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Saudi Fund Invests Hundreds of Millions in Proposed NYC Skyscraper

By Peter Grant and Eliot Brown
  • Saudi Arabia’s government fund is taking a two-thirds stake in a site for a planned Manhattan skyscraper.
  • A local developer and the Saudis own a site one block from Central Park, which was bought for more than $600 million.
  • It is the latest sign that foreign investors are flocking back to New York’s rapidly recovering real-estate market.
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