Vornado, Kenneth Griffin, and Rudin Advance Plans for 62-Story, State-of-the-Art Office Tower With 1.8 Million Square-Feet of Office Space, New Public Concourse
With Citadel and Citadel Securities as Anchor Tenants, Tower Will House More Than 6,000 Jobs
Mayor Adams Reveals Renderings of New Tower Expected to Be Completed by 2032
Builds on Adams Administration’s Landmark Progress Protecting Public Safety, Rebuilding New York City’s Economy, and Creating More Livable City
NEW YORK – At the Association for a Better New York’s (ABNY) Power Breakfast this morning, New York City Mayor Eric Adams today unveiled new details and renderings of a once-in-a-generation office tower at 350 Park Avenue that will be home to more than 6,000 jobs in Midtown Manhattan and further strengthens the city’s economic recovery. After filing an application with the New York City Department of City Planning, Vornado Realty Trust, Kenneth Griffin, and Rudin are advancing a new tower that will deliver 1.8 million square feet of commercial office space, a new public concourse, and more than $35.8 million for the city’s East Midtown Public Realm Improvement Fund. Additionally, the project will purchase excess development rights from St. Patrick’s Cathedral and Saint Bartholomew’s Church, contributing a combined $150 million for upkeep of these historic landmarks. The global investment firm Citadel and leading market maker Citadel Securities,a will serve as anchor tenants,occupying at least 850,000 square-feet for their new Manhattan offices. The project is expected to begin the city’s public review process early next year.
“Today, we are doubling down on our efforts to build a ‘New’ New York with a project that will help supercharge our economy and expand New York City’s iconic skyline,” said Mayor Adams. “Home to more than 6,000 jobs, this project will build on our continued efforts to energize Midtown Manhattan as the world’s most important business address and an economic engine for working-class New Yorkers. New York City has come back stronger than ever thanks to our focus on protecting public safety, rebuilding our economy, and making our city more livable.”
“We are thrilled to announce the details of a historic investment in Midtown, which will help further revitalize a crucial corridor of New York City,” said First Deputy Mayor Sheena Wright. “Today’s announcement is an example of the public and private sectors working together to invest in communities, improve the public realm, and create new housing and economic opportunities. I am proud that we are continuing to deliver on our commitment to make New York City the best place to live and work for all New Yorkers.”
“The announcement of a new skyscraper on Park Avenue is tremendously exciting and another example of the city’s focus on Midtown as articulated in the ‘New’ New York action plan,” said Deputy Mayor for Housing, Economic Development, and Workforce Maria Torres-Springer. “From the Outdoor Dining program, to the rollout of containerized trash collection and M-CORE programs, to the ‘Get Sheds Down’ initiative, the Adams administration is advancing Midtown’s standing as the most important central business district in the world by creating live-work-play districts that include world-class offices for the modern worker and a dynamic public realm to engage New Yorkers and tourists alike.”
“This investment opens a new chapter for Midtown — and closes the book on those who predicted its demise,” said Deputy Mayor for Operations Meera Joshi. “Midtown’s revitalization is being led by its public realm — including investments in Fifth Avenue, with the crown jewels of Central Park and Bryant Park at either end. Together, with our business improvement district and parks partners, we are reintroducing Fifth Avenue to the world and creating a vibrant live, work, play community for a new era.”
The 62-story tower will include 1.8 million square feet of office space that shape the skyline of New York City. Credit: Foster + Partners
The 12,500 square foot public concourse will offer visitors social seating, green space, and art displays. Credit: Foster + Partners
The privately-financed tower will also deliver more than $35.8 million for the city’s East Midtown Public Realm Improvement Fund.
As anchor tenants, Citadel and Citadel Securities’ workforce — currently 2,100 and growing — will occupy a significant portion of the tower, further cementing New York City’s position as the financial capital of the world.
