Saudi Sovereign Wealth Fund Invests $1 Billion in NYC Skyscraper, Bucking Negative Sentiment

Saudi Arabia has 47 buildings over 492 feet tall, compared to NYC’s 319. The Saudi PIF is investing in a 1,200-foot Manhattan skyscraper with Related. Commercial real estate sales rose 20% last year but haven’t seen expected cash influx due to Fed inaction and economic uncertainty.

The PIF has invested $200 million in a $1 billion NYC development with Related near Central Park. Foreign investors spent $2.1 billion on Manhattan commercial real estate in Q4 2024/Q1 2025, five times more than the previous period. The PIF made a 2020 debt investment in Related, known for Hudson Yards.

Canadian firms are the top source of overseas capital in US commercial real estate, but sentiment has turned negative due to tariff uncertainty. Despite this, the PIF’s investment in NYC skyscraper development shows continued interest in US real estate.

Read more at Yahoo Finance: Saudi Sovereign Wealth Fund Plans Majority Stake in $1 Billion NYC Skyscraper