JPMorgan Chase's ambitious plan to expand its Manhattan real estate holdings by acquiring the historic Roosevelt Hotel has been definitively blocked by the government of Pakistan. The bank, led by Jamie Dimon, had pursued the property for over a year, viewing it as a strategic addition to its growing campus near its new Park Avenue skyscraper. However, talks collapsed due to Pakistan's insistence on retaining ownership and pursuing a joint venture for redevelopment rather than a sale.

The century-old hotel, currently leased by New York City as a migrant processing center and requiring major renovation or rebuilding, has been owned by Pakistan since the 1970s. Pakistan's privatization commission chair, Muhammad Ali, confirmed no sale discussions are underway and that a joint venture plan, potentially involving a multibillion-dollar high-rise, will begin in March after appointing a new financial adviser. The Pakistani government, facing significant liabilities, aims to profit from the redevelopment to help pay down over $2.2 billion in debt absorbed during airline privatization efforts.