Citadel founder Ken Griffin locked in a $3.3 billion construction loan to build a roughly 1,400-foot office tower at 350 Park Avenue in Midtown, according to Commercial Observer, which first reported the financing package.
The loan is one of the largest construction financings ever recorded for a single Manhattan office tower, and it clears the way for a supertall that has been in planning for several years under a joint venture tied to Griffin's real estate ventures and partner developers. New York Post reporting on the deal noted the financing had been in question amid concerns about the city's political direction before closing.
For a project this size, the construction loan isn't just a financing footnote — it's the signal that vertical work can actually start. A loan north of $3 billion on one office tower means a multi-year award cycle ahead: foundation and excavation, steel package, curtain wall, MEP, and finish trades all sequenced over several years, with the GC and construction manager now locking subcontractor bid packages instead of still shopping financing.
Owners' reps and major subcontractors chasing supertall office work should watch for the GC selection and early trade package announcements, which typically follow a construction closing within weeks. The site is one of the only new ground-up supertall office towers moving in Manhattan right now, so excavation, foundation, and structural steel subs with the bonding capacity for a job this size have a real near-term opportunity to get in front of the construction manager before packages go out.