Overview
- Vornado CEO Steven Roth said Tuesday that a $3.3 billion construction loan is in place and that the joint-venture agreement with Citadel and the Rudin family is expected to close in September.
- Citadel and Citadel Securities have increased their commitment to roughly 1.0 million square feet and will serve as the tower’s anchor tenant.
- Demolition of the existing buildings at 350 Park Avenue and 40 E. 52nd Street is already underway to make room for the Foster + Partners–designed supertall.
- Ownership is reported at roughly 60% for Ken Griffin’s Citadel, up to 36% for Vornado and 4% for Rudin, with the partners considering selling about a 25% stake to help fund the roughly $6 billion project.
- Developers say the build would create thousands of construction and permanent jobs and could lift top-floor Midtown rents toward $350 per square foot, and the project is proceeding despite earlier public tensions between Griffin and Mayor Zohran Mamdani.