Demolition of existing structures is progressing at the future site of 350 Park Avenue in New York City, marking a significant step forward for the skyscraper project spearheaded by Citadel founder Ken Griffin, Vornado Realty Trust, and the Rudin organization.
A Virginia-based steel company, Banker Steel, is currently fabricating 50,000 tons of structural steel for the ambitious development. The 62-story tower is planned to reach 1,469 feet and is projected for completion in 2032.
Citadel and Citadel Securities will serve as the anchor tenants for the $4.5 billion tower, occupying approximately half of its 1.8 million square feet. Foster + Partners is the architect of record for the project.
Vornado chairman Steven Roth confirmed on a recent earnings call that the project is on schedule. He indicated that the joint-venture partnership deal was expected to close in September and that a $3.3 billion construction loan is prepared.
Questions about Griffin's commitment to the project arose earlier in the year after an April criticism from Mayor Zohran Mamdani regarding Griffin's ownership of a $200 million Manhattan condo. Despite this, Griffin and his partners have proceeded with the development plans.