Designed by leading architecture firm Foster + Partners, the tower will feature floor-to-ceiling glass, landscaped terraces, and a stepped configuration to create an iconic, distinctive skyscraper. Additionally, 350 Park will prioritize sustainable design through the use of a high-performance building envelope and resilient materials. The tower will also enhance the public realm on Park Avenue through a world-class public concourse. Occupying 12,500 square feet of the project’s ground floor along Park Avenue, the public concourse will feature green space, social seating, greater visibility of nearby landmarks, prominent art displays, and opportunities for local businesses.
Vornado, Kenneth Griffin, and Rudin’s multi-billion investment in this new 62-story office tower comes amid the broader resurgence of Midtown Manhattan following Mayor Adams’ commitment to reimagine Fifth Avenue as a more appealing district for residents, workers, and visitors. This commitment — which includes significant investments in the public realm, the launch of the Midtown South Neighborhood Plan to create new housing and economic opportunities in the area, and generational projects such as the $10 billion effort to replace and expand the Midtown Bus Terminal — has already helped revitalize one of New York City’s most important economic corridors. In 2023, Fifth Avenue added nearly 1,000 new, high-paying jobs and experienced a 20 percent increase in visitors. Additionally, the administration has launched several highly-successful Open Streets initiatives that have driven millions of dollars in additional spending to Midtown businesses during the holiday season and taken new steps to permanently reimagine Fifth Avenue as a pedestrian-friendly district.
Over his first two years in office, Mayor Adams committed $375 million to creating new public spaces, as well as launched “Chinatown Connections” to reimagine Chinatown’s Kimlau Square; “Broadway Vision” to deliver two new plazas, shared streets, and a two-way bike lane on Broadway; and “Dining Out NYC” to create better, cleaner, and more accessible sidewalks and roadway cafes.
“This state-of-the-art office tower further cements this administration’s commitment to a ‘New’ New York by fueling job creation and a resurgence of Midtown Manhattan,” said New York City Economic Development Corporation President & CEO Andrew Kimball. “This is further evidence that the market is responding to Mayor Adams’ economic development strategy, with a focus on improving quality of life and a willingness to partner with the private sector.”
“The unveiling of 350 Park Avenue is a strong signal about New York City’s ongoing economic resurgence and shows how smart planning pays dividends,” said New York City Department of Citywide Planning Director and Chair of the City Planning Commission Dan Garodnick. “By creating jobs, providing public space, and supporting historic landmarks, this project exemplifies our commitment to keeping Midtown Manhattan a compelling destination for workers, residents, and visitors alike and demonstrates the continued value of the East Midtown rezoning.”
“The Adams administration’s commitment to enhancing public spaces in Midtown is paying off,” said Chief Public Realm Officer Ya-Ting Liu. “From reimagining Fifth Avenue as a world-class pedestrian boulevard to building out Broadway Vision, we’re not only creating a more welcoming environment for New Yorkers, visitors, and businesses, but also instilling confidence in the private sector to invest in New York City’s core business districts.”
“New York City’s magnetic pull for business, culture, and innovation continues to be fueled by the Adams administration’s investment in reimagining our business districts,” said “New” New York Executive Director B.J. Jones. “From enhanced public realm and quality of life initiatives to sweeping zoning and housing policy reforms, the city and state, together with our private sector partners, are making New York City the best place to live, work, and play.”
Today’s announcement follows multiple successful efforts by the Adams administration to revive New York City’s economy following the COVID-19 pandemic and transform the city’s commercial corridors into 24/7 districts where people can both live and work. Released in December 2022, the “‘New’ New York: Making New York Work for Everyone” plan detailed 40 concrete proposals for creating durable and equitable economic growth, including recommendations for transforming Fifth Avenue into a world-class, pedestrian-forward boulevard. In the short time since Mayor Adams announced his commitment to re-imagine one of the most iconic streets in the world, Fifth Avenue has undergone a period of unprecedented investment. Only two commercial real estate sales, worth a total of $170 million, were completed in the corridor in the year prior to Mayor Adams’ commitment to transform Fifth Avenue, but the year afterwards saw a total of 10 sales worth $3.9 billion.
