New York
Ken Griffin to master lease Vornado, Rudin properties
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Vornado, Rudin reveal plan for larger 350 Park Avenue project
62-story office tower anchored by Citadel to begin public review next year
Vornado Realty Trust’s Steven Roth and Citadel’s Ken Griffin along with a rendering of 350 Park Avenue (Getty, Foster + Partners)
The long-gestating, Vornado-Rudin-Griffin office tower at 350 Park Avenue is getting bigger — and closer to reality.
The developers let Mayor Eric Adams unveil details and renderings of the Midtown East development at a business event Tuesday morning. It was also revealed that that project will start the public review process early next year.
The tower is expected to deliver 1.8 million square feet across its 62 stories. The project is slightly larger than before, when it was planned for 1.7 million square feet, but is 11 stories taller than the previously reported height.
The property will be anchored by Ken Griffin’s Citadel and Citadel Securities, which will occupy 850,000 square feet. The companies’ 2,100 employees are expected to provide an economic boost to the neighborhood.
Renderings by Foster + Partners show a stepped configuration that will be created with a prioritization of sustainability. There will also be a 12,500-square-foot public concourse with green space and art displays. The concourse is what requires the public review, which takes six or seven months.
Griffin is partnering with Steven Roth’s Vornado Realty Trust and Rudin on the development. They are contributing more than $35.8 million to the city’s East Midtown Public Realm Improvement Fund.
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Ken Griffin to master lease Vornado, Rudin properties
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Griffin agrees to buy up $164M in air rights from St. Patrick’s Cathedral
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Ken Griffin agrees to $78M deal for more church air rights
The partners have spent more than $240 million on air rights, according to Crain’s, agreeing last year to purchase up to 250,000 square feet in development rights from St. Bartholomew’s Church for $78 million. In December, the developers agreed to buy up to 525,000 square feet of air rights from the Roman Catholic Archdiocese of New York for up to $164 million.
In 2022, Citadel agreed to lease the existing structure at 350 Park from Vornado and the adjacent 40 East 52nd Street from Rudin. A year later, Vornado and Rudin combined on a $40 million purchase of an adjacent townhouse.
The development is expected to be completed by 2032. It is one of just a few major office projects moving ahead in New York City.
Others at various stages of development include 175 Park Avenue, a project by RXR and TF Cornerstone above Grand Central Terminal; JPMorgan Chase’s headquarters tower at 270 Park Avenue; BXP’s 343 Madison Avenue, where the Metropolitan Transportation Authority’s headquarters once stood; Tishman Speyer’s the Spiral at 66 Hudson Boulevard; and BXP and Moinian Group’s 3 Hudson Boulevard.