A deal to develop a gleaming new New York skyscraper expected to rise higher than the Empire State Building was finalized on October 21.
Ken Griffin, chief executive of hedge fund Citadel LLC, has joined forces with Vornado Realty Trust and Rudin, the commercial real estate firm, to lead development of the 62-story tower at 350 Park Avenue in Midtown Manhattan. Foster + Partners is designing the project.
According to the New York Post, Griffin’s global investment firm will serve as the anchor tenant, taking approximately 1.05 million square feet on one of New York’s most celebrated avenues.
“Foster + Partners is working closely with Citadel and real estate developer Vornado Realty Trust to design and build New York’s most innovative addition to the workplace market,” Nigel Dancey, head of studio at Foster + Partners, said in a press release.
Plans for the office tower were unveiled in May 2024, while the New York City Council unanimously approved construction in September 2025.
The Park Avenue skyscraper is expected to exceed 1,400 feet in height. It will stand just one foot below One Vanderbilt, positioning it as Midtown’s second-tallest office building while still rising above the Empire State Building.
According to New York YIMBY, the supertall development has acquired up to $150 million in air rights from St. Patrick’s Cathedral and Saint Bart’s Church.
The project will also provide more than $35 million for the East Midtown Public Realm Improvement Fund.
A development deal for the gleaming 350 Park Avenue skyscraper in Midtown Manhattan was finalized on October 21. The tower is expected to rise higher than the Empire State Building.
The building is planned to include a 112,500-square-foot outdoor plaza, 16,000 square feet of ground-floor retail, a cafe on East 51st Street and a restaurant on East 52nd Street.
Standing more than 1,400 feet tall, the Park Avenue skyscraper will be just one foot shorter than One Vanderbilt, making it one of Midtown’s tallest office buildings and higher than the Empire State Building (pictured).
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“With its stepped-back, gently tapering form, the building follows in the tradition of distinctive towers along Park Avenue, creating a silhouette that is very much ‘of New York,’” Dancey wrote.
The development will include a 112,500-square-foot outdoor plaza, 16,000 square feet of retail space at street level, a cafe facing East 51st Street and a restaurant along East 52nd Street.
“The tower is conceived as a series of glass flutes that maximize light and views out to Manhattan and offer large-span workspaces that benefit from the absence of corner columns,” Dancey wrote.
Alongside the development agreement, the project team has secured a $3.3 billion construction loan to finance the Park Avenue tower.
The financing could rank among the largest construction loans ever issued for a single New York City building.
JPMorgan Chase, Bank of America, BMO Bank, ING Capital, PNC Bank and Standard Chartered Bank are providing the loan.
Ken Griffin, Citadel’s hedge fund CEO, has joined Vornado Realty Trust and Rudin as lead developers, with Foster + Partners serving as the project’s designers.
The development team has also finalized a $3.3 billion construction loan for the planned 350 Park Avenue skyscraper.
New York YIMBY reported that the supertall tower acquired up to $150 million in air rights from St. Patrick’s Cathedral (pictured) and Saint Bart’s Church.
The demolition of the old 350 Park Avenue 30-story building has started in preparation for the new construction as it is expected to be completed in 2032.
The Daily Mail has reached out to Foster + Partners, Vornado Realty Trust, Rudin and Citadel LLC for comments.