The real estate deal the metropolis has been ready for just got accomplished.
After months of hypothesis, Vornado, Ken Griffin and Rudin announced they formally closed on their joint-venture settlement to construct 350 Park Avenue, a 66-story, 1,400-foot tall skyscraper between East 51st and East 52nd streets.
The JV companions also closed on a $3.3 billion construction loan, believed to be the largest for a single building in the metropolis’s historical past.
Billionaire Ken Griffin closed a deal to construct a skyscraper on Park Avenue. Bloomberg via Getty Images
A deal has been accomplished to construct 350 Park Avenue, a 62-story, 1,400-foot tall skyscraper between East 51st and East 52nd streets. Foster + Partners
Griffin’s Citadel Enterprise America will anchor the 1.9 million square-foot project with a 1.5 million square-foot lease.
Citadel Enterprise Americas is an entity that gives shared infrastructure and support providers to Citadel and Citadel Securities, which are separate companies within the broader Citadel Group.
The remaining 850,000 sq. toes on the highest flooring of the Foster + Partners-designed cloudbuster will be marketed to other tenants. Completion of the tower is estimated for 2032.
Although Vornado CEO Steve Roth said in a latest earnings call that a construction loan was “ready to go,” he didn’t title the lenders.
They are Wells Fargo Bank; JP Morgan Chase Bank, National Association; and Bank of America, BMO Bank, ING Capital, PNC Bank and Standard Chartered Bank.
Griffin’s Citadel Enterprise America will anchor the 1.9 million square-foot project with a 1.5 million square-foot lease. Foster + Partners
Scaffolding and blue netting shroud a 30-story mid-century tower at 350 Park Avenue in New York, on Sept. 29, 2026. AFP via Getty Images
Despite Roth’s obvious certainty, fingers were crossed until at the moment’s announcement.
Fears lingered that the deal might collapse following Mayor Zohran Mamdani’s blind-side video attack on Griffin over his possession of a $230 million condominium.
But if Mamdani meant to sabotage the project, Griffin was undeterred.
In reality, a Griffin affiliate is the majority proprietor with 60% of the three way partnership. Vornado,the developer, owns 36% and Rudin only 5%.
Ken Griffin’s Citadel Enterprise America will anchor the 1.9 million square-foot project. REUTERS
The tower’s great dimension and peak were made potential by Greater East Midtown rezoning.
The companions purchased development rights from St. Patrick’s Cathedral and Saint Bartholomew’s Church and will contribute a whole $150 million for the upkeep of both, in addition to offering more than $35 million to the East Midtown Public Realm Improvement Fund.
The building boasts ground-floor food and beverage services, a 40-foot-tall glass foyer and 16-foot floor-to-ceiling home windows.
