The consortium would replace JLL, which checked out of the role last summer.

PIA, which answers to the Pakistani government, was recently reported by Saudi Arabia-based daily Arab News to be weighing proposals from seven potential groups to advise on the Roosevelt’s future and to facilitate any deal. The Morgan Stanley team would include CBRE, Manhattan’s most prolific commercial brokerage. 

The future of the precious Roosevelt Hotel site — which might be worth more than $1 billion —  is in limbo again. Robert Miller

Nothing about PIA’s plans could immediately 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. A Pakistani government agency attributed JLL’s move to its wish to avoid any “perceived or actual conflict of interest,” as the firm represents several clients said to be interested in the site.

Since then, PIA has not announced a new financial adviser, a role that would include essentially brokering an outright sale of the site or a partial sale with a development partner. Arab News claimed that PIA would “fast-track” choosing a new adviser this month.

But one skeptical, prominent 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 uncommon for major Manhattan brokerages to work both sides 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. Erik Thomas/NY Post

Nor is it unheard of for brokers to rep developers hoping to build in the same areas. Moreover, JLL’s client list — which includes both leading developers and tenants — was no secret to either the brokerage or to PIA when the airline tapped JLL in February 2024.

Riguardi declined to comment. Emails to PIA seeking comment weren’t returned.

As previously reported in The Post, Pakistan’s government needs the dough from a Roosevelt sale to help support a $7 billion bailout arrangement with the International Monetary Fund.

The Roosevelt site between Madison and Vanderbilt avenues and between East 44th and East 45th streets is one of Manhattan’s most valuable pieces of land, situated in an East Midtown corridor where prestigious tenants have flocked to new office developments near Grand Central Terminal.

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

The shuttered hotel 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 site on the former Brooks Brothers store at 346 Madison.

A new office tower at the Roosevelt site could have as much as 1.8 million square feet under Midtown zoning that allows large-size bonuses in exchange for significant pedestrian and transit improvements.

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

PIA has repeatedly changed its mind about what to do with the property since it took control in 2000. It was reported at different times that the airline would pursue an outright sale or seek a majority or minority development partner.

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

That suggestion drew laughs from Manhattan hotel experts who said reopening it  would take at least a year just to clean up the mess left behind by a year of migrant occupation.

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

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The tech-heavy Nasdaq dropped 0.2% Friday, closing the week down 3% – its worst drop since the April launch of President Trump’s “Liberation Day” tariffs sparked a massive sell-off. 

Stocks tumbled on Friday as consumer sentiment plunged near all-time lows and investors panicked over AI spending. Getty Images

Concerns about the government shutdown – which entered its 38th day on Friday, setting a new record — sent monthly consumer sentiment to its lowest level in over three years.

The reading of 50.3 marked a drop of 6.2% on the month and about 30% from this time last year – near the worst-ever level for consumer sentiment, according to data released by the University of Michigan on Friday.

Along with worries about the shutdown, broader economic concerns regarding inflation remained top of mind for many Americans. Prices on everything from a cup of coffee and kids’ toys to living room furniture and Amazon deals have soared.

“Consumers perceive pressure on their personal finances from multiple directions,” Joanne Hsu, director of the University of Michigan survey, told Bloomberg. “Consumers also anticipate that labor markets will continue to weaken in the future and expect to be personally affected.”

The only time that consumer confidence in their finances and the economy has been worse came in June 2022, during a historic rise in inflation.

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Meanwhile, investors have been panicking over massive AI spending, questioning whether stocks have been overvalued – reminiscent of the dot-com bubble in the late 1990s.

The worst-performing stock in the S&P 500 this week was Super Micro Computer, which sells equipment for AI data centers. The stock fell about 25% this week.

About $1 trillion in market value was wiped from a drop in shares this week of Microsoft, Nvidia, AMD, Palantir, Oracle and Meta.

President Trump touted his economic agenda earlier this week after the GOP suffered defeat in key races across the country. Getty Images

AMD, Nvidia and Oracle each fell about 10% this week.

Shares in Meta, which owns Facebook, Instagram and WhatsApp, dipped about 6% during the same timeframe, while Microsoft tumbled roughly 5%.

The tech sell-off started earlier this week, after software giant Palantir reported earnings on Tuesday. 

Analysts raised concerns about whether Palantir’s valuation was inflated, and Michael Burry revealed a short position in the firm. REUTERS

Although Palantir beat earnings across the top and bottom lines, analysts raised concerns about whether the company’s valuation was inflated – and “Big Short” investor Michael Burry revealed a short position in the firm.

Alex Karp, chief executive of Palantir, quickly ripped into short selling as “market manipulation.”

While his company’s stock jumped about 1.5% Friday, it was down more than 13% this week.

Nvidia CEO Jensen Huang fueled the panic over artificial intelligence investments after he told the Financial Times that China would likely “win the AI race.”

Investors grew concerned after Nvidia CEO Jensen Huang said China would likely “win the AI race.” via REUTERS

Although he later tried to backpedal, writing that “China is nanoseconds behind America in AI,” investors worried that huge investments into the new tech may not pay off.

While Nasdaq ended the week on a low note, the Dow Jones Industrial Average and S&P 500 saw small upticks Friday, with the Dow rising about 75 points, or nearly 0.2%, and the S&P going up around 0.1%.

Earlier this week, Trump touted his economic agenda after Election Day wins by New York City’s socialist Mayor-elect Zohran Mamdani and Dem gubernatorial candidates Mikie Sherrill in New Jersey and Abigail Spanberger in Virginia.

When asked on Friday whether he was concerned about an AI bubble, Trump replied, “No, I love AI.”

“We’re leading China, we’re leading the world,” he said.

Some tech stocks saw smaller declines this week.

Alphabet was down less than 1%, while Apple was set to end the week roughly flat.

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The Justice Department is currently pursuing two anti-monopoly cases against Google – one over search and another over advertising technology.

“We routinely meet with regulators, including with the DOJ to discuss this case. As we’ve publicly said, we’re concerned the current proposals would harm the American economy and national security,” a Google spokesperson said.

Google parent Alphabet met with President Donald Trump’s government last week and urged them to back away from a push to break up the search engine company. AFP via Getty Images

The DOJ did not immediately respond to Reuters requests for comment.

The department has laid out potential remedies in the search case, including making Google divest parts of its business such as the Chrome Web browser and ending agreements that make it the default search engine on devices like Apple’s iPhone.

The Justice Department is currently pursuing two anti-monopoly cases against Google – one over search and another over advertising technology. Above, Google CEO Sundar Pichai with Poland’s Prime Minister Donald Tusk last month. AFP via Getty Images

The trial over which of the remedies are appropriate is scheduled to take place in April, with a final ruling expected in August.

President Trump is expected to dial back on some of the antitrust policies pursued under the former President Joe Biden’s administration, potentially including a bid to break up Google over its dominance in online search, industry experts have said.

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