Key Takeaways
- • Citadel Enterprise Americas will anchor the 350 Park Avenue tower with a 1.05 million square-foot lease, covering roughly 55% of the project's 1.9 million square feet, according to the New York Post.
- • Vornado, Ken Griffin and Rudin formally closed their joint-venture agreement, with a Griffin affiliate holding a 60% majority stake, Vornado 36% and Rudin 5%.
- • The partners closed on a $3.3 billion construction loan, believed to be the largest single-building construction loan in New York City history, syndicated among Wells Fargo, JPMorgan Chase, Bank of America, BMO, ING Capital, PNC and Standard Chartered.
- • The 66-story, 1,400-foot Foster + Partners-designed tower is estimated for completion in 2032, with 850,000 square feet remaining to be marketed to other tenants.
Summary
Vornado, Ken Griffin and Rudin have formally closed their joint-venture agreement to develop 350 Park Avenue, a 66-story, 1,400-foot skyscraper between East 51st and East 52nd streets in Midtown Manhattan, according to the New York Post. The closing follows months of speculation and concern that the deal could collapse after Mayor Zohran Mamdani publicly attacked Griffin over his ownership of a $230 million condominium in a video. The Post reported that the project proceeded regardless.
The joint venture closed on a $3.3 billion construction loan, which the Post describes as believed to be the largest for a single building in the city's history. Vornado CEO Steve Roth had said on a recent earnings call that a construction loan was "ready to go" but had not named the lenders. The syndicate includes Wells Fargo Bank, JP Morgan Chase Bank, National Association, Bank of America, BMO Bank, ING Capital, PNC Bank and Standard Chartered Bank.
Citadel Enterprise Americas, an entity that provides shared infrastructure and support services to Citadel and Citadel Securities, will anchor the 1.9 million square-foot project with a 1.05 million square-foot lease. The remaining 850,000 square feet on the upper floors will be marketed to other tenants. A Griffin affiliate holds 60% of the joint venture, Vornado owns 36% and Rudin holds 5%.
The tower's size and height were enabled by the Greater East Midtown rezoning. The partners acquired development rights from St. Patrick's Cathedral and Saint Bartholomew's Church and will contribute a total of $150 million toward maintenance of both churches, plus more than $35 million to the East Midtown Public Realm Improvement Fund. The building will feature ground-floor food and beverage facilities, a 40-foot-tall glass lobby and 16-foot floor-to-ceiling windows. Completion is estimated for 2032.
The joint venture closed on a $3.3 billion construction loan, which the Post describes as believed to be the largest for a single building in the city's history. Vornado CEO Steve Roth had said on a recent earnings call that a construction loan was "ready to go" but had not named the lenders. The syndicate includes Wells Fargo Bank, JP Morgan Chase Bank, National Association, Bank of America, BMO Bank, ING Capital, PNC Bank and Standard Chartered Bank.
Citadel Enterprise Americas, an entity that provides shared infrastructure and support services to Citadel and Citadel Securities, will anchor the 1.9 million square-foot project with a 1.05 million square-foot lease. The remaining 850,000 square feet on the upper floors will be marketed to other tenants. A Griffin affiliate holds 60% of the joint venture, Vornado owns 36% and Rudin holds 5%.
The tower's size and height were enabled by the Greater East Midtown rezoning. The partners acquired development rights from St. Patrick's Cathedral and Saint Bartholomew's Church and will contribute a total of $150 million toward maintenance of both churches, plus more than $35 million to the East Midtown Public Realm Improvement Fund. The building will feature ground-floor food and beverage facilities, a 40-foot-tall glass lobby and 16-foot floor-to-ceiling windows. Completion is estimated for 2032.
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