Fans raised concerns about the 25-year-old following a now-deleted post in which he's widely reported as saying he didn't "want to be on this earth anymore".
New York City police told Radio 1 Newsbeat that Pete, who has borderline personality disorder, is safe.
Pete split from ex-fiance Ariana Grande earlier this year.
It's reported that he wrote: "I really don't want to be on this earth anymore.
"I'm doing my best to stay here for you but I actually don't know how much longer I can last.
"All I've ever tried to do was help people. Just remember I told you so."
The Saturday Night Live star appears to have since deleted his entire Instagram account.
Hours after the post, Pete appeared in a sketch on the comedy show and introduced guest Miley Cyrus.
Fans and celebrities posted their support for him on social media.
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