Vornado Realty Trust, Citadel founder Ken Griffin and Rudin Management have closed a joint venture agreement to redevelop 350 Park Avenue in Midtown East, alongside a 1.05 million-square-foot anchor lease and a $3.3 billion construction loan, according to New York YIMBY and Yahoo Finance.
The project is a planned 1,400-foot supertall at the Park Avenue site, which currently holds an existing office building. Griffin's Citadel is the anchor tenant under the 1.05 million-square-foot lease, and Vornado and Rudin are partners in the ownership structure, per the reporting. Fox Business reported the $3.3 billion loan closing follows an earlier public dispute between Griffin and Mayor Mamdani.
This is one of the largest construction financing packages to close on a single Manhattan tower this year, and it lands at a moment when other large office-tied financings are stalling: Bloomberg reported this week that a separate bond sale tied to another Manhattan office building has been put on hold. The contrast says something about where lenders still see certainty in this market -- a signed anchor tenant and a joint venture structure with Vornado and Rudin behind it, versus a standalone office asset without one.
No general contractor has been named publicly in the cited reporting. The scale of the loan and the anchor lease signal this project is moving from financing into a construction procurement phase, which means GC selection, major trade packages (structural steel, curtain wall, mechanical/electrical for a supertall of this height) and a construction manager search are likely next steps worth tracking.