Ken Griffin, Vornado and Rudin seal $3.3 billion deal for 350 Park Avenue tower

After months of speculation, a joint venture between Ken Griffin’s Citadel Enterprise Americas, Vornado and Rudin has been officially closed to construct 350 Park Avenue, a 66-story, 1,400-foot tower in Midtown Manhattan. The deal includes a $3.3 billion construction loan, reportedly the biggest ever for a single New York building, sourced from a consortium of banks such as Wells Fargo, JP Morgan Chase, Bank of America and others.

Griffin’s affiliate will own 60% of the venture, Vornado 36%, and Rudin 5%. The project leverages the Greater East Midtown rezoning and acquired development rights from St. Patrick’s Cathedral and Saint Bartholomew’s Church, committing $150 million for their maintenance and more than $35 million to the East Midtown Public Realm Improvement Fund. The Foster + Partners-designed “cloudbuster” will feature a glass lobby, floor-to-ceiling windows, and ground-floor dining and retail spaces, with the highest floors offering 850,000 sq ft for future tenants. Completion is targeted for 2032.