The Trump administration signed a deal with Pakistan to “jointly redevelop” the Pakistan-owned Roosevelt Hotel on Madison Avenue in New York City, a shuttered 22-story property valued at over $1 billion.

Axar.az, citing New York Post, reports that the agreement, negotiated by Trump’s special envoy Steven Witkoff, outlines cooperation on operation, maintenance, renovation, and redevelopment, but provides few details on ownership, decision-making, or financial terms.

The hotel, closed during the pandemic and briefly used to house migrants, sits in Manhattan’s booming office market and could potentially be redeveloped into an office or mixed-use tower.

Pakistan, $7 billion in debt to the IMF, is seeking to maximize value from the property.

Analysts and local real estate experts say the deal raises questions about how the partnership will work and whether major developers like SL Green or Tishman Speyer might ultimately be involved.