A major Midtown financing closes
The partnership behind 350 Park Avenue has closed a $3.3 billion construction loan and finalized the ownership structure for a new 66-story office tower in Midtown Manhattan. Vornado Realty Trust, Rudin and an affiliate of Citadel founder Ken Griffin announced the transaction Wednesday, saying construction is underway on the 1,400-foot project.
Griffin’s affiliate will own 60 percent of the joint venture, Vornado 36 percent and Rudin 4 percent. Citadel Enterprise Americas signed an anchor lease for 1.05 million square feet. The developers say about 850,000 square feet in the upper portion of the building remains available, positioning the project as a test of demand for newly built, top-tier offices even as older buildings face a more difficult leasing market.
Scale, design and public commitments
Designed by Foster + Partners, the tower is planned to contain more than 1.9 million square feet of offices and amenities. The project received city land-use approval in September 2025 under the Greater East Midtown rezoning framework, which allows additional density in exchange for transit, landmark and public-realm benefits.
The development will contribute a combined $150 million to St. Patrick’s Cathedral and Saint Bartholomew’s Church through the purchase of development rights. It will also provide more than $35 million to the city’s East Midtown Public Realm Improvement Fund. Those payments connect the private tower to a broader planning strategy intended to modernize the district while supporting landmarks and street-level upgrades.
What the loan signals
The financing comes from a group led by Wells Fargo, JPMorgan Chase, Bank of America, BMO, ING, PNC and Standard Chartered. A loan of this size reflects the strength of the anchor commitment and the sponsors, but it does not remove construction, leasing or market risk. Large office projects take years to complete, leaving costs, interest rates and tenant demand exposed to changing economic conditions.
The transaction also highlights a widening split in the Manhattan office market. Employers seeking new buildings with efficient systems, prominent addresses and extensive amenities have supported premium rents in a limited group of properties. At the same time, many older buildings need expensive upgrades or conversions to remain competitive. One successful financing therefore should not be read as a broad recovery across every class of office space.
The ownership split also concentrates control and risk differently among the partners. Griffin’s affiliate supplies the majority stake and a related firm supplies the anchor tenancy; Vornado contributes development and office-market experience; Rudin remains a smaller participant. That alignment can support execution, but the project will still need substantial outside leasing to fill the space beyond Citadel’s commitment.
A long timeline ahead
Construction underway is an important milestone, yet a skyscraper of this scale still faces years of structural work, systems installation, interior construction and inspections. The developers have previously targeted completion in 2032. During that period, nearby streets, businesses and commuters will experience the effects of a major work site at the center of East Midtown.
For New York, the central questions extend beyond the tower’s height. The project will be judged by whether it delivers the promised public-realm improvements, attracts tenants beyond its anchor and reinforces a business district adapting to hybrid work. The closed loan and executed lease make 350 Park Avenue substantially more concrete; the next phase is execution.
Source: Vornado Realty Trust transaction announcement. Reporting reviewed October 22, 2026.