NEW YORK | 350 Park Avenue | 1,600 FT | 62 FLOORS

[ChiND]

This was posted on Yimby. I hope that this is real. It looks amazing.

[MAC123]

That is the worst version yet. By far.

[DeSelby]

https://www.nyc.gov/office-of-the-ma...-resurgence-of

Designed by leading architecture firm Foster + Partners, the tower will feature floor-to-ceiling glass, landscaped terraces, and a stepped configuration to create an iconic, distinctive skyscraper. Additionally, 350 Park will prioritize sustainable design through the use of a high-performance building envelope and resilient materials. The tower will also enhance the public realm on Park Avenue through a world-class public concourse. Occupying 12,500 square feet of the project’s ground floor along Park Avenue, the public concourse will feature green space, social seating, greater visibility of nearby landmarks, prominent art displays, and opportunities for local businesses.

[skcr]

it got much better. I like it.

[ChiND]

https://www.bloomberg.com/news/artic...d&cmpId=google

Citadel’s Griffin Pushes Ahead With Plans for Park Avenue Tower

Griffin is working with Vornado and Rudin on new skyscraper
Citadel, Citadel Securities to be project’s anchor tenants



A rendering of 350 Park Ave.Source: Foster + Partners
By Natalie Wong
April 16, 2024 at 8:30 AM EDT


Citadel founder Ken Griffin’s efforts to build a 62-story office tower on Manhattan’s Park Avenue have taken a significant step forward.

[Busy Bee]

beat me to it

[Doubleu1117]

As long as the west side isn’t ugly concrete wall I’m happy with this. I think this is much better than the previous box design. It’s more similar to the initial rendering.

[Crawford]

The west side of Park Ave. is going to be a parade of iconic supertalls, from 42nd Street to 57th Street.

Looks pretty good, IMO. Could this top 1,400 ft.?

I think the street-level view is pretty good, too.

https://www.nyc.gov/office-of-the-ma...-resurgence-of

[ChiND]

It towers over Park Avenue Plaza which is 575’ tall!

[Crawford]

The initial rendering, with the pointy spires, was 1,450 ft., right? Then the second rendering, with no spires, was 1,350 ft., I think?

Anyone know the height for the final rendering, which is pretty different from the initial two? I hope Griffin wants to top Dimon.

[ChiND]

Now we need news about this superpower to grace the skyline of the Greatest City in the World.

[Zapatan]

It's not bad at all but maybe a bit too similar to 270 Park both in design and height.

[ChiND]

https://commercialobserver.com/2024/...lopment-plans/

Citadel Moving Forward with 350 Park Avenue Office Tower Development
BY NICK TROMBOLA APRIL 16, 2024 11:47 AM



Citadel founder Kenneth Griffin is still surging ahead with his plans to build a 62-story office tower in Midtown East, despite office vacancies hitting record highs while demand for spaces in New York City is low.

Griffin, along with developers Vornado Realty Trust (VNO) and Rudin Management, have filed plans with the city to build their 1.8 million-square-foot office tower at 350 Park Avenue. The tower is expected to be completed by 2032.

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Citadel and its affiliate, Citadel Securities, will anchor the building, with plans to take some 850,000 square feet, according to Bloomberg, which first reported the news Tuesday.

The property has an unusual history over the past few years, to say the least. In late 2022, Citadel, Griffin and the developers reached an agreement to master-lease Vornado’s 585,000-square-foot tower, which currently occupies the site, on a 10-year “as-is” basis. The hedge fund also opted to master-lease Rudin’s adjacent 390,000-square-foot building at 40 East 52nd Street.


At the same time, Vornado and Rudin formed a joint venture with Citadel to buy 39 East 51st Street for $40 million, with the ultimate goal of combining the three properties to develop the new 62-story tower.

Before the COVID-19 pandemic, Vornado had planned to build a 1,500-foot-tall tower at 350 Park on its own. Yet in November 2022, the CMBS loan on the project was sent to special servicing due to a “complex consent request,” according to a Vornado spokesperson at the time. The agreement to build the new tower at the site was likely the reason.

The partners will also need to purchase the air rights from two churches nearby in order to build the tower — St. Bartholomew’s Church and St. Patrick’s Cathedral — contributing $150 million toward the maintenance of the houses of worship, which are both designated historic places.

The new tower, which will also include a 12,500-square-foot public concourse, will be designed by London-based architecture firm Foster + Partners.


“350 Park Avenue … will reinforce New York City as the financial capital of the world and Park Avenue as the premier business boulevard,” Steven Roth, chairman and CEO of Vornado, said in a statement.

