Saudi Arabia’s Public Investment Fund Takes Stake in Related’s $600 Million 625 Madison Avenue Manhattan Skyscraper Amid NYC Real Estate Recovery

Saudi Arabia's Public Investment Fund (PIF) has acquired a substantial stake in Related Companies' planned skyscraper project at 625 Madison Avenue in midtown Manhattan. The investment represents a significant foreign capital inflow into New York City's recovering real estate market. The site for the project was purchased for over $600 million last year. This move aligns with broader trends of foreign investors returning to New York amid rapid market recovery. Meanwhile, within Saudi Arabia, office property prices remain the highest across cities, industrial real estate is expanding due to limited quality supply, and residential demand in Riyadh continues to rise, according to Saud Alsulaimani, Country Lead and Head of Capital Markets at JLL.