moves forward. Zoning headaches in New York can easily stretch a “prime location” into a drawn-out, costly ordeal. Pakistan has swapped out advisers on this project before, and a new round of political resistance in Islamabad could put decisions back on ice.
The Roosevelt move is just one part of Pakistan’s ongoing push to privatize state assets. That campaign also includes a high-profile effort to offload a majority interest in Pakistan International Airlines. Back in December, Reuters reported that a consortium surfaced as the leading bidder for a 75% stake in the airline during a live-televised auction—an event central to Pakistan’s broader strategy to pare back losses at state-run firms.
