Saudi Arabia’s Public Investment Fund (PIF) is backing Related Companies’ ambitious plan for a new 68-story skyscraper at 625 Madison Avenue, acquiring a roughly two-thirds stake in the project site. The sovereign wealth fund has already invested about US$200 million in the midtown Manhattan property, located one block from Central Park.
Related, the developer behind Hudson Yards, envisions a 1,200-foot (371.9-meter) building on the site, with potential uses ranging from ultra-luxury residences and hotel space to a class AA office headquarters. “625 Madison is a truly exceptional site,” said Related spokesperson Natalie Ravitz about the site, highlighting its Central Park views and location along the city’s luxury corridor.
PIF and Related have an established relationship, with the fund previously making a debt investment in the firm in 2020. Neither party commented on the latest deal, which was first reported by The Wall Street Journal.
Learn more at The Real Deal.