Saudi Fund Invests Hundreds of Millions in Proposed NYC Skyscraper
10 Articles
10 Articles
Saudi Sovereign Wealth Fund Plans Majority Stake in $1 Billion NYC Skyscraper
According to the Council on Tall Buildings and Urban Habitat, there are 47 buildings taller than 150 meters, or 492 feet, in all of Saudi Arabia. New York City has 319. Now, the kingdom’s Public Investment Fund (PIF) has agreed to invest in maintaining that gap with plans to take a two-thirds stake in a 1,200-foot Manhattan skyscraper development. The deal is with NYC real estate developer Related, which initially planned to build a mixed-use re…


Saudi Fund Invests Hundreds of Millions in Proposed NYC Skyscraper
PIF invests in $1bn Manhattan skyscraper
Saudi Arabia’s Public Investment Fund is expanding its US footprint by backing a proposed skyscraper in New York City. The PIF is taking a two-thirds stake in a development site near Central Park, the Wall Street Journal reported. The 1,200-foot office building is being built in partnership with US real estate business Related. In 2020, the PIF made a debt investment in Related, which is convertible into a 15 percent equity stake. No value was g…
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Saudi Arabia's PIF invests in NYC property near Central Park From Business TImes: Saudi Arabia's Public Investment Fund (PIF) is investing in Related's site for a tower in midtown Manhattan. PIF has already invested about US$200 million and plans to take about a two-thirds stake in the site, accor... Article link
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