NEW YORK | 350 Park Avenue | 1,413 FT | 62 FLOORS

[ChiND]

NY Guy:

How long do you think that it will take until the current buildings are at ground level.

[UrbanImpact]

Originally Posted by ChiND

NY Guy:

How long do you think that it will take until the current buildings are at ground level.

Demolition is supposed to wrap up in March 2027 according to The B1M and New York Yimby.

[ChiND]

Originally Posted by UrbanImpact

Demolition is supposed to wrap up in March 2027 according to The B1M and New York Yimby.

Thanks. It's amazing demo will be complete in about seven months.

[pianowizard]

Originally Posted by NYguy

Thanks, it looks almost as good as the front!

[ChiND]

Originally Posted by pianowizard

Thanks, it looks almost as good as the front!

It's no J Lo from behind, but it still looks pretty good. The front, however, is pure, prime Christie Brinkley perfection.

Thank you, Mr. Griffin!

[NYguy]

https://therealdeal.com/new-york/2026/08/05/vornado-citadels-350-park-lands-record-financing/

Vornado, Citadel’s 350 Park lands $3.3B financing





Holden Walter-Warner
August 5, 2026

Vornado Realty Trust and its partners are full-steam ahead at 350 Park Avenue, securing one of the largest known construction loans in New York City history.

Vornado, Citadel and Rudin are “ready to go” with a $3.3 billion financing package to facilitate the 2 million-square-foot office development, Vornado’s Steven Roth revealed on a second-quarter earnings call Tuesday. The real estate investment trust did not reveal where the financing is coming from.

The volume of the debt is relatively unprecedented in the history of New York office developments. Remarkably, the total is barely half of the estimated $6 billion price tag for the historic project.

Other billion-dollar construction loans for office projects in recent Manhattan memory include Tishman Speyer locking down a $1.8 billion loan from Blackstone for The Spiral and Related Companies and Oxford Properties Group securing $1.6 billion in construction financing at the start of the year for their 72-story office tower project at 70 Hudson Yards, which enabled a $2.45 billion recapitalization of the development.

The financing news could’ve been lost in the wash of a newsworthy earnings call for the REIT, which confirmed the firm will exercise its option for a 36 percent stake in 350 Park Avenue, ending speculation about a potential exit.

Ken Griffin’s Citadel and Rudin will have a 60 percent and 4 percent interest in the property, respectively, valuing Vornado’s land and building contribution at approximately $900 million. Citadel is set to anchor the development with roughly 1 million square feet.

[ChiND]

Our incredible metropolis keeps getting better and better. Can you imagine Park Avenue in five years with this tower, the expanded medians, and a new tower at 405-417 Park?

Hopefully, there also will be a new tower at 400 Park.

[The New York Lion]

Originally Posted by ChiND

Our incredible metropolis keeps getting better and better. Can you imagine Park Avenue in five years with this tower, the expanded medians, and a new tower at 405-417 Park?

Hopefully, there also will be a new tower at 400 Park.

Not to mention 570 Fifth, which will hopefully be COLOSSAL and within viewing range.

And plenty more projects like 175, Roosevelt, etc. down the line.

[ChiND]

Originally Posted by The New York Lion

Not to mention 570 Fifth, which will hopefully be COLOSSAL and within viewing range.

And plenty more projects like 175, Roosevelt, etc. down the line.

I agree, Lion. This is The Age....

[mrnyc]

sheesh, even that ‘back’ view.

this one is going to be somebody.

[NYguy]

https://therealdeal.com/new-york/2026/08...e-financing-there-under-rare-parameters/

350 Park’s $3.3B loan underscores office trophy market’s financing strength





Holden Walter-Warner
August 8, 2026

A $3.3 billion construction loan for 350 Park Avenue is the latest sign that New York’s office market can still command enormous capital — provided the building, location and tenant lineup are nearly impossible to replicate.

Vornado Realty Trust, Citadel and Rudin are moving ahead with the 2 million-square-foot tower after securing one of the largest construction financings in the city’s history, Vornado CEO Steven Roth said on the company’s second-quarter earnings call. Citadel will anchor roughly half the project, while Vornado plans to take a 36 percent stake and Rudin will own 4 percent.

The partners are also considering selling another 25 percent stake to an outside investor.

The financing is striking not just for its size but for what it says about lenders’ willingness to back a new office product. The loan is roughly half the project’s estimated $6 billion cost and dwarfs recent Manhattan construction financings, including $1.8 billion for Tishman Speyer’s Spiral and $1.6 billion for Related Companies and Oxford Properties’ 70 Hudson Yards project.

