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Goliath of a project is set to take shape on Manhattan's Park Avenue, with the clock ticking for city approval. The behemoth development, spearheaded by Vornado Realty Trust, Rudin, and billionaire Ken Griffin, will rise from the ashes of an unassuming Midcentury building at 350 Park Avenue. This $4.5 billion endeavor promises to be a game-changer, boasting a staggering 1.8 million square feet and a height of 1,600 feet – making it the tallest tower on Park Avenue.
The project's success is all but guaranteed, thanks to its formidable backers and anchor tenant Citadel Securities, which will occupy at least 850,000 square feet. The joint venture has already secured air rights from St. Patrick's Cathedral and St. Bart's Church for a combined $150 million, sidestepping public review.
To win city approval, the partners must navigate a seven-month ULURP process, seeking a modest increase in floor-to-area ratio (FAR) to 25, up from the current 15. This will require significant investments in public amenities, including a block-long open plaza, widened sidewalks, and upscale dining options.
The tower's design, crafted by Foster + Partners, is an exercise in elegance, with stepped setbacks on its east-facing side allowing for optimal light and views on office floors. Private outdoor terraces will be a luxury reserved for select tenants. Nigel Dancey, senior executive partner at Foster + Partners, credits Ken Griffin's perfectionism for the project's attention to detail.
The city's recent Midtown rezoning has provided a catalyst for this development, encouraging owners of outdated buildings like Vornado and Rudin to upgrade their properties with modern, 21st-century designs. For Griffin, the motivation is twofold: creating world-class office space for his team and capitalizing on the opportunity to replace an aging building.
As the ULURP process unfolds, Manhattan Community Board 5 will conduct a 60-day review, followed by approvals from the Manhattan borough president, City Planning Commission, City Council, and finally, the mayor. With its powerful backers and robust design, this project is poised to become a defining feature of Park Avenue's skyline.