New York City Mayor Eric Adams meanwhile is riding high on the development of the tower, helping to unveil the plans at the Association for a Better New York’s Power Breakfast Tuesday morning. Adams said the tower will be home to 6,000 jobs, including about 2,100 from Citadel and Citadel Securities, and its development will add nearly $36 million to the city’s East Midtown Public Realm Improvement Fund.

“Today, we are doubling down on our efforts to build a ‘new’ New York with a project that will help supercharge our economy and expand New York City’s iconic skyline,” Adams said in a statement.

Even amid all the dire news about vacant office space, Citadel has been going all in. It bought a vacant waterfront property in Miami at 1201 Brickell Bay Drive in 2022, which could potentially serve as an office tower for Citadel, and signed a five-year lease for 90,000 square feet of temporary office space at 830 Brickell that same year.

In February, Citadel tapped Paul Darrah, the former head of New York City real estate for Google, to manage the hedge fund’s office footprint. Darrah was a key part in Google’s decision to acquire Chelsea Market for $2.4 billion to add to its office presence in that neighborhood.


Nick Trombola can be reached at ntrombola@commercialobserver.com.

[ChiND]

https://www.crainsnewyork.com/real-e...ric-adams-says

April 16, 2024 10:48 AM
UPDATED 42 MINUTES AGO
62-story Midtown tower from Vornado, Ken Griffin 'becoming a reality,' Adams says
NICK GARBER


Mayor Eric Adams showed new renderings of the planned tower at 350 Park Ave. and announced the start of its public review at an Association for a Better New York breakfast on Tuesday.


The Midtown office skyscraper long planned by Vornado Realty Trust, Rudin Management and hedge fund magnate Ken Griffin “is finally becoming a reality,” Mayor Eric Adams announced Tuesday….

[Crawford]

It will be funny if much of the new Park Ave. is designed by Norman Foster. This will be the third recent Foster tower along Park, and Foster is rumored for the 280 Park assemblage. Foster and KPF seem to get most of the plum office tower projects of recent years.

[ChiND]

I love these new Foster towers, but I hope that the 405 Park assemblage will be a RAMSA hotel/condo.

[SkyHigher]

Yes! I knew there was another redesign before the green light. Looks 1500ft+ fingers crossed.

[ChiND]

Can you imagine if Wynn gets the casino license, and 350 Park and the Wynn casino are rising simultaneously?

[NYguy]

Nice sibling to 270 Park, which is what I thought it was at first.

[NYguy]

More from the mayor’s office…


https://www.nyc.gov/office-of-the-ma...-resurgence-of

Mayor Adams Unveils new Details of Skyline-Shaping Office Tower, Bolsters Ongoing Resurgence of Midtown Manhattan

April 16, 2024

year.

“Today, we are doubling down on our efforts to build a ‘New’ New York with a project that will help supercharge our economy and expand New York City’s iconic skyline,” said Mayor Adams. “Home to more than 6,000 jobs, this project will build on our continued efforts to energize Midtown Manhattan as the world’s most important business address and an economic engine for working-class New Yorkers. New York City has come back stronger than ever thanks to our focus on protecting public safety, rebuilding our economy, and making our city more livable.”

“We are thrilled to announce the details of a historic investment in Midtown, which will help further revitalize a crucial corridor of New York City,” said First Deputy Mayor Sheena Wright. “Today’s announcement is an example of the public and private sectors working together to invest in communities, improve the public realm, and create new housing and economic opportunities. I am proud that we are continuing to deliver on our commitment to make New York City the best place to live and work for all New Yorkers.”

“The announcement of a new skyscraper on Park Avenue is tremendously exciting and another example of the city’s focus on Midtown as articulated in the ‘New’ New York action plan,” said Deputy Mayor for Housing, Economic Development, and Workforce Maria Torres-Springer. “From the Outdoor Dining program, to the rollout of containerized trash collection and M-CORE programs, to the ‘Get Sheds Down’ initiative, the Adams administration is advancing Midtown’s standing as the most important central business district in the world by creating live-work-play districts that include world-class offices for the modern worker and a dynamic public realm to engage New Yorkers and tourists alike.”

“This investment opens a new chapter for Midtown — and closes the book on those who predicted its demise,” said Deputy Mayor for Operations Meera Joshi. “Midtown's revitalization is being led by its public realm — including investments in Fifth Avenue, with the crown jewels of Central Park and Bryant Park at either end. Together, with our business improvement district and parks partners, we are reintroducing Fifth Avenue to the world and creating a vibrant live, work, play community for a new era.”

