Demolition Underway in Manhattan for New $4.5M, 1.8M SF Office Space

• Demolition is underway for a new 1,413-foot office tower at 350 Park Avenue in Midtown East, Manhattan.
• The 64-story skyscraper will deliver 1.8 million square feet of Class A office space, with Citadel and Citadel Securities serving as anchor tenants.
• The $4.5 billion development is expected to be completed by 2032 and will include public open space, retail, and major streetscape improvements.

What Is Being Built at 350 Park Avenue

Demolition has officially begun at 350 Park Avenue in Midtown East, Manhattan, making way for a 1,413-foot, 64-story supertall office tower. The project is being developed by Vornado Realty Trust, Rudin, and Ken Griffin, with architectural design by Foster + Partners. The development will replace the existing 30-story office building at 350 Park Avenue, along with a 23-story office building at 40 East 52nd Street and a five-story building at 39 East 51st Street. The combined 53,000-square-foot site is located between East 51st and East 52nd Streets in one of Manhattan's premier office districts. Construction will deliver approximately 1.8 million square feet of Class A office space with capacity for around 6,000 employees. Citadel and Citadel Securities have committed to occupy at least 850,000 square feet, making them the tower's anchor tenants.

What the New Tower Will Include

The tower has been designed with seven stacked glass volumes featuring rounded corners that gradually step back as the building rises. Multiple landscaped terraces will occupy the lower setbacks, while the upper setbacks will form a distinctive tiered crown. At street level, the project will introduce a 40-foot-tall lobby, a 12,500-square-foot public plaza designed by Field Operations, widened sidewalks along East 51st and East 52nd Streets, and landscaped gathering spaces with outdoor seating and raised garden beds. The development will also feature 16,000 square feet of ground-floor retail, a café on East 51st Street, and a restaurant fronting East 52nd Street, helping activate the surrounding streetscape.

What Makes This Development Significant

The project represents one of the largest office developments currently underway in New York City. Construction is supported by approximately $150 million in transferred air rights acquired from St. Patrick's Cathedral and Saint Bart's Church. In addition, the development will contribute more than $35 million to New York City's East Midtown Public Realm Improvement Fund, supporting infrastructure and public space improvements throughout the district. The project received unanimous approval from the New York City Council in September 2025 after completing the city's Uniform Land Use Review Procedure (ULURP), allowing redevelopment to move forward.

What Construction Looks Like Today

Scaffolding and protective netting now surround the existing buildings as demolition progresses. Workers have already removed many exterior windows and façade panels, while interior demolition is well underway in preparation for the tower's construction. The new skyscraper is expected to cost approximately $4.5 billion and is scheduled for completion in 2032, further reinforcing Midtown East's position as one of the world's premier office markets.

What Project Details Have Been Released

The project is located at 350 Park Avenue, New York, NY, in the Midtown East neighborhood of Manhattan. The development will replace three existing commercial buildings with a 64-story, 1,413-foot office tower totaling approximately 1.8 million square feet on a 53,000-square-foot development site. The project is being developed by Vornado Realty Trust, Rudin, and Ken Griffin, with Foster + Partners serving as the architect and Field Operations designing the public plaza. Demolition is currently underway, construction is expected to continue through the end of the decade, and the tower is anticipated to open in 2032. A general contractor has not yet been announced.