Ken Griffin Finalizes Deal for 1,400-Foot Park Avenue Skyscraper in New York

Vornado, Ken Griffin and Rudin have finalized their joint venture for 350 Park Avenue and secured a reported $3.3 billion construction loan for the 66-story Manhattan tower, which is expected to be completed in 2032.

A major New York City real estate development has taken a significant step forward after Ken Griffin, Vornado Realty Trust and Rudin finalized their joint-venture agreement to build 350 Park Avenue, a proposed 1,400-foot skyscraper in Midtown Manhattan.

The partners have also secured a reported $3.3 billion construction loan, which would rank among the largest single-building construction loans in New York City history.

The 66-story tower is planned for a site between East 51st and East 52nd streets. Designed by Foster + Partners, the development is expected to become a prominent addition to Manhattan’s commercial skyline.

$3.3 Billion Construction Loan Secured

The financing package marks a major milestone for the project after months of speculation about whether the deal would proceed.

The reported lending group includes Wells Fargo, JPMorgan Chase, Bank of America, BMO Bank, ING Capital, PNC Bank and Standard Chartered Bank.

Vornado CEO Steve Roth had previously indicated during an earnings call that construction financing was ready, although he did not publicly identify the lenders at the time.

The completion of the joint-venture agreement and loan arrangements clears a significant hurdle for the development, although construction progress and the final completion schedule remain important milestones to watch.

Ken Griffin’s Affiliate Takes Majority Stake

The joint venture brings together three major players in New York commercial real estate.

According to the reported ownership breakdown, an affiliate of Griffin holds a 60% stake, Vornado owns 36%, and Rudin holds approximately 5%.

These figures total 101%, suggesting a rounding issue or a discrepancy in the reported percentages that should be clarified before publication.

Griffin is the founder and CEO of Citadel, the financial services group. His involvement gives the project a high-profile investor as it moves toward construction.

Citadel Enterprise Americas, an entity providing shared infrastructure and support services to Citadel and Citadel Securities, is also associated with the broader development plans.

Remaining Office Space to Be Marketed

The upper floors of the Foster + Partners-designed tower are expected to provide substantial additional office space for prospective tenants.

Approximately 850,000 square feet of space on the building’s highest floors is slated to be marketed to other occupiers. The availability could attract major financial services firms and other businesses seeking premium Manhattan office space.

The project’s scale and location place it among the most closely watched commercial real estate developments in New York.

Political Tensions Had Raised Questions

The deal had faced speculation amid political tensions surrounding Griffin and New York City Mayor Zohran Mamdani.

Earlier reports raised questions about whether the project could be affected by criticism of Griffin’s ownership of a high-value Manhattan residence and concerns about the city’s business environment.

The finalized agreement indicates that the partners have moved forward despite those concerns. However, the development’s long-term progress will depend on construction execution, tenant demand and broader market conditions.

Completion Expected in 2032

With financing and the joint-venture agreement reportedly in place, 350 Park Avenue is moving closer to its next development phase.

The planned 1,400-foot tower would add significant office capacity to Midtown Manhattan and reinforce Park Avenue’s position as a major business address.

Completion is currently estimated for 2032. As the project advances, investors and the commercial property market will be watching for further details on construction milestones, leasing commitments and the building’s eventual role in New York’s office market.