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.
Never in my years in the business would I expect to see these supertall buildings-Lot’s of mola at steak. Keep it going