Ken Griffin, Vornado, Rudin Are a Go at 350 Park
A controversial viral video from the mayor ultimately had no impact on the future of 350 Park Avenue.
Citadel’s Ken Griffin, Vornado Realty Trust and Rudin closed on a joint venture partnership to develop the 1,400-foot-tall skyscraper in Midtown Manhattan, the New York Post reported. The 66-story building will be anchored by Griffin’s firm, which will occupy more than 1 million square feet of the property.
The joint venture closed on a $3.3 billion construction loan for the project, a potentially historic sum in New York City. While the loan volume was previously reported, the lender consortium was revealed to include Wells Fargo, JPMorgan Chase, Bank of America, BMO Bank, ING Capital, PNC Bank and Standard Chartered Bank.
The development appeared to be moving in the right direction in August when Vornado’s Steven Roth revealed his real estate investment trust would exercise its option to acquire its maximum 36 percent stake in the planned 2 million-square-foot office tower. Griffin controls a 60 percent interest and Rudin owns the remaining 4 percent.
Demolition at the site is already underway. Completion of the project is expected in 2032.
The joint venture valued Vornado’s contribution of the existing 65-year-old office building and underlying land at roughly $900 million back in August, according to Roth.
Roth previously said the brokerage community was fielding inquiries from prospective tenants seeking large blocks of premium office space timed to the building’s delivery. Rents are expected to hover around $350 per square foot.
The project is one of the city’s highest-profile office developments. The partners filed permit applications for the project late last year after the City Council approved rezoning the site.
Earlier this year, the Citadel founder provided a $400 million loan for the project after taking his majority stake in the venture. But that came before Mayor Zohran Mamdani took a swipe at the hedge fund titan during his announcement of the city’s pied-à-terre tax, prompting Griffin to threaten to walk away from the project altogether.
Cooler heads ultimately prevailed, allowing the ball to get rolling on the development.
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