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ources close to the matter indicate that Pakistan International Airlines is likely to sell the Roosevelt Hotel site for a new office tower, contradicting recent rumors. The city recently cleared out migrants from the building, which spans Madison and Vanderbilt avenues and East 45th and East 46th streets.

    Developers are eager to capitalize on the prime location, which can accommodate a tower of at least 1.3 million square feet, potentially up to 1.8 million with nearby air rights and zoning bonuses for transit and public-space improvements.

    A real estate expert dismissed speculation about a mixed-use building combining offices, residences, and a hotel: "The value is in offices. The block is in the hottest commercial-development corridor in the country." They pointed out that top tenants are seeking signature skyscrapers, with several major projects already underway or planned nearby.

    Reopening the Roosevelt as a hotel after three years of migrant occupation was deemed impractical by insiders, who estimated it would take a year to clean and disinfect. Reports of a joint-venture deal between Burkhan World Investments and PIA were also disputed, with sources stating that no proposal was submitted to authorized parties.

    PIA has hired JLL's Peter Riguardi to field offers for the Roosevelt site, while Burkhan's website lists a 2018 contract to buy the Plaza Hotel, which did not materialize.