Ken Griffin to stick with Park Ave. skyscraper – Business News
Take that, Zohran Mamdani!
The mayor’s blind-side assault on Ken Griffin failed to derail plans for a $4.5 billion skyscraper home for Griffin’s Citadel firms.
The new tower at 350 Park Ave. will go up as deliberate, in accordance to Steven Roth, the CEO of Griffin’s main accomplice Vornado Realty Trust.
Despite billionaire Ken Griffin’s feud with New York City Mayor Zohran Mamdani, a new tower at 350 Park Ave. will go up as deliberate. Bloomberg through Getty Images
He stated within the publicly-traded real estate company’s second-quarter earnings call Tuesday that he expects the joint-venture development settlement amongst Vornado, Griffin and minority accomplice Rudin to close in September. Roth indicated Vornado would train its full option to buy 36% of the JV.
Roth stated, “We have a $3.3 billion construction loan ready to go” for the 1.8 million-square-foot, 1,600-foot-tall cloudbuster designed by Foster + Partners.
Griffin’s Citadel and Citadel Securities could be anchor tenants with about 850,000 sq. toes.
Demolition of the outdated 350 Park Ave. and 40 E. 52nd St. is underway to make approach for the new tower, as Roth famous.
Questions had been raised in regards to the project’s future after Mamdani made a video in April disparaging Griffin for proudly owning a $200 million apartment condo.
Griffin stated his participation in 350 Park Ave. was “under review” following the hit.
He additionally stated he would “double down” on Miami and add to Citadel’s appreciable space there, hinting his dedication to Manhattan was unsure.
The $4.5 billion skyscraper is being developed by Vornado, Griffin and minority accomplice Rudin. Foster + Partners
Questions had been raised in regards to the project’s future after Mamdani made a video in April disparaging Griffin for proudly owning a $200 million apartment condo. Getty Images
But all arms appear to be on board for the Park Avenue cloudbuster, which might create what Roth referred to as a new “umbrella” for Midtown rents of $350 per sq. foot.
By comparability, the best buildings command within the $200s for giant flooring, though a few $300-plus offers have been struck for very small areas.
Roth additionally stated the partnership — “and by that, I mean all the partners” — had been “contemplating” a attainable sale of a 25% curiosity “at a price which will give us an appropriate profit.”
Such possession dilutions to money in on rising values should not unusual in high-stakes new developments.
“We have a $3.3 billion construction loan ready to go” for the 1.8 million-square-foot, 1,600-foot-tall cloudbuster, stated Vornado CEO Steve Roth. Getty Images
On a totally different subject, Roth denied Vornado had any intention to sell the previous Pennsylvania Hotel web site — “the best development site” in Manhattan – emphasizing it’s “not for sale.”
The earnings call got here as Manhattan hit new occupancy and rent peaks within the first half of 2026, which was on observe for the strongest leasing 12 months since earlier than the pandemic.