As anchor tenants, Citadel and Citadel Securities’ workforce — currently 2,100 and growing — will occupy a significant portion of the tower, further cementing New York City’s position as the financial capital of the world.

Designed by leading architecture firm Foster + Partners, the tower will feature floor-to-ceiling glass, landscaped terraces, and a stepped configuration to create an iconic, distinctive skyscraper. Additionally, 350 Park will prioritize sustainable design through the use of a high-performance building envelope and resilient materials. The tower will also enhance the public realm on Park Avenue through a world-class public concourse. Occupying 12,500 square feet of the project’s ground floor along Park Avenue, the public concourse will feature green space, social seating, greater visibility of nearby landmarks, prominent art displays, and opportunities for local businesses.

Vornado, Kenneth Griffin, and Rudin’s multi-billion investment in this new 62-story office tower comes amid the broader resurgence of Midtown Manhattan following Mayor Adams’ commitment to reimagine Fifth Avenue as a more appealing district for residents, workers, and visitors. This commitment — which includes significant investments in the public realm, the launch of the Midtown South Neighborhood Plan to create new housing and economic opportunities in the area, and generational projects such as the $10 billion effort to replace and expand the Midtown Bus Terminal — has already helped revitalize one of New York City’s most important economic corridors.

In 2023, Fifth Avenue added nearly 1,000 new, high-paying jobs and experienced a 20 percent increase in visitors. Additionally, the administration has launched several highly-successful Open Streets initiatives that have driven millions of dollars in additional spending to Midtown businesses during the holiday season and taken new steps to permanently reimagine Fifth Avenue as a pedestrian-friendly district.

”This state-of-the-art office tower further cements this administration’s commitment to a ‘New’ New York by fueling job creation and a resurgence of Midtown Manhattan,” said New York City Economic Development Corporation President & CEO Andrew Kimball. “This is further evidence that the market is responding to Mayor Adams’ economic development strategy, with a focus on improving quality of life and a willingness to partner with the private sector.”

“The unveiling of 350 Park Avenue is a strong signal about New York City’s ongoing economic resurgence and shows how smart planning pays dividends,” said New York City Department of Citywide Planning Director and Chair of the City Planning Commission Dan Garodnick. “By creating jobs, providing public space, and supporting historic landmarks, this project exemplifies our commitment to keeping Midtown Manhattan a compelling destination for workers, residents, and visitors alike and demonstrates the continued value of the East Midtown rezoning.”

“The Adams administration’s commitment to enhancing public spaces in Midtown is paying off,” said Chief Public Realm Officer Ya-Ting Liu. “From reimagining Fifth Avenue as a world-class pedestrian boulevard to building out Broadway Vision, we’re not only creating a more welcoming environment for New Yorkers, visitors, and businesses, but also instilling confidence in the private sector to invest in New York City’s core business districts.”

“New York City’s magnetic pull for business, culture, and innovation continues to be fueled by the Adams administration’s investment in reimagining our business districts,” said “New” New York Executive Director B.J. Jones. “From enhanced public realm and quality of life initiatives to sweeping zoning and housing policy reforms, the city and state, together with our private sector partners, are making New York City the best place to live, work, and play.”

“I am excited to partner with Vornado and Rudin to build a new, iconic office tower for our growing team at the most sought-after address on Park Avenue,” said Kenneth Griffin, founder and CEO, Citadel. “The building will provide our colleagues with an extraordinary environment to collaborate, create, and deliver on behalf of our investors in Citadel and clients of Citadel Securities. The iconic building will have incredible light, 360-degree views, and spacious layouts in one of the leading financial centers in the world.”

“350 Park Avenue, anchored by two of the most successful financial firms of our time, Citadel and Citadel Securities, will reinforce New York City as the financial capital of the world and Park Avenue as the premier business boulevard,” said Steven Roth, chairman and CEO, Vornado Realty Trust. “Building on our track record of developing the very best office towers and creating world-class streetscapes, 350 Park Avenue will provide an unparalleled work environment with a grand civic expanse fronting Park Avenue. Our partnership with Ken Griffin and Rudin validates the quality of our development site and New York’s continued preeminence as a center for commerce.”

“The Rudin family is proud to partner with Kenneth Griffin, and Vornado to create this iconic skyscraper on Park Avenue,” said Bill Rudin, co-executive chairman, Rudin. “This landmark project is poised to leave an indelible mark on New York’s skyline, symbolizing New York’s endurance as the world’s leading financial center.”