Vornado’s Park Avenue Tower Update to Feature Ken Griffin’s Citadel as Anchor Tenant

Vornado Realty Trust is set to address the status of its 350 Park Avenue development on Tuesday’s earnings call, highlighting the involvement of partner Rudin and billionaire Ken Griffin. The project, currently under demolition for three buildings on Park Avenue and East 52nd Street, will feature a new tower anchored by two Citadel-controlled entities that together will lease at least 850,000 square feet. Griffin’s commitment was recently tested after Mayor Zohran Mamdani criticized him for owning a $200 million condominium, prompting Griffin to announce plans to increase his property portfolio in South Florida.

Vornado’s chief executive Steve Roth previously explained that the ownership structure assigns 60% to Griffin, 36% to Vornado, and 4% to the Rudin family. He emphasized that Citadel’s tenancy is essential for the project’s viability and expects the arrangement to solidify by mid-summer.