The Public Investment Fund (PIF) of Saudi Arabia is partnering with New York–based developer Related Companies to construct a 1,200-foot skyscraper near Central Park. The development will replace the existing 17-story building at 625 Madison Avenue with a shimmering high-rise nearly three times taller.
The site—just a block from Central Park—was jointly acquired by the partners last year for over $600 million. The PIF has already invested more than $200 million in the project and is now reportedly covering the majority of the development costs, which could exceed $1 billion.
This ambitious development reflects confidence in the recovery of high-end office real estate in Manhattan, a city still redefining its post-pandemic identity.
The deal also marks a broader resurgence of foreign capital in Manhattan, particularly from the Gulf region. After retreating during the COVID-19 pandemic, international investors are returning in force. In fact, foreign acquisitions of commercial real estate in New York have increased fivefold since 2022, underscoring renewed interest in premium U.S. assets.
