Partners Finalize Plans for 350 Park Avenue Skyscraper
The 66-story building at 350 Park Avenue is set for completion by 2032 following a $3.3 billion construction loan.
Updated on Oct. 21, 2026 in Commercial
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Vornado, Ken Griffin, and Rudin have finalized a joint-venture agreement to build a 66-story skyscraper at 350 Park Avenue. This 1.9 million square-foot project in East Midtown is supported by a $3.3 billion construction loan.
Why it matters
The project leverages Greater East Midtown rezoning to reshape the city skyline with a 1,400-foot tower. It secures a major 1.5 million square-foot lease for Citadel Enterprise America while contributing $185 million to local church maintenance and public realm improvements.
The venture is comprised of Ken Griffin at 60%, Vornado at 36%, and Rudin at 5%. The partners secured $150 million in development rights from St. Patrick's Cathedral and Saint Bartholomew's Church, alongside a $35 million donation to the East Midtown Public Realm Improvement Fund.
The players
Vornado Realty Trust
A major real estate investment trust known for developing and managing office and retail properties across New York City.
Ken Griffin
The founder of Citadel, one of the world's largest hedge funds, with significant investments in high-end commercial real estate.
Rudin Management
A long-standing New York City developer and operator of residential and commercial real estate across the five boroughs.
Citadel Enterprise America
The firm set to anchor the new building as its primary tenant after signing a 1.5 million square-foot lease.
The details
The skyscraper utilizes development rights acquired from local historic institutions, allowing the developers to bypass standard height limits under the district's rezoning rules. Construction will transform the site at 350 Park Avenue into a massive office hub, with Citadel Enterprise America occupying the vast majority of the building. The project requires a high-level coordination of land rights and massive financing to achieve its 1,400-foot height requirement.
Timeline
October 21, 2026: Formal closing of the joint-venture agreement and loan.
2032: Estimated completion of the skyscraper.
The Home Front
The project follows the development pattern established by the Greater East Midtown rezoning initiative designed to modernize the district's office stock. It represents a shift toward consolidating development rights from historic properties to enable ultra-tall vertical construction.
Residents and local business owners in East Midtown should prepare for long-term construction logistics near 350 Park Avenue through 2032. Keep an eye on local community board updates regarding site management and traffic mitigations as the project moves toward its final completion date.
The takeaway
This massive skyscraper project marks a significant change for the East Midtown skyline that will unfold over the next six years. Homeowners and local renters can track project progress through official city planning filings regarding the 350 Park Avenue construction permit updates.
Further reading
For context on how large-scale office projects impact the borough, visit New York City Commercial.
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