Exclusive | As NYC’s historic Roosevelt Hotel web site sits in limbo, Morgan Stanley team poised to change into new financial adviser: sources | Real Estate Market Insights

A Morgan Stanley-backed group seems to have the inside monitor to change into the new financial adviser to Pakistan International Airlines, or PIA, because it decides what to do with the treasured Roosevelt Hotel web site in Midtown East, sources told The Post on Monday.

The consortium would exchange JLL, which checked out of the position last summer time.

PIA, which solutions to the Pakistani authorities, was lately reported by Saudi Arabia-based daily Arab News to be weighing proposals from seven potential teams to advise on the Roosevelt’s future and to facilitate any deal. The Morgan Stanley team would come with CBRE, Manhattan’s most prolific business brokerage. 

The future of the treasured Roosevelt Hotel web site — which may be price more than $1 billion —  is in limbo again. Robert Miller

Nothing about PIA’s plans might instantly be confirmed.

One source cautioned, “The Roosevelt owners have played with one scenario after another for at least 10 years and never did anything.”

A JLL team headed by the firm’s regional CEO Peter Riguardi resigned from the account last summer time. A Pakistani authorities company attributed JLL’s transfer to its want to keep away from any “perceived or actual conflict of interest,” as the firm represents a number of shoppers said to be thinking about the web site.

Since then, PIA has not announced a new financial adviser, a position that would come with basically brokering an outright sale of the web site or a partial sale with a development companion. Arab News claimed that PIA would “fast-track” selecting a new adviser this month.

But one skeptical, distinguished Manhattan investment-sales dealmaker said, “Who knows? It’s been a colossal waste of time, mostly because the property is tied to the government of Pakistan and their military leaders which turn over pretty consistently.”

While JLL’s departure was attributed to potential for “conflict of interest,” it isn’t unusual for major Manhattan brokerages to work each side of a deal.

“It often helps to make a sale or a lease easier,” an insider said. “They put up a so-called ‘Chinese wall’ between the two negotiating teams and it generally holds up.”

A JLL team headed by the firm’s regional CEO Peter Riguardi resigned from the account last summer time. Erik Thomas/NY Post

Nor is it unheard of for brokers to rep builders hoping to build in the same areas. Moreover, JLL’s consumer listing — which incorporates each main builders and tenants — was no secret to both the brokerage or to PIA when the airline tapped JLL in February 2024.

Riguardi declined to remark. Emails to PIA in search of remark weren’t returned.

As previously reported in The Post, Pakistan’s authorities wants the dough from a Roosevelt sale to help help a $7 billion bailout association with the International Monetary Fund.

The Roosevelt web site between Madison and Vanderbilt avenues and between East forty fourth and East forty fifth streets is one of Manhattan’s most priceless items of land, located in an East Midtown hall the place prestigious tenants have flocked to new workplace developments close to Grand Central Terminal.

Migrants at the Roosevelt Hotel in 2023. James Messerschmidt for NY Post

The shuttered resort lies amidst the new JP Morgan Chase headquarters tower at 270 Park Ave., a future Boston Properties (BXP) tower at 343 Madison Ave., and an unspecified SL Green development web site on the former Brooks Brothers retailer at 346 Madison.

A new workplace tower at the Roosevelt web site might have as a lot as 1.8 million sq. ft under Midtown zoning that permits large-size bonuses in exchange for important pedestrian and transit enhancements.

The 1,000-room Roosevelt Hotel has been vacant since the metropolis in June terminated a contract with PIA to use it as a migrant shelter.

The 1,000-room Roosevelt Hotel has been vacant since the metropolis in June terminated a contract with PIA to make use of it as a migrant shelter. Matthew McDermott

PIA has repeatedly modified its thoughts about what to do with the property since it took control in 2000. It was reported at different occasions that the airline would pursue an outright sale or search a majority or minority development companion.

In the latest twist, Pakistan privatization official Muhammad Ali told Arab News earlier this month the building may not be demolished anytime soon, however would reopen as a resort.

That suggestion drew laughs from Manhattan resort consultants who said reopening it  would take a minimum of a yr just to wash up the mess left behind by a yr of migrant occupation.

“By that time, the markets for both offices and hotels might have changed,” one industry insider scoffed.

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