A deal has been agreed for a 62-storey skyscraper on 350 Park Avenue in Midtown Manhattan that is expected to rise above the Empire State Building.
Hedge fund chief Ken Griffin’s Citadel is partnering with Vornado Realty Trust and Rudin on the development, with Foster + Partners appointed to design the tower. Citadel will be the anchor tenant, taking 1.05 million square feet of space.
Standing at more than 1,400 feet, the building will be just one foot shorter than One Vanderbilt, making it one of Midtown’s tallest office buildings when completed.
The plans were unveiled in May 2024 and received unanimous approval from New York City Council in September 2025. Demolition has now begun on the existing 30-storey building at the site, with completion expected in 2032.
The project will include 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 on East 52nd Street.
Foster + Partners studio head Nigel Dancey said the tower would have a stepped, tapering profile intended to reflect the character of Park Avenue.
“With its stepped back, gently tapering form, the building follows in the tradition of distinctive towers along Park Avenue, creating a silhouette that is very much ‘of New York’,” he said.
The design will use a series of glass flutes to maximise natural light and views across Manhattan, while creating large-span workspaces without corner columns.
The development team has also secured a $3.3 billion construction loan, potentially making it one of the largest loans issued for a single building in New York City. The financing is being provided by JPMorgan Chase, Bank of America, BMO Bank, ING Capital, PNC Bank and Standard Chartered Bank.
The project has purchased up to $150 million in air rights from St Patrick’s Cathedral and Saint Bart’s Church. It will also contribute more than $35 million to the East Midtown Public Realm Improvement Fund.
