NEW YORK | 350 Park Avenue | 1,413 FT | 62 FLOORS

[NYguy]

I predict Griffin will take full control of the site...


https://hoodline.com/2026/02/ken-gri...r-at-350-park/

Ken Griffin Muscles In On Midtown Mega-Tower At 350 Park


By Quinn Mercer
February 12, 2026

Ken Griffin’s affiliate has acquired majority control of the joint venture planning the redevelopment of 350 Park Avenue, according to a recent filing by Vornado Realty Trust.

.....An affiliate of Kenneth C. Griffin exercised an option on Dec. 18, 2025, to acquire at least a 60% interest in the 350 Park joint venture. Under the plan, the venture is expected to combine Vornado's 350 Park parcel with 39 East 51st Street and 40 East 52nd Street into an approximately 1.85 million-square-foot, 62-story office tower anchored by Citadel, according to Vornado Realty Trust's fourth-quarter 2025 earnings release.

The Rudin family and Vornado, through a Vornado/Rudin joint venture, face a fork in the road. They can either keep skin in the game by rolling into roughly a 23% to 40% stake in the reinvented venture, or they can cash out entirely and sell the assembled site to Griffin for $1.2 billion. That decision window runs through July 2026, a key deadline first reported by Connect CRE. The choice will decide whether Griffin leads both the financing and development or whether the Rudins and Vornado stay on as principal partners in the build.

In the near term, attention is focused on three key milestones: the Rudin/Vornado decision in July, Citadel’s finalized space plan, and the start of demolition in April. If the Rudins and Vornado choose to sell and the site transfers fully to Griffin, he would hold a larger share of the equity and decision-making authority, affecting the project’s financing and development. If they remain involved, the project would continue as a three-party venture. In either scenario, the outcome will shape the project’s timeline and the design of the office tower on Park Avenue.