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United States, Pakistan Reach Deal to Revive Roosevelt Hotel

Once a processing hub for nearly 170,000 migrants in two years, the century-old hotel now looks towards renewal through a US-Pakistan partnership after the federal government officially said it will partner with the current in a new joint venture arrangement.

| 27 Feb 2026 | 09:36
    At the peak of the migrant crisis, an estimated 4,000 asylum seekers per week passed through the Roosevelt Hotel, which served as the central clearing house for new arrivals. Other than several ground floor restaurant outlets, the hotel is now empty.
    At the peak of the migrant crisis, an estimated 4,000 asylum seekers per week passed through the Roosevelt Hotel, which served as the central clearing house for new arrivals. Other than several ground floor restaurant outlets, the hotel is now empty. ( Photo: Beau Matic)
    The Roosevelt Hotel, once the dubbed “the new Ellis Island” when it was the primary migrant check in center, is now deserted aside from ground floor retail outlets.
    The Roosevelt Hotel, once the dubbed “the new Ellis Island” when it was the primary migrant check in center, is now deserted aside from ground floor retail outlets. ( Photo: Keith J. Kelly)
    The the Pakistan government, has signed a joint venture to develop the Roosevelt in a partnership with the US government.
    The the Pakistan government, has signed a joint venture to develop the Roosevelt in a partnership with the US government.
    ( Photo: Google Maps)

Pakistan and the United States just entered into an agreement to overhaul the historic Roosevelt Hotel in Midtown Manhattan, a 102 year old property that recently served as an important center during the city’s migrant crisis and earned the title “the new Ellis Island”.

The agreement, announced by Pakistan’s Ministry of Finance on February 19, 2026, outlines a collaborative effort with the U.S. General Services Administration (GSA) to manage the operation, maintenance, renovation, and redevelopment of the historic hotel. Pakistan owns the property, which is worth over $1 billion, and hopes to increase its value as part of a larger economic recovery plan tied to its $7 billion IMF program.

The deal was negotiated by U.S. Special Envoy Steve Witkoff, a longtime New York real estate developer appointed as a special envoy under President Donald Trump. The Pakistan Ministry of Finance declared in a statement: “Given the Roosevelt Hotel’s prime Manhattan location and the complexity of New York zoning and municipal processes, institutional coordination aims to reduce execution risk, enhance regulatory clarity and maximize transaction value”.

The GSA, which typically oversees federal properties, will facilitate the project alongside Pakistan’s Ministry of Defence, though financial details remain undisclosed. The White House and GSA have not yet commented on the arrangement.

The hotel, named after President Theodore Roosevelt, originally opened in 1924 near Grand Central Terminal during its development boom. Over the years, it has hosted many major political figures and events, including Gov. Thomas Dewey’s 1948 concession to Harry Truman as well as being the long time home of Guy Lombardo’s “Auld Lang Syne” New Year’s Eve broadcast.

Pakistan International Airlines (PIA) leased the property in 1979 and later acquired full ownership, but operations as a luxury hotel ceased at the end of 2020 amid financial strains tied to the COVID-19 pandemic.

The building most recently served as a migrant processing center. From May 2023 to early 2025, during the height of New York City’s asylum seeker influx. The Roosevelt functioned as the city’s central processing hub and temporary shelter for migrant families. City officials dubbed it the “new Ellis Island” for its role in sheltering and processing arrivals, reflecting the historic immigration station that welcomed millions of immigrants to America between 1892 and 1954.

Ellis Island processed approximately 12 million immigrants over six decades, with estimates suggesting that two-fifths of Americans today descend from those entrants. In contrast, the Roosevelt Hotel handled upwards of 173,000 migrant registrations in just under two years. At its peak, the facility managed over 4,000 arrivals weekly, providing medical care, social services, and temporary shelter to individuals from over 150 countries. A month before it closed in June 2025, it was still housing 1,800 migrants.

A number of major NYC developers, who likely would have torn it down and erected a new tower on its footprint, were expected to make a run at buying it if the Pakistani government formally put it on the block. Instead, the new U.S.–Pakistan partnership aims to bring the Roosevelt Hotel back to life and give it a new beginning.