Vornado's & Citadel’s Long-Awaited Midtown Development Set for Public Review in 2025

Mayor Eric Adams recently unveiled plans for the long-awaited Midtown office skyscraper, a collaboration between Vornado Realty Trust, Rudin Development, and hedge fund magnate Ken Griffin. The project, located at 350 Park Ave., has been in the works for years and is set to commence public review by early 2025. With over $240 million invested in air-rights purchases from St. Patrick’s Cathedral and St. Bartholomew’s Church, the tower is expected to soar 62 stories high, encompassing 1.8 million square feet, exceeding initial projections.

Energizing Midtown Manhattan

Adams expressed optimism about the tower's impact on revitalizing Midtown Manhattan, heralding it as a vital hub for global business. Speaking at an Association for a Better New York breakfast, he emphasized the tower's significance in reinvigorating the office market. The announcement marked a significant milestone, dispelling previous doubts about the project's feasibility.

Key Players and Timeline

Citadel and Citadel Securities, led by Griffin, are slated to be the anchor tenants, occupying a substantial portion of the space. Construction is tentatively scheduled to commence in 2026. Adams praised Vornado CEO Steven Roth, underscoring his role in the city's recovery post-pandemic. While Adams celebrated the project's advancement, it remains unclear whether his administration played a pivotal role.

Design and Public Benefits

New renderings revealed a "stepped" design by Foster + Partners, showcasing the tower's modern aesthetic. The developers aim to secure a density bonus by including a 12,500-square-foot public concourse along Park Avenue, subject to a land-use review process. The project's expanded footprint, made possible by air-rights transfers, aligns with the 2017 East Midtown rezoning regulations.

Optimistic Outlook

Adams exuded optimism during the announcement, highlighting accomplishments in crime reduction and economic recovery. He also lauded the recently announced state budget deal, which addresses key housing initiatives outlined by his administration.