A 62-story skyscraper is planned for Midtown Manhattan by Citadel’s Ken Griffin. The project, located at 350 Park Avenue, will help revitalize the neighborhood that has seen many buildings go vacant during the pandemic. Real estate developers Vornado Realty Trust and Rudin have filed plans for the project alongside Griffin, who will serve as anchor tenants with his companies Citadel and Citadel Securities.
The new building is expected to be completed in 2032 and will house over 6,000 jobs. It will also feature a public concourse with seating, green space, and art. To construct the building, developers purchased air rights from St. Patrick’s Cathedral and Saint Bartholomew’s Church for $150 million. These funds will be used to maintain both churches.
Mayor Adams hailed the project as a way to strengthen Midtown Manhattan as a major business hub and economic engine for New Yorkers. There has been an increase in New Yorkers returning to in-person work with the city’s return-to-office rate reaching nearly 80% of pre-pandemic levels according to a report by Bloomberg. Griffin emphasized the benefits of the new building’s location, highlighting its light, views, and spacious layouts in an important financial center.
Despite this commitment to revitalizing Midtown Manhattan, Griffin has also expressed interest in Miami potentially becoming the financial hub of the United States over New York City. This move reflects his commitment to creating economic opportunities in both cities while continuing his mission to revitalize neighborhoods across America.
