New York City Set to Welcome New Supertall Skyscraper Taller Than Empire State Building
A $3.3 billion construction loan has been secured for the 62-story tower at 350 Park Avenue, with Citadel CEO Ken Griffin as a lead developer.
A deal has been finalized for a new skyscraper at 350 Park Avenue in Midtown Manhattan that is slated to surpass the height of the Empire State Building. The agreement, reached on October 21, involves hedge fund CEO Ken Griffin's Citadel LLC, Vornado Realty Trust, and Rudin commercial real estate as lead developers, with Foster + Partners serving as designers.
Citadel will occupy 1.05 million square feet of the planned 62-story tower, making it the anchor tenant. Foster + Partners described the project as "New York's most innovative addition to the workplace market."
The designs for the office tower were initially revealed in May 2024, and the New York City Council unanimously approved its construction in September 2025. The skyscraper is expected to reach over 1,400 feet, positioning it just one foot shy of One Vanderbilt as Midtown's tallest office building and exceeding the height of the Empire State Building.
The developers have also acquired approximately $150 million in air rights from St. Patrick's Cathedral and Saint Bart's Church. The project will contribute over $35 million to the East Midtown Public Realm Improvement Fund.
Foster + Partners described the building's design as featuring a "stepped back, gently tapering form" that follows the tradition of distinctive Park Avenue towers, creating a silhouette that is "very much ‘of New York.'" The tower will incorporate a 112,500-square-foot outdoor plaza, 16,000 square feet of ground-floor retail space, a cafe on East 51st Street, and a restaurant along East 52nd Street. The design aims to maximize light and views with "large-span workspaces that benefit from the absence of corner columns."
In conjunction with the finalized agreement, the development team has secured a $3.3 billion construction loan, potentially one of the largest ever issued for a single New York City building. The loan is being provided by a consortium of banks including JPMorgan Chase, Bank of America, BMO Bank, ING Capital, PNC Bank, and Standard Chartered Bank.
Demolition of the existing 30-story building at 350 Park Avenue has commenced in preparation for the new construction, which is anticipated to be completed in 2032.