Pakistan property up for sale in Washington gets three bids, Jewish group highest bidder
Dec 28, 2022
Washington [US], December 28 : Amid the ongoing economic crisis, Pakistan has received three bids for its property which was housed for sale in Washington. The building which once housed the Defence section of the country's embassy has received the highest bid by a Jewish group, Dawn reported citing diplomatic sources.
According to the sources, an Indian real estate agent placed the second bid of roughly USD 5 million, while a Pakistani real estate agent placed the third bid of about USD 4 million.
According to Pakistani-American real estate agents, the building should be sold to the highest bidder.
Dawn reported citing a Pakistani realtor who asked to remain unnamed stating, "We should keep this tradition, also because it will generate a lot of goodwill in a prominent American community, which wants to use it as a place of worship.
One of Pakistan's three diplomatic buildings in Washington, a structure on the famous R Street NW, was up for sale, according to officials from the Pakistani embassy, who informed Dawn earlier this month. However, they made it clear that neither the new nor the old embassies were up for sale.
Earlier on Monday, the New York Roosevelt Hotel property was to be leased, and the Cabinet Committee on Privatization (CCoP) requested the privatization commission name a financial advisor.
The site is owned by Pakistan, and the government is thinking of forming a cooperative venture for potential mixed-use development. Ishaq Dar, minister of finance, presided over the meeting.
Earlier in August, as per several media reports, it was decided that Pakistan should offer 51 pc stakes in The Roosevelt Hotel, New York, and the Pakistan International Airlines (PIA) along with the management control to Qatar. But the PIA law bars selling more than 49 pc stakes and giving management control to any other party. It was decided that the legal process to amend the PIA law should immediately be initiated to do away with the restricting clause.
The Roosevelt Hotel is owned by the PIA through PIA-Investment Limited. The PIA-IL holds its stakes through a subsidiary that is registered in the British Virgin Islands. The hotel, located at a highly-priced location, was closed in December 2020.
