Plans for 350 Park Avenue were revealed last year but we won’t see the supertall complete until 2027 at the earliest. In a 2019 fourth quarter earnings call last week for Vornado Realty Trust, the company confirmed that ongoing leases would conclude by end of 2023, which is the earliest it could begin to take down the current building and build the almost 1,500-foot-tall office skyscraper.
In order to build the supertall, construction would require the demolition of Vornado’s existing building on Park Avenue as well as the neighboring 23-story tower owned by Rudin Management. The site for 350 Park Avenue sits between 51st and 52nd Streets, near the 6 train at 51st Street subway station and the E and M trains at Lexington Avenue-53 Street station.
Given the location and market conditions, Vornado foresees 350 Park Avenue commanding top rents for the proposed Class A office building. However, the scale of the development will depend on the timing and joint venture agreements with Rudin.
“We can build on our own. We don’t need Rudin to build there,” said Michael J. Franco, president of Vornado during the earnings call. “We can build a 1-million-square-foot boutique building on that site on our own, or we can combine with Rudin who is behind this and build close to a 2-million-square-foot building.”
No announcements were made in regard to the architect or the design previously revealed in a brochure created by both Vornado and Rudin.