Miami billionaire Ken Griffin’s plans to build one of Manhattan’s tallest skyscrapers are moving forward, with a Virginia steelmaker preparing to process 50,000 tons of structural steel for the massive project.
The update, reported by the New York Post on Sunday, offers another sign that Griffin remains committed to a major New York presence even as his financial empire has increasingly centered its operations in Miami.
The 62-story, 1,469-foot tower at 350 Park Ave. is expected to be completed in 2032. Griffin’s Citadel and Citadel Securities will be the anchor tenants, occupying roughly half of the building’s 1.8 million square feet, the Post reported.
Citadel CEO Ken Griffin’s 62-story, 1,469-foot tower at 350 Park Avenue is expected to be completed in 2032. Griffin’s Citadel and Citadel Securities will be the anchor tenants.
The $4.5 billion project is a partnership among Griffin, Vornado Realty Trust and the Rudin organization. Foster + Partners is designing the skyscraper, the Post reported.
Demolition of older buildings at the Park Avenue and East 52nd Street site is already underway. Banker Steel, based in Lynchburg, Virginia, has been tapped to fabricate the tower’s structural steel.
For Miami, where Griffin moved Citadel’s headquarters in 2022 and where he’s also planning to build a 1,049-foot tower massive headquarters in Brickell, the New York skyscraper is a reminder that the billionaire’s influence extends well beyond South Florida. Griffin is simultaneously reshaping Miami’s financial landscape while maintaining a major corporate and real estate footprint in New York.
The progress comes after questions about whether Griffin would remain committed to New York following a public clash with Mayor Zohran Mamdani.
Mamdani drew Griffin’s ire earlier this year after using the billionaire’s $200 million Manhattan penthouse in a video promoting a proposed tax on expensive second homes. Griffin, who has sharply criticized New York’s tax policies and business climate, had questioned his future commitments to the city.
But the billionaire and his partners have continued with the Park Avenue project.
Citadel has become one of Miami’s most prominent financial firms since Griffin moved the hedge fund from Chicago. Griffin has also been expanding his real estate holdings and philanthropic footprint in South Florida, including plans for a major new headquarters in Brickell.
The Park Avenue tower, meanwhile, is expected to become a defining part of Midtown’s skyline and provide space for thousands of workers, with Griffin’s companies occupying about 850,000 square feet, the Post said.
Billionaire Ken Griffin is moving ahead with a 62-story, 1,469-foot tower at 350 Park Avenue in Manhattan Carl Juste cjuste@miamiherald.com
Luisa Yanez covers real estate and the impact of wealth migration in South Florida for the Miami Herald. In her work, she will be using both traditional reporting and AI tools.