Vornado and Citadel Partner for Park Avenue Tower
The developers secured a $3.3 billion loan to build a 66-story, 1,400-foot skyscraper in Midtown.
Updated on Oct. 21, 2026 in Commercial
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Vornado, Ken Griffin, and Rudin have finalized a joint-venture agreement to construct a 1.9 million square-foot skyscraper at 350 Park Avenue in New York City. The partnership also closed on a $3.3 billion construction loan to finance the project.
Why it matters
The project leverages Greater East Midtown rezoning to permit its massive scale and height in a dense business district. Citadel Enterprise America has already committed to a 1.5 million square-foot lease for the future tower.
The 66-story tower will reach 1,400 feet, supported by a ownership structure consisting of 60% Griffin, 36% Vornado, and 5% Rudin. The venture is also contributing $150 million to local churches and $35 million to a public improvement fund.
The players
Ken Griffin
He is the billionaire founder and CEO of the hedge fund Citadel and holds a 60% stake in this real estate venture.
Vornado
Vornado Realty Trust is a major real estate investment trust that owns a 36% stake in the 350 Park Avenue development.
Rudin
Rudin Management Company is a prominent family-owned real estate firm in New York City holding a 5% stake in the partnership.
Citadel Enterprise America
This is a global financial institution that has signed a massive lease agreement to occupy 1.5 million square feet of the new building.
The details
The development team acquired necessary rights from St. Patrick's Cathedral and Saint Bartholomew's Church to facilitate the building's size. This project represents one of the largest private developments currently planned for the East Midtown area.
Timeline
October 21, 2026: The joint-venture agreement and loan deal were officially closed.
2032: The skyscraper is estimated to reach completion.
Culture Shift
This development marks a significant shift toward modernizing the East Midtown skyline under the Greater East Midtown rezoning framework. By acquiring development rights from historic landmarks like St. Patrick's Cathedral, the project reflects a broader trend of utilizing air rights to unlock density in established urban centers.
Residents and local businesses in Midtown can expect major construction activity at 350 Park Avenue leading up to the 2032 completion date. The $35 million contribution to the East Midtown Public Realm Improvement Fund is intended to support area-wide infrastructure enhancements.
The takeaway
Large-scale urban developments increasingly rely on purchasing air rights from religious and non-profit institutions to bypass traditional height restrictions. Investors should monitor how these substantial capital commitments influence neighborhood public infrastructure development over the coming decade.
Further reading
For more updates on large-scale office development, read the latest on New York City Commercial.
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