A long-awaited office tower is now one step closer to being built.
Vornado Realty Trust has filed a construction permit application for a high-rise at 350 Park Avenue. Vornado is partnering with Rudin Management and hedge fund Citadel on the development of the tower located between East 50th and 51st streets.
The permit application describes a 62-story building totaling more than 2 million square feet.
Citadel, in addition to being a partner on the project, has agreed to rent space in the tower. Vornado announced in 2022 that the hedge fund giant would pay an initial rent of $36 million for the space, backdated to 2022. The company and its sister firm, Citadel Securities, plan to occupy 850,000 square feet in the building.
Citadel, Vornado and Rudin did not immediately respond to a request for comment.
Plans for the high-rise have been gestating for years, but the Department of City Planning gave the trio of firms the green light in September, according to New York YIMBY. The three buildings on the site, one a 30-story office tower, will need to be demolished for the new high-rise. Plans for the project include a 12,500-square-foot outdoor public plaza and 16,000 square feet of ground-floor retail space, according to YIMBY.
Michael Ritchie of AAI Architects filed the permit application. Architectural firm Foster + Partners is reportedly also working on the structure. The two firms partnered previously on 425 Park Avenue, a 650,000 square foot building completed in 2022, according to AAI’s website.
Foster + Partners is the architect behind another Park Avenue office tower turning heads, JPMorgan Chase’s recently opened headquarters at 270 Park.
Although the New York office market overall is still cooler than it was pre-pandemic, Class A office space, specifically on Park Avenue and near Grand Central Terminal, has been in high demand.
The 350 Park development was made possible by the 2017 rezoning of Midtown East. The change allowed landmarked buildings to sell their development rights to nonadjacent sites when they are under the total buildable area allowed by the city.
In 2023, Citadel signed an agreement to buy air rights from St. Patrick’s Cathedral, paying the Archdiocese of New York for $312.50 per square foot. The developers are also required to pay $62.50 per square foot purchased to a Midtown East improvement fund.
Renderings of the proposed development show a stepped, staircase-like profile and floor-to-ceiling windows.
Read more
Vornado, Rudin reveal plan for larger 350 Park Avenue project
Griffin agrees to buy up $164M in air rights from St. Patrick’s Cathedral
Ken Griffin agrees to $78M deal for more church air rights
The Daily Dirt: City kicks off review of 350 Park Avenue
