A joint venture between Vornado Realty Trust, Ken Griffin’s Citadel Enterprise Americas, and Rudin Management has officially closed on a $3.3 billion construction loan to develop 350 Park Avenue, a 66-story skyscraper rising 1,400 feet between East 51st and East 52nd streets in Midtown Manhattan. The financing is reportedly the largest construction loan ever secured for a single building in New York City.
The 1.9-million-square-foot tower, designed by Foster + Partners, will be anchored by Citadel Enterprise Americas, which has committed to leasing 1.05 million square feet. The entity supports infrastructure and shared services for Citadel and Citadel Securities, separate but related businesses within the broader Citadel Group. The remaining 850,000 square feet, situated on the building’s upper levels, will be offered to other prospective tenants. Completion of the project is anticipated by 2032.
The joint venture ownership is led by a Griffin-affiliated entity holding a 60% stake, with Vornado owning 36%, and Rudin 5%. Despite recent tensions stemming from a public dispute between Griffin and New York City Mayor Mamdani concerning the ownership of Griffin’s $230 million condominium, the financial closing proceeded without delay. Vornado’s CEO Steve Roth had expressed confidence in securing financing, though the process faced uncertainty until official confirmation.
The tower's substantial scale was made possible by rezoning efforts within Greater East Midtown. The developers acquired air rights from notable local landmarks, St. Patrick’s Cathedral and Saint Bartholomew’s Church, contributing a combined $150 million toward the upkeep of these institutions. Additionally, the project includes over $35 million in funding directed to the East Midtown Public Realm Improvement Fund.
Architecturally, 350 Park Avenue will feature ground-floor dining and retail spaces, a 40-foot-high glass lobby, and office floors with 16-foot floor-to-ceiling windows, aiming to create an open and modern work environment. The development reflects ongoing investment and transformation in Midtown’s office market, blending historic preservation with contemporary design.