Citadel's $6+ billion redevelopment of 350 Park Avenue is officially moving forward after months of uncertainty and a public dispute between Citadel founder Ken Griffin and New York City Mayor Zohran Mamdani.
Vornado CEO Steven Roth told investors on an earnings call that the redevelopment is set to commence, with Citadel holding a 60% stake in the partnership alongside Vornado and Rudin, and Citadel and Citadel Securities anchoring roughly one million square feet as the project's primary tenant. Citadel's own projections put the redevelopment at about 6,000 construction jobs and more than 15,000 permanent jobs supported in Midtown once complete.
The path here ran through several months of friction. In April, Mamdani filmed a video outside Griffin's Central Park South penthouse promoting a proposed pied-à-terre tax on secondary homes valued above $5 million, naming Griffin specifically as an example of the buyers the policy would affect.
The tower will rise on Park Avenue between East 51st and 52nd Streets, steps from St. Patrick's Cathedral and a short walk north of Grand Central. Designed by Foster + Partners, the firm founded by Pritzker Prize winner Norman Foster, the reported plans call for a roughly 1,350-foot, 62-story tower holding about 1.8 million square feet of office space, replacing the existing mid-century building on the site.
The redevelopment adds to a wave of Midtown East office towers now moving through construction, including 343 Madison Avenue and the planned supertall at 175 Park Avenue, as the corridor around Grand Central continues to draw major commitments from Manhattan's largest landlords.