Plans for 62-Story Office Tower Advance Bolstering Midtown Manhattan’s Resurgence
The long-talked about plans for major office development at 350 Park Avenue are finally advancing following the green light from the New York City Department of Planning. Vornado Realty Trust and Rudin Management, along with Citadel CEO Ken Griffin will be constructing the 1.8 million-square-foot tower that is expected to begin New York City’s Uniform Land Use Review Procedure (ULURP) public review process in early 2025. The tower will reach a linear height of 1,600 feet, and as part of the project, will include a new 12,500-square-foot public concourse and more than $35.8 million will be contributed to the city’s East Midtown Public Realm Improvement Fund. Over $240 million in total air rights purchases have been spent, the developers acquiring 250,000 square feet from St. Bartholomew’s Church and 525,000 square feet over St. Patrick’s Cathedral from the Roman Catholic Archdiocese of New York, of which a combined total of $150 million will be for the upkeep of both historic landmarks. The advancement of the project is notable in that not only will it further strengthen the city’s economic recovery, but it also serves as a sign of continued confidence in the future of the office market. Citadel and Citadel Securities will serve as anchor tenants in at least 850,000 square feet, with a current workforce of 2,100 people.
Source: https://newyorkyimby.com/2024/04/updated-design-revealed-for-350-park-avenue-supertall-in-midtown-east-manhattan.html