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.

Alamy/Clare Jackson via Reuters Connect

Sightseers take photos of the towers that encircle Central Park in Manhattan. The PIF-backed skyscraper will be 1,200 feet tall

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 given.

Related had originally planned a mixed-use tower for the site but is now considering a wholly commercial skyscraper because of heightened demand for high-quality office space in Manhattan.

The development has an estimated total cost of more than $1 billion. The Saudi sovereign wealth fund has already invested up to $200 million, but its final investment has not been determined, according to the WSJ.

PIF and Related bought the skyscraper last year for more than $600 million.

President Donald Trump visited the Gulf in May and announced a series of deals across multiple sectors.

Saudi Arabia and the UAE have pledged a combined $2 trillion in trade and investment in the US, some of which targets sensitive technology sectors, including semiconductors, cloud computing and AI research.

By Pramod Kumar

July 8, 2025, 4:51 PM