New York City, November 25, 2025
As New York City navigates the future of the historic Roosevelt Hotel, the Pakistan International Airlines is seeking a new financial adviser amidst hopes that Morgan Stanley will step in. With the hotel closed since 2020 and its previous adviser resigning, the potential for redevelopment looms large. The Roosevelt Hotel, a 19-story landmark with 1,025 rooms, has seen its share of challenges, but industry experts believe that new financial strategies could revitalize this iconic site.
Historic Roosevelt Hotel Site in Limbo as Morgan Stanley Poised to Become New Financial Adviser
A new chapter for NYC’s Roosevelt Hotel could be on the horizon.
New York City is poised at a critical juncture with the future of the historic Roosevelt Hotel hanging in the balance. As the Pakistan International Airlines (PIA) searches for a new financial adviser for the site’s redevelopment, industry sources suggest that a team from Morgan Stanley is set to step into this pivotal role. This comes on the heels of the resignation of Jones Lang LaSalle (JLL), which opened new opportunities for revitalization of this cherished Midtown landmark.
The Roosevelt Hotel, located at 45 East 45th Street, has maintained a storied presence in the city since its opening in 1924. Closed since 2020 due to financial setbacks exacerbated by the COVID-19 pandemic, the hotel’s future is clouded yet filled with potential. In a previously uncharacteristic turn, PIA used the hotel to provide shelter for asylum seekers in 2023, illuminating not only its past glory but also the community’s resilience amid challenges.
The Role of Morgan Stanley in the Redevelopment Process
With the Privatisation Commission of Pakistan preparing to finalize Morgan Stanley’s appointment as the hotel’s financial adviser, there is hope that the team’s expertise will help navigate the complexities associated with redeveloping such a significant asset. Morgan Stanley is expected to bring a fresh perspective that balances the hotel’s rich historical attributes with modern needs, potentially paving the way for increased investment and revitalization.
Background on the Roosevelt Hotel
To understand the importance of the Roosevelt Hotel, one must recognize its scale and location. Spanning approximately 600,000 square feet and boasting 1,025 rooms in a 19-story structure, the hotel holds strategic value adjacent to Grand Central Terminal—an essential hub for commuters and tourists alike. The future redevelopment plans are crucial for PIA as they look to maximize property value and align with larger privatization efforts under a $7 billion IMF-backed reform initiative.
Challenges and Opportunities Ahead
The resignation of Jones Lang LaSalle was a significant development; it highlighted the often-volatile nature of real estate advisory, especially when conflicts of interest arise. While this setback could be interpreted as a roadblock, it also opened the door for new ideas and strategies that a firm like Morgan Stanley might introduce. The hope is that their guidance will not only align with resolving current challenges but also leverage opportunities that will ensure the Roosevelt Hotel is a dynamic asset in New York’s vibrant landscape.
The Importance of Local Investment and Innovation
The situation surrounding the Roosevelt Hotel serves as a microcosm of larger trends in New York’s real estate landscape. Small businesses and local investors are increasingly playing a role in the city’s economic recovery, demonstrating resilience and adaptability. Encouragingly, reduced regulatory hurdles could facilitate these local efforts, empowering entrepreneurs to innovate and contribute positively to neighborhood revitalization efforts.
Conclusion
The ongoing discussions regarding the future of the Roosevelt Hotel signify more than just a financial decision; they reflect the broader narrative of New York’s struggle and success in recovery from the pandemic. As Morgan Stanley prepares to take the helm, stakeholders keenly await the opportunities this transition might bring. Supporting such initiatives is critical for community engagement and revitalization in our neighborhoods. New York’s economic future will benefit from the ongoing dialogue surrounding the Roosevelt Hotel and the local entrepreneurial spirit that drives it.
Frequently Asked Questions (FAQ)
What is the current status of the Roosevelt Hotel?
The Roosevelt Hotel remains closed and in a state of uncertainty as Pakistan International Airlines (PIA) seeks a new financial adviser for its redevelopment.
Why did Jones Lang LaSalle (JLL) resign as the financial adviser?
JLL resigned in July 2025 due to potential conflicts of interest arising from heightened interest in the hotel from its own clients.
Who is being considered to replace JLL as the financial adviser?
A team from Morgan Stanley is poised to assume the role of financial adviser for the Roosevelt Hotel’s redevelopment.
What are the plans for the Roosevelt Hotel’s future?
PIA is exploring options for the hotel’s redevelopment, including the sale of a minority stake and seeking a redevelopment partner.
What is the significance of the Roosevelt Hotel?
Opened in 1924, the Roosevelt Hotel is a 19-story building with 1,025 rooms, covering approximately 600,000 square feet, located near Grand Central Terminal in Midtown Manhattan.
Key Features of the Roosevelt Hotel
| Feature | Details |
|---|---|
| Location | 45 East 45th Street, Midtown Manhattan, New York City |
| Opening Year | 1924 |
| Building Height | 19 stories |
| Number of Rooms | 1,025 |
| Covered Area | Approximately 600,000 square feet |
| Current Status | Closed since 2020; briefly served as a shelter for asylum seekers in 2023 |
| Ownership | Pakistan International Airlines (PIA) |
Now Happening on X
- @citystuff_ny (November 24, 2025): Shared an article on Morgan Stanley advising on the revamp of the Roosevelt Hotel site. View on X
- @nypostbiz (November 24, 2025): Reported that a Morgan Stanley team is poised to become the new financial adviser for the limbo Roosevelt Hotel site, per sources. View on X
- @nypost (November 24, 2025): Discussed the historic Roosevelt Hotel site in limbo, with Morgan Stanley set to take over as financial adviser according to sources. View on X
- @ConserLibrarian (November 25, 2025): Posted about the Roosevelt Hotel site in limbo, noting a Morgan Stanley team is poised to become the new financial adviser per sources. View on X
- @USBornNRaised (November 25, 2025): Commented on the Roosevelt Hotel, owned by Pakistan, being used for illegals as a shelter and now valued at $1 billion, calling it outrageous. View on X
- @tradedny (November 19, 2025): Detailed a recent loan for a 224-key hotel at 538 West 58th Street in Manhattan, involving Citi Bank and landlord Sam Chang. View on X
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Author: STAFF HERE NEW YORK WRITER
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