Zo can’t topple Griffin tower

By the Editorial Team · Wednesday, August 5, 2026

Vornado Realty Trust and its partners, including Citadel, are moving forward with the $4.5 billion skyscraper at 350 Park Avenue, with construction financing secured and demolition already underway. Despite public criticism of Ken Griffin by New York City’s mayor, the project remains on track to become a major commercial hub in Manhattan, reflecting confidence in its economic impact.

Plans for a $4.5 billion skyscraper at 350 Park Avenue in New York City are set to proceed despite recent controversy involving Ken Griffin, the founder of Citadel. The tower, which will serve as the new headquarters for Griffin’s Citadel companies, is expected to move forward according to Steven Roth, CEO of Vornado Realty Trust, one of the major partners in the project.

During Vornado’s second-quarter earnings call on Tuesday, Roth confirmed that the joint-venture development agreement between Vornado, Citadel, and minority partner Rudin is anticipated to close in September. He also stated that a $3.3 billion construction loan has been secured to finance the project. The planned building, designed by Foster + Partners, will stand approximately 1,600 feet tall and offer 1.8 million square feet of space.

Citadel and its securities affiliate are expected to occupy about 850,000 square feet as anchor tenants. Preparations for the new tower are already underway, with demolition of the existing structures at 350 Park Avenue and 40 East 52nd Street currently in progress.

The project’s future had come into question after New York City Mayor Mamdani publicly criticized Griffin in an April video, focusing on Griffin’s ownership of a $200 million condominium on Central Park South. Following the mayor’s remarks, Griffin indicated that his involvement in the 350 Park Avenue development was “under review.” However, Roth’s recent statements suggest that the criticism has not affected the trajectory of the project.

Both supporters and critics have weighed in on the controversy. Proponents argue the skyscraper will bring significant economic benefits, including job creation and increased commercial space in a prime Manhattan location. Critics, including the mayor, have raised concerns about issues such as wealth concentration and the symbolic nature of Griffin’s luxury real estate holdings, questioning the social implications amidst broader urban challenges.

Despite the debate, financial and development partners remain committed to the project, signaling confidence in its completion and future contribution to New York City’s skyline.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.