“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Just wish we got better official renderings of this tower. They clearly have them.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Ken Griffin’s Park Ave. project with Vornado set for major update this week
By Steve Cuozzo
Aug. 2, 2026
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All eyes and ears will be on Vornado Realty Trust’s Tuesday morning earnings call after the REIT posts second-quarter results after markets close on Monday.
We assume CEO Steve Roth, president Michael Franco and COO Glen Weiss will address a topic hotter than recent leases — namely, Vornado’s role at 350 Park Ave., the planned tower where it’s partners with Rudin and Ken Griffin.
Demolition of three buildings is underway on Park Avenue and East 52nd Street for the new skyscraper, where two Griffin-controlled Citadel companies are to be anchor tenants with at least a combined 850,000 square feet.
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Vornado had the option to be, as Roth put it in the company’s first-quarter earnings call, “a participant or a seller” in the project.” He said Griffin “is the 60% partner, we are a 36% partner and the Rudin family is a 4% partner.”
Roth added, “Citadel has to be committed. They will be committed. So I mean, this whole deal is based upon the fact that [Griffin’s companies] will be the anchor tenant . . . This whole thing Ken has committed to start this whole thing will all come together and become very clear in the mid-summer.”
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Vornado opts in at 350 Park Avenue office development
Elizabeth Cryan
Aug 4, 2026
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Steven Roth isn’t taking the money and running.
The Vornado Realty Trust CEO said Tuesday that the REIT will exercise its option to acquire its maximum 36 percent stake in the planned 2 million-square-foot office tower at 350 Park Avenue, joining Ken Griffin, who controls a 60 percent interest, and Rudin, which will own the remaining 4 percent.
“We intend to shortly exercise our investment option to participate in this deal at our maximum ownership percentage of 36 percent,” Roth said during the company’s second-quarter earnings call, adding that Citadel will anchor the project with roughly 1 million square feet, more space than previously announced.
Roth dismissed suggestions from some analysts that the company should “take the money and run.”
“No, no, no, that would be incredibly short-sighted,” he said. “In our business, there is no better place to invest than prime Park Avenue.”
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Roth said the brokerage community is already fielding inquiries from prospective tenants seeking large blocks of premium office space timed to the building’s delivery and rents are expected around $350 per square foot.
The project is one of the city’s highest-profile office developments in a thin pipeline. The partners filed permit applications for the 62-story project late last year, after the City Council approved rezoning the site.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
I was just about to post that. Whatever space Citadel does not use will be the most valuable and sought after space in NYC. That being said, I suspect that Citadel will occupy the whole tower.
Vornado Realty Trust announced Tuesday morning that it could levy as much as $350 per square foot at one of its latest office developments, at a time when rents over $300 a square foot at trophy properties are becoming the norm.
Vornado is developing 350 Park Avenue along with Ken Griffin’s Citadel and Rudin. Vornado Chairman Steven Roth said he has confidence the building will still see leasing, despite high rents, due to lack of supply and strong demand in the Class A office market.
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”The fact that there’s a scarcity of new supply, and the combination of the construction costs, interest rates, et cetera, require a very high rent for a new building,” Roth said. “That will cause the great, well-located, older buildings to go up and drive [leasing] enormously. And obviously, that’s the reason we bought Park Avenue Plaza.”
Griffin’s Park Avenue Office Tower Set to Land $3.3 Billion Loan
By Natalie Wong
August 4, 2026
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The team working on Citadel’s new Manhattan skyscraper expects to secure a $3.3 billion construction loan for the project.
The partners on 350 Park Ave., including Ken Griffin, Vornado Realty Trust and Rudin, have the financing “ready to go,” Vornado Chief Executive Officer Steven Roth said on the company’s earnings call Tuesday.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
If you drive or walk past Park Avenue at 52nd Street, you will see that our 350 Park Avenue site is now under construction, actually under demolition. We intend to shortly exercise our investment option to participate in this deal at our maximum ownership percentage of 36%, alongside Ken Griffin as our 60% partner and with Citadel as our 1 million sq ft anchor tenant. Several commentators and analysts have suggested that we take the money and run. No, no.
That would be incredibly shortsighted. In our business, there is no better place to invest than prime Park Avenue with a million square foot tenant and a 60% partner already committed. We are contributing our existing land and 65-year-old building at a $900 million valuation. We have the balance sheet resources to support this deal and all of our other financial requirements as well.
We have a $3.3 billion construction loan ready to go. I think $3.3 billion may be a record. The partnership, and by that I mean all partners, is contemplating selling down a 25% interest at a price which will give us an appropriate profit and also give the buyers an appropriate profit. We expect the joint venture closing will take place in September. We are extremely excited and bullish about the potential returns from this project.
Citadel, Vornado Realty Trust and Rudin secured a $3.3 billion construction loan for the planned 350 Park Avenue office tower in Manhattan, clearing a major financing hurdle for the $4.5 billion, 1.8 million-square-foot project, with Vornado increasing its stake to 36% and Citadel expanding its planned footprint to about 1 million square feet.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Has anyone seen a rendering of the "back" (west-facing) side of the building?
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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