New York’s next skyline-changing skyscraper took a big step forward this week with the closing of a joint-venture agreement for 350 Park Avenue, an approved 1,400-foot supertall in Midtown East, Manhattan. Designed by Foster + Partners and developed by Vornado Realty Trust, Rudin, and Ken Griffin, the 66-story structure will yield 1.9 million square feet of Class A office space. Griffin’s company Citadel Enterprise America will serve as the anchor tenant, occupying 1.05 million square feet, according to Steve Cuozzo at the New York Post. The 53,000-square-foot property is located between East 51st and 52nd Streets.
In addition to the agreement between the three developers, the team also closed on a $3.3 billion construction loan for the project. The news comes following speculation that the undertaking could be nixed by Mayor Zohran Mamdani, who has been outspoken in his criticism of Griffin’s extensive residential holdings in the city.
JPMorgan Chase, Bank of America, BMO Bank, ING Capital, PNC Bank, and Standard Chartered Bank form the consortium behind the construction loan, which is being cited as potentially the largest ever issued for a single building in New York City history.
Rendering courtesy of Foster + Partners.
The building’s measurements stated in the announcement represent further revisions to its scope. Its proposed height hovered around 1,600 feet at the time of the New York City Council’s unanimous approval last September; by our last update in July, the figure had been lowered to 1,414 feet tall. At 1,400 feet, 350 Park Avenue would stand 1 foot short of One Vanderbilt for the title of Midtown’s tallest office building, though its substantial bulk will nevertheless make a dramatic impression on the skyline.
350 Park Avenue. Rendering courtesy of Foster + Partners.
Demolition is already underway on the current occupants of the assemblage. Scaffolding shrouds the 30-story midcentury tower at 350 Park Avenue, as well as a 23-story office building at 40 East 52nd Street and a five-story structure at 39 East 51st Street.
Rendering courtesy of Foster + Partners.
350 Park Avenue’s construction will utilize $150 million of air rights purchased from St. Patrick’s Cathedral and Saint Bart’s Church, and will contribute more than $35 million to the city’s East Midtown Public Realm Improvement Fund. The project will include a 12,500-square-foot outdoor public plaza designed by Field Operations stretching the full length of the property, as well as 16,000 square feet of ground-floor retail space, a cafe along East 51st Street, and a restaurant on the opposite side of the base along East 52nd Street. Plans also call for the widening of the sidewalks on both East 51st and East 52nd Street by an extra 5 feet.
350 Park Avenue is expected to cost $4.5 billion and is anticipated to be completed by 2032.
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Griffin keeps yapping about Miami and yet here we are.
Believe non of what you hear and half of what you see.
Thanks to AI, you can’t even believe what you see.
Bottom line is that companies have to go where the talent is.
And it’s here.
And if Griffin (or anyone) could entice the bulk of his essential workforce to relocate to a place where he could build for 1/2 the cost and staff up on lower pay? He would go elsewhere.
The reasons talent are here and will stay here are many, and folk who write this City off are missing most of them.
Citadel is still moving forward with their Miami HQ, which will also be a supertall. Originally the Miami building was going to also include a hotel, but recently they announced that the entire building will be office space exclusively for Citadel. Not sure how many jobs that has shifted from NY, to FL, but I’m glad Griffin isn’t as petty as Mandami.
How is Mandami petty?
Are you serious? Really? Are you THAT blind, or under 20 and never lived under/known about REAL mayor, who cared about clean safe streets, supported police, and the economic tax base. Not assinine left-wing ideology?
A quick search yields info that rebuts most of what you’re saying. The Miami building will be smaller, less expensive, and Citadel will occupy 1/2 the space there that it will here.
Never in my years in the business would I expect to see these supertall buildings-Lot’s of mola at steak. Keep it going
It’s often said that real estate is the last sector of the economy to signal the next major crash.
Looks a bit like hong Kong keep building the mess space the better
Hong Kong Phooey
Number One Super Guy
Still no rendering here of the important Western Elevation, what are they hiding?
Well, Park Ave. is the “protected view.” The western wall might made of fake glass windows.
Boring design with the same street presence as Manhattan west it seems.
The height reduction is unfortunate, but what remains is nevertheless honest, not spire-inflated. It will be an attractive and significant addition to the skyline.
It was probably never going to be the originally announced 1600′ most likely just publicity..
Beautiful. Love it. Build it.
Wish they would announce 175 Park Ave. Thats the building I’m most excited to see start going up! This building is fine though, even with the constant height reductions.
I’m with you on 175 Park, aka Project Commodore.
It it surprisingly “not that bad looking”
Did Oligarch Dimon insist his monunment remain taller?
The “spire” of this building only makes you appreciate Chrysler, ESB and even 1 Vanderbilt that much more. It’s a shame Foster can’t come up with anything interesting.
At this point Foster is a one trick pony churning the same drawing thru cut and paste from one project to another. Take a look at their Comcast Technology Center in Philly, same step back boxes rinse and repeat.
Now if they can get rid of the Pam American building behind Grand Central tha t will be an improved to the skyline
Can’t tell if that’s a joke.
Middling design aside, the project and that loan are tremendous votes of confidence in the future of the city.
Should be 1600 feet…
I’d like 1,800. Or 1,900. Or, 2,000+
It looks like a more slender and halved version of Chase’s tower. I’m surprised there is so much of just stacking boxed volumes…even though this one has curves and lots of white…curious what cladding material it will be…NYC…polluction…maybe a type of ceramic coating?
Has Griffin considered the flooding risk in Miami? Maybe this is “Plan B”?
The official end of covid