The construction of a new 62-story skyscraper in Midtown Manhattan is being planned by Citadel’s Ken Griffin. The building, which will be located at 350 Park Avenue, is expected to play a key role in the ongoing revitalization of the area.
Griffin, along with real estate developers Vornado Realty Trust and Rudin, have filed plans for the project. Citadel and Citadel Securities will serve as anchor tenants, with the building expected to house over 6,000 jobs. It will also feature a public concourse with seating, green space, and art.
To construct the building, developers purchased air rights from St. Patrick’s Cathedral and Saint Bartholomew’s Church for $150 million. The proceeds from this sale will be used to fund maintenance for both churches. Mayor Adams hailed the project as a way to bolster Midtown Manhattan as a major business hub and economic engine for New Yorkers.
The city has seen an increase in New Yorkers returning to in-person work, with the return-to-office rate reaching nearly 80% of pre-pandemic levels according to a report by Bloomberg. Griffin emphasized the benefits of the new building’s location in an important financial center during his speech about it last week. He highlighted its light views and spacious layouts that are perfect for businesses looking for prime office space in the heart of Manhattan.
While Citadel has been back in their office full-time since June 2021, Griffin has also expressed interest in Miami potentially becoming the financial hub of United States instead of New York City. This move shows his commitment to revitalizing Midtown Manhattan and creating economic opportunities for those who want to do business in this important location.
In conclusion, Ken Griffin’s plan to construct a new skyscraper in Midtown reflects his commitment to revitalizing the neighborhood and creating economic opportunities in the heart of New York City while also considering other options like Miami as potential future financial hub.
