Midtown Manhattan Makes a Rebound: Citadel’s 62-Story Skyscraper Set to Boost the Neighborhood and Stimulate Economic Growth

In the heart of midtown New York City, Citadel’s Ken Griffin has filed plans for a 62-story skyscraper. Along with Vornado and Rudin, this project aims to support the ongoing revitalization of the neighborhood that saw many buildings go vacant during the pandemic. The new building, located at 350 Park Avenue, is expected to be completed by 2032 and will house over 6,000 jobs. Developers purchased air rights from St. Patrick’s Cathedral and Saint Bartholomew’s Church to construct the skyscraper, with the proceeds going towards upkeep for both churches.

New York City Mayor Adams sees this project as a way to boost Midtown Manhattan as a global business hub and stimulate economic growth for working-class New Yorkers. The Mayor’s office reports that the return-to-office rate in the city has almost reached 80% of pre-pandemic levels, signaling a shift towards more in-person work. Griffin, whose companies Citadel and Citadel Securities will be anchor tenants in the new building, praises the skyscraper’s prime location in one of the world’s leading financial centers. While focusing on NYC project Griffin also expressed interest in Miami as a potential future financial hub. Despite the rise of remote work Griffin emphasizes that corporate culture is important and his company has been operating full time since June 2021