But 350 Park is hardly a bet on the average Manhattan office building. Citadel’s commitment provides an unusually strong foundation for the development, while prospective tenants are already seeking large blocks of premium space and rents are expected to approach $350 per square foot.

That makes the project less a verdict on the broader office market than a confirmation of its increasingly stark two-tier structure. Trophy assets with modern amenities, prime locations and deep-pocketed tenants can still attract institutional capital. Older or less differentiated buildings face a much tougher road, particularly as tenants continue to concentrate demand in the best space.

Vornado’s decision to exercise its ownership option also matters. Roth rejected the idea that the REIT should cash out, arguing that there is “no better place to invest than prime Park Avenue.” In other words, one of New York’s most seasoned office landlords sees enough value in the city’s top tier to put more capital behind it.

The financing offers an optimistic signal with a significant asterisk: New York can finance office construction at scale, but the bar for doing so has never been higher.

[NYguy]

https://www.bloomberg.com/news/articles/...roject-advances-as-developers-forge-deal

Citadel’s NYC Tower Project Advances as Developers Forge Deal


By Natalie Wong
August 11, 2026

Citadel is moving forward as developers formed a joint venture to build the roughly $6.2 billion project.

Vornado Realty Trust and Rudin Management agreed to enter the partnership with an affiliate of Griffin to construct a 1.9 million-square-foot (176,500-square meter) tower at 350 Park Ave., according to a statement Tuesday.

The property will serve as the primary New York office for companies under the Citadel umbrella, which will lease more than half the building under a 15-year agreement.

The Griffin affiliate will own 60% of the joint venture, while Vornado and Rudin will have the remaining 36% and 4%, respectively.

The project will be financed with a $3.3 billion construction loan. In addition to its $500 million land contribution, Vornado expects to make about $400 million of additional capital contributions during the development.

The joint venture and loan are expected to close in the third quarter.

https://investors.vno.com/news-releases/...ust-enter-350-park-avenue-joint-venture/

VORNADO REALTY TRUST TO ENTER INTO 350 PARK AVENUE JOINT VENTURE



August 11, 2026

Vornado Realty Trust (NYSE:VNO) and Rudin Management announced today that they have formally agreed to enter into a joint venture with an affiliate of Kenneth C. Griffin, Citadel’s Founder and CEO (“KG”), for the development of a 1.9 million square foot trophy office building at 350 Park Avenue. In connection with the development, Citadel Enterprise Americas LLC will enter into a 15-year, 1.05 million square foot anchor lease at the property to serve as its primary New York City office.

The joint venture will be owned 60% by KG, 36% by Vornado and 4% by Rudin.

The project development budget is expected to be approximately $6.2 billion, of which $3.3 billion will be financed through a construction loan. Taking into account Vornado’s $500 million land contribution to the joint venture, Vornado expects to make approximately $400 million of additional capital contributions over the development period.

[ChiND]

[Zapatan]

Could a joint venture mean more height? The article still mentions 1.9msf but good opportunity to push the envelope if Vornado is on board.

Good news regarding the loan.

[BK1985]

Originally Posted by Zapatan

Could a joint venture mean more height? The article still mentions 1.9msf but good opportunity to push the envelope if Vornado is on board.

Good news regarding the loan.

They were always on board. Half of the the site is the footprint of their former property. With Rudin owning the other building. This just formalizes the relationship within the confines of the development

[NYguy]

Originally Posted by Zapatan

Could a joint venture mean more height? The article still mentions 1.9msf but good opportunity to push the envelope if Vornado is on board.

Good news regarding the loan.

Nothing has changed. The building is being built to the maximum FAR allowed. The plan was always for Vornado to decide, by a pre-determined date, whether to remain a partner or sell their remaining stake to Griffin, who still maintains 60%. Always a possibility they could sell in the future, especially if Griffin decides to take all the remaining space. Otherwise, the rents will be through the roof, a very good business for Vornado.

[ChiND]

Deleted

[Zapatan]

Originally Posted by ChiND

Banker Steel lists this as 1,469 feet tall on its site. I wonder if that’s accurate.

It was chopped to 1,414 from around ~50 feet higher so that's probably the old height.

Just a guess though from the information we've been given, I'd love to be wrong.

[ChiND]

Banker Steel lists this as 1,469 feet tall on its site. Given their pivotal role on this project, I assume that their information is accurate.

[NYguy]

Originally Posted by ChiND

Banker Steel lists this as 1,469 feet tall on its site. Given their pivotal role on this project, I assume that their information is accurate.

All heights will be reflected in DOB filings. Current FAA study is also at 1,414 ft.