{"id":379408,"date":"2026-10-22T07:00:47","date_gmt":"2026-10-22T07:00:47","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/379408\/"},"modified":"2026-10-22T07:00:47","modified_gmt":"2026-10-22T07:00:47","slug":"nyc-ken-griffin-closes-deal-with-vornado-to-build-midtown-350-park-ave-1400-ft-skyscraper","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/379408\/","title":{"rendered":"NYC Ken Griffin closes deal with Vornado to build Midtown 350 Park Ave 1,400 ft skyscraper"},"content":{"rendered":"

The real estate deal the city has been waiting for just got done.<\/p>\n

After months of speculation, Vornado, Ken Griffin and Rudin<\/a> announced they formally closed on their joint-venture agreement to build 350 Park Avenue,<\/a> a 66-story, 1,400-foot tall skyscraper between East 51st and East 52nd streets.<\/p>\n

The JV partners also closed on a $3.3 billion construction loan, believed to be the largest for a single building in the city\u2019s history.<\/p>\n

Billionaire Ken Griffin closed a deal to build a skyscraper on Park Avenue. Bloomberg via Getty Images<\/p>\n

A deal has been done to build 350 Park Avenue, a 62-story, 1,400-foot tall skyscraper between East 51st and East 52nd streets. Foster + Partners<\/p>\n

Mayor Zohran Mamdani spotlighted Ken Griffin\u2019s penthouse while promoting a pied-\u00e0-terre tax. Mayor Mamdani\/X<\/p>\n

Griffin\u2019s Citadel Enterprise America will anchor the 1.9 million square-foot project <\/a>with a 1.05 million square-foot lease.<\/p>\n

Citadel Enterprise Americas\u00a0is an entity that\u00a0provides shared infrastructure and support services to Citadel and Citadel Securities, which are separate\u00a0businesses within the broader Citadel Group.<\/p>\n

The remaining 850,000 square feet on the\u00a0highest floors of the Foster + Partners-designed cloudbuster will be marketed to other tenants. Completion of the tower is estimated for 2032.<\/p>\n

Although Vornado CEO Steve Roth said in a recent earnings call that a\u00a0construction loan was \u201cready to go,\u201d he didn\u2019t name the lenders.<\/p>\n

They are Wells Fargo Bank; JP Morgan Chase Bank, National Association; and\u00a0Bank of America, BMO Bank, ING Capital, PNC Bank and Standard Chartered Bank.<\/p>\n

Griffin\u2019s Citadel Enterprise America will anchor the 1.9 million square-foot project with a 1.5 million square-foot lease. Foster + Partners<\/p>\n

Scaffolding and blue netting shroud a 30-story mid-century tower at 350 Park Avenue in New York, on Sept. 29, 2026. AFP via Getty Images<\/p>\n

Despite Roth\u2019s\u00a0apparent certainty, fingers were crossed until today\u2019s announcement.<\/p>\n

Fears lingered that the deal might fall apart following Mayor Zohran Mamdani\u2019s blind-side video<\/a> attack on Griffin over his ownership of a $230 million condo.<\/p>\n

But if Mamdani meant to sabotage the project, Griffin was undeterred.<\/p>\n

In fact, a Griffin affiliate is the majority owner with 60% of the joint venture. Vornado,the developer,\u00a0owns 36% and Rudin only 5%.<\/p>\n

Ken Griffin\u2019s Citadel Enterprise America will anchor the 1.9 million square-foot project. REUTERS<\/p>\n

The tower\u2019s great size and height were made possible by Greater East Midtown rezoning.<\/p>\n

The partners bought development rights from\u00a0St. Patrick\u2019s Cathedral and Saint Bartholomew\u2019s Church and will contribute a total $150 million for the maintenance of both, in addition to providing more than $35 million to the East Midtown Public Realm Improvement Fund.<\/p>\n

The building boasts ground-floor food and beverage facilities,\u00a0a 40-foot-tall glass lobby and 16-foot floor-to-ceiling windows.<\/p>\n","protected":false},"excerpt":{"rendered":"The real estate deal the city has been waiting for just got done. After months of speculation, Vornado,…\n","protected":false},"author":2,"featured_media":379409,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[288,1489,18649,360,9,56,63,65,64,3273,467,3274,8416,4316],"class_list":["post-379408","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","tag-business","tag-commercial-real-estate","tag-ken-griffin","tag-midtown","tag-new-york","tag-ny","tag-nyc","tag-nyc-headlines","tag-nyc-news","tag-office-buildings","tag-park-avenue","tag-realty-check","tag-skyscrapers","tag-vornado-realty-trust"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/379408","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=379408"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/379408\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/379409"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=379408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=379408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=379408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}