Ken Griffin, Vornado, Rudin Close $3.3 Billion Loan for 350 Park Avenue Skyscraper

Vornado, Ken Griffin’s Citadel, and Rudin have officially closed on their joint-venture agreement to construct 350 Park Avenue, a 66-story, 1,400-foot skyscraper located between East 51st and East 52nd Streets. The developers also finalized a $3.3 billion construction loan, reportedly the largest ever for a single building in New York City.

Citadel Enterprise America, which provides shared infrastructure and support services for Citadel and Citadel Securities, will serve as the anchor tenant, occupying 1.5 million square feet of the 1.9 million-square-foot project. The remaining 850,000 square feet on the upper floors of the Foster + Partners-designed building will be available for other tenants. The tower's completion is anticipated by 2032.

The participating lenders for the construction loan include Wells Fargo Bank, JP Morgan Chase Bank, National Association, Bank of America, BMO Bank, ING Capital, PNC Bank, and Standard Chartered Bank.

The project's significant scale and height were facilitated by the Greater East Midtown rezoning. The development partners acquired air rights from St. Patrick’s Cathedral and Saint Bartholomew’s Church, committing to contribute a total of $150 million for the maintenance of both institutions. Additionally, they will provide over $35 million to the East Midtown Public Realm Improvement Fund.

Griffin's affiliate holds a 60% ownership stake in the joint venture, with Vornado holding 36% and Rudin holding 5%. The project received approval following concerns about potential sabotage after Mayor Zohran Mamdani's public criticism of Griffin's real estate holdings.

The skyscraper will feature ground-floor food and beverage spaces, a 40-foot-tall glass lobby, and 16-foot floor-to-ceiling windows. Griffin relocated Citadel's headquarters from Chicago to Miami in 2022, citing concerns over crime and political policies.