Saudi Arabia’s Public Investment Fund (PIF) is taking a two-thirds stake in Related Companies’ planned 1,200-foot skyscraper at 625 Madison Avenue, marking a significant foreign investment in Manhattan’s commercial market. PIF has already contributed about $200 million, with the project’s total cost expected to exceed $1 billion. Related acquired the site for over $600 million and now plans to build a premium office tower. The deal reflects a resurgence of foreign capital in New York, with over $2.1 billion invested in Manhattan commercial real estate in recent quarters, five times more than two years ago.
Saudi Arabia’s Public Investment Fund (PIF)