As a result of these initiatives and additional efforts by the Adams administration, New York City has recovered all of the private-sector jobs lost during the pandemic. To continue growing the city’s economy, Mayor Adams has launched a new, multi-pronged effort to connect New Yorkers with jobs and training opportunities as part of his “Jobs NYC” initiative; committed to growing the city’s “green-collar” jobs of the future through his Green Economy Action Plan; and broken ground on the city’s largest 100 percent affordable housing development in 40 years at Willets Point, more than a year ahead of schedule.
Today’s announcement builds on the Adams administration’s progress protecting public safety, rebuilding the city’s economy, and creating a more livable city for all New Yorkers. Over the last two years, the administration has remained focused on driving crime down through proactive strategies, including initiatives that have cracked down on auto thefts, combatted retail thefts, and invested over $500 million in preventing gun violence. As a result of these strategies and the work of the New York City Police Department (NYPD), overall crime has trended downwards in the first quarter of 2024, with month after month decreases. Moreover, following the deployment of 1,000 additional NYPD officers into the city’s public transit system, as well as another 800 NYPD officers focused on preventing fare evasion, overall crime in the transit system plummeted by 23.5 percent in March compared to the same period last year.
Mayor Adams has made improving quality of life a cornerstone of his administration by making the investments that have transformed New York into a cleaner, greener, and more livable city, including by laying out plans to tackle the city’s affordable housing crisis. After delivering record amounts of affordable housing in 2023, the Adams administration, just last week, won approval on the second phase of the Willets Point development, which will feature the city’s biggest all-affordable housing project in 40 years, as well a new hotel, over 150,000 square-feet of new public open space, and the city’s first soccer stadium. Additionally, just yesterday, a state budget agreement was announced that would give New York City new tools to create even more of the housing the city needs.
As a result of a deal announced by Governor Hochul and the New York State Legislature yesterday — including a new construction tax incentive to create affordable housing, utilizing vacant offices to convert into housing, a pilot of legal, safe basement and cellar apartments, and lifting the density cap for residential buildings — the Adams administration will now be able to help deliver more affordable housing across all five boroughs.
“I am excited to partner with Vornado and Rudin to build a new, iconic office tower for our growing team at the most sought-after address on Park Avenue,” said Kenneth Griffin, founder and CEO, Citadel. “The building will provide our colleagues with an extraordinary environment to collaborate, create, and deliver on behalf of our investors in Citadel and clients of Citadel Securities. The iconic building will have incredible light, 360-degree views, and spacious layouts in one of the leading financial centers in the world.”
“350 Park Avenue, anchored by two of the most successful financial firms of our time, Citadel and Citadel Securities, will reinforce New York City as the financial capital of the world and Park Avenue as the premier business boulevard,” said Steven Roth, chairman and CEO, Vornado Realty Trust. “Building on our track record of developing the very best office towers and creating world-class streetscapes, 350 Park Avenue will provide an unparalleled work environment with a grand civic expanse fronting Park Avenue. Our partnership with Ken Griffin and Rudin validates the quality of our development site and New York’s continued preeminence as a center for commerce.”
“The Rudin family is proud to partner with Kenneth Griffin, and Vornado to create this iconic skyscraper on Park Avenue,” said Bill Rudin, co-executive chairman, Rudin. “This landmark project is poised to leave an indelible mark on New York’s skyline, symbolizing New York’s endurance as the world’s leading financial center.”
April 16, 2024 New York City Hall NYC
The tower will be about 1,600 feet tall. That would rank it as the city’s second-tallest building, among existing skyscrapers, just after the 1,776-foot-tall One World Trade Center.
Source: NYC.gov – Midtown Tribune news
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