Key Takeaways
- • Ken Griffin, Vornado Realty Trust and Rudin have finalized a joint venture to build a 66-story, roughly 1,400-foot office tower at 350 Park Avenue in New York City.
- • The project is backed by a $3.3 billion construction loan from seven lenders, including Wells Fargo, JPMorgan Chase and Bank of America.
- • A Griffin affiliate will hold a stake in the tower, per the primary source's publisher summary, which was cut off before the full ownership split was disclosed.
- • The financing follows a public feud between Griffin and New York City mayoral figure Zohran Mamdani, according to Fox Business coverage of the deal.
Summary
Ken Griffin, Vornado Realty Trust and Rudin have finalized a joint venture to develop a 66-story office tower at 350 Park Avenue in Manhattan, a building roughly 1,400 feet tall. The project is financed by a $3.3 billion construction loan provided by a syndicate of seven lenders, including Wells Fargo, JPMorgan Chase and Bank of America.
A Griffin affiliate is set to own a majority-linked share of the venture, though the primary source's summary was truncated before the full ownership percentages were stated. The deal's financing was reported by Fox Business under the headline noting that it came after an earlier feud between Griffin and Mamdani.
The transaction is a large-scale commercial real estate financing for a Manhattan office development, underscoring continued institutional lender appetite for major New York office construction projects. Readers should consult the full source for complete terms on equity contributions, timelines and tenancy.
A Griffin affiliate is set to own a majority-linked share of the venture, though the primary source's summary was truncated before the full ownership percentages were stated. The deal's financing was reported by Fox Business under the headline noting that it came after an earlier feud between Griffin and Mamdani.
The transaction is a large-scale commercial real estate financing for a Manhattan office development, underscoring continued institutional lender appetite for major New York office construction projects. Readers should consult the full source for complete terms on equity contributions, timelines and tenancy.
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