Posted Feb 10, 2026, 9:56 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,206
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Quote:
Originally Posted by ssh
Sounds like there's no reason not to opt for the original 1600'.
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The building is the same size. Height is a result of the design.
https://therealdeal.com/new-york/202...0-park-avenue/
Citadel’s Ken Griffin takes stake in 350 Park, readies for demolition
At Q4 earnings, Vornado says Citadel is considering upping space in tower
FEB 10, 2026
By Kathryn Brenzel
Quote:
Citadel’s Ken Griffin decided to take a 60 percent stake in the joint venture that will transform 350 Park Avenue.
Vornado Realty Trust’s Michael Franco on Tuesday said that Griffin wanted to accelerate the deal timeline, which originally gave him until June 2030 to either take a 60 percent stake or purchase the site for $1.4 billion, meaning that Vornado and Rudin Management would not take part in the development.
Griffin chose the former in December, and thanks to a few other amendments to a 2022 agreement, Vornado and Rudin will be able to acquire an interest between 23 percent and 40 percent in the joint venture by July (with Vornado’s stake ranging between 21 and 36 percent). The previous terms called for Vornado to take a 36 percent interest, and Rudin 4 percent. Demolition for the project is slated to start in April to make way for a new 2 million-square-foot office tower.
“We intend to be part of this project,” Franco said during Vornado’s fourth-quarter earnings call on Tuesday.
Vornado executives also indicated that Citadel, the tower’s anchor tenant, may take more space than the previously announced 850,000 square feet.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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