Saudi Arabia's PIF invests in New York City property near Central Park
PIF has already invested about US$200 million and plans to take about a two-thirds stake in the site, according to sources familiar with the matter who asked not to be identified citing private information.
Related has been weighing a plan to construct a 366-metre tower on the lot at 625 Madison Ave. The property, which Related bought in 2024, is located on the east side of Manhattan, just one block from Central Park.
The company is known for its work at Hudson Yards on the western side of Manhattan, where it helped develop office buildings, a hotel and retail space.
The developer and PIF have long had ties. In 2020, PIF agreed to make a debt investment in Related, according to news reports at the time.
A representative for PIF did not immediately respond to a request for comment. The Wall Street Journal reported PIF's investment earlier.
Natalie Ravitz, a Related spokesperson, said the firm does not discuss specific investor relationships.
'625 Madison is a truly exceptional site with many possibilities, from mixed-use luxury residential, hotel and retail, to class AA office headquarters,' she said. 'It's the heart of the luxury corridor and will have iconic Central Park views. We are very excited about it.' BLOOMBERG
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