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\n Photo: Scott McIntyre\/Bloomberg\/Getty Images\n <\/p>\n
Would he stay or would he go?<\/p>\n
During Vornado\u2019s highly anticipated second-quarter earnings call Tuesday morning, its CEO, Steven Roth, revealed the company\u2019s next steps for 350 Park Avenue<\/a>, a 62-story supertall that\u2019s one of the biggest office bets underway in the city. A question likely at the top of everyone\u2019s minds was whether Ken Griffin, the Citadel CEO who had clashed<\/a> with Mayor Mamdani over the rollout<\/a> of his pied-\u00e0-terre tax announcement<\/a>, would continue on as a major partner in the $4.5 billion project. Roth signaled it was, in fact, business as usual. \u201cWe intend to shortly exercise our investment option to participate in this deal at our maximum ownership percentage of 36 percent,\u201d Roth said, \u201calongside Ken Griffin as our 60 percent partner and Citadel as our 1-million-square-foot anchor tenant.\u201d In other words, the hedge-fund billionaire\u2019s majority stake announced<\/a> back in <\/a>February stands.<\/p>\n It\u2019s been a bumpy, blustery few months. In May, the hedge-fund titan and his firm threatened to pull out<\/a> of the development project to spite Mamdani after the mayor made Griffin\u2019s $238 million penthouse apartment at 220 Central Park South the poster child for a video<\/a> announcing a proposed pied-\u00e0-terre tax<\/a> that Albany would go on to pass. Roth had also spent<\/a> a good six minutes on the company\u2019s previous quarter\u2019s earnings call going on a tear about how the viral video was \u201cirresponsible and dangerous.\u201d \u201cWe are all shocked that our young mayor would pull this stunt in front of Ken\u2019s home and single him out for ridicule,\u201d Roth said at the time. In response, Griffin said he would look into expanding Citadel\u2019s jobs and footprint in Florida rather than in New York.<\/p>\n However, the news that the hedge-fund CEO is sticking to his original commitment at 350 Park isn\u2019t that much of a shock. Even as he threatened to ditch New York<\/a>, he effectively admitted, as so many others have before him, that you can\u2019t entirely leave Manhattan for Miami and that he would \u201cprobably\u201d continue with 350 Park. Just last month, demolition began<\/a> on a trio of buildings along Park Avenue and East 52nd Street to clear the way for the Foster + Partners\u2013designed skyscraper. On Tuesday\u2019s call, Roth noted that the joint-venture closing for 350 Park is expected to take place in September. \u201cWe are extremely excited and bullish about the potential returns from this project,\u201d he said.<\/p>\n Sign Up for the Curbed Newsletter<\/p>\n A daily mix of stories about cities, city life, and our always evolving neighborhoods and skylines.<\/p>\n Vox Media, LLC Terms and Privacy Notice<\/p>\n