Citadel-led group agrees deal for 1,400-foot Midtown Manhattan tower
Ken Griffin’s Citadel, Vornado Realty Trust and Rudin have reached an agreement to develop a 62-storey office tower at 350 Park Avenue in Midtown Manhattan. The project matters because its planned height would make it taller than the Empire State Building and nearly level with One Vanderbilt as Midtown’s tallest office building.
The tower is planned to rise more than 1,400 feet, with Citadel taking 1.05 million square feet as its anchor tenant. Plans include a 112,500-square-foot public plaza, 16,000 square feet of ground-floor shops, a café and a restaurant. The project has secured a $3.3 billion construction loan, bought up to $150 million in air rights from two churches, and is expected to be completed in 2032.
In short
- Citadel is the anchor tenant in a planned 62-storey Park Avenue tower.
- The building is set to rise more than 1,400 feet.
- A $3.3 billion construction loan has been secured.
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The case for
Supporters can argue that a major new office tower would meet demand for high-quality workspace, anchor a large corporate tenant and strengthen Midtown’s role as a business centre. Its plaza, shops, café and restaurant could add public amenities and street activity, while the investment and construction may support jobs and economic activity.
The case against
Critics can argue that a tower of this scale may intensify congestion and put pressure on transport and other city infrastructure, while its private commercial benefits may outweigh the value of its public spaces. They may also question the environmental cost of a large new building and whether scarce development capacity and air rights should be used for offices rather than other pressing urban needs.
Explained simply
Citadel is a financial firm founded by Ken Griffin, while Vornado Realty Trust and Rudin are property developers and owners. Midtown Manhattan is a major business district in New York, where tall office buildings compete for space and tenants.
A building’s height can depend on its design and on development rights, which can allow extra floors to be built. Large office projects can also include public spaces and shops alongside private workplaces, linking commercial development with the surrounding streets.
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Originally published by Daily Mail as “Deal finally agreed for gleaming new New York skyscraper that will be taller than the Empire State Building”.