US billionaire and Citadel founder Ken Griffin, together with his partners Vornado Realty Trust and Rudin, is moving forward with one of Manhattan's largest current office developments. As the project partners announced, construction financing amounting to $3.3 billion has been secured for the development of the 66-storey skyscraper at 350 Park Avenue in Midtown Manhattan.
The loan is being provided by a banking syndicate led by Wells Fargo and J.P. Morgan Chase. The planned scheme comprises a total usable floor area of around 1.9 million square feet and ranks among the most prominent new-build developments in New York's business district.
Joint venture structure and space allocation
Under the newly formed partnership, Griffin holds a 60 per cent majority stake in 350 Park Avenue. Vornado Realty Trust holds 36 per cent of the project, while established New York property company Rudin holds a 4 per cent interest.
Griffin's financial firm Citadel will serve as the anchor tenant, leasing around 1.05 million square feet in the new development. Completion of the scheme is targeted for 2032. The remaining 850,000 square feet, situated primarily on the building's upper levels, will be made available to the market for third-party letting.
Project environment and political context
The successful financing closing follows a public dispute between Griffin and New York Mayor Zohran Mamdani. In April, Mamdani released a video on social media advocating for a special tax on second homes outside Griffin's penthouse at 220 Central Park South. The move drew sharp criticism from the commercial property industry, including comments by Vornado head Steven Roth during an analyst call in early May.
Neither Wells Fargo nor J.P. Morgan Chase initially commented on the details of the transaction upon request.
