Deals & development · 10/23/2026
350 Park Avenue Developers Close Deal and Loan for Midtown East Supertall
The developers of 350 Park Avenue in Midtown East, Manhattan, closed a joint-venture agreement and a loan this week, according to New York YIMBY. The approved 66-story supertall would rise 1,400 feet. Foster + Partners designed it, and Vornado Realty Trust, Rudin and Ken Griffin are developing it. The feed summary did not give loan terms.
Reported by New York YIMBYRead the original ↗
What happened
The developers of 350 Park Avenue, an approved 1,400-foot supertall office tower in Midtown East, Manhattan, have closed a joint-venture agreement and a construction loan. New York YIMBY reported the joint-venture closing on 10/23/2026. Commercial Observer reported on 10/21/2026 that the partners announced $3.3 billion in construction financing on Wednesday.
The tower is designed by Foster + Partners. The developers are Vornado Realty Trust, Rudin and Ken Griffin. Commercial Observer reported that Griffin will hold a 60 percent stake in the new joint venture. Vornado will hold 36 percent and Rudin 4 percent. A lending group led by Wells Fargo and J.P. Morgan Chase made the loan.
The building is planned at 66 stories and about 1.9 million square feet. Commercial Observer, citing the New York Post, reported that Griffin's firm Citadel will lease 1.05 million square feet. The remaining 850,000 square feet on the upper floors will be marketed to other tenants. Commercial Observer reported that completion is slated for 2032.
Commercial Observer also noted that the deal follows a public dispute between Griffin and Mayor Zohran Mamdani. In April, the mayor posted a video promoting a proposed tax on pieds-à-terre, filmed in front of Griffin's penthouse at 220 Central Park South.
Key facts
- Address
- 350 Park Avenue, Midtown East, Manhattan
- Height
- 1,400 feet, 66 stories (New York YIMBY)
- Size
- About 1.9 million square feet of office space (Commercial Observer)
- Loan
- $3.3 billion construction loan led by Wells Fargo and J.P. Morgan Chase
- Ownership
- Ken Griffin 60%, Vornado Realty Trust 36%, Rudin 4%
- Anchor tenant
- Citadel, 1.05 million square feet; 850,000 square feet to be marketed to others
- Architect
- Foster + Partners
- Expected completion
- 2032 (Commercial Observer)
What it means
Tenants and voucher holders
This is an office tower. The material does not mention any apartments, so there is no housing lottery or voucher-eligible unit tied to this project.
Landlords
The project has no direct effect on rental buildings or tenant placement. It is a large private office investment in Midtown, not a housing program.
Buyers and owners
The coverage mentions a proposed tax on pieds-à-terre that the mayor has promoted. The material gives no details on its terms, status or timing.
The highlights
- The approved tower is planned to rise 1,400 feet with 66 stories.
- Foster + Partners designed the building.
- Vornado Realty Trust, Rudin and Ken Griffin are the developers.
Why it matters
A major Manhattan tower moving ahead shows that large lenders are still financing big new construction in the city.
Not known yet
- When construction will start on the new tower
- The loan's interest rate, term or other conditions
- Whether any public approvals or agency actions remain before work begins
- Details or status of the proposed pied-à-terre tax
Background
Commercial office towers in New York City are generally privately financed and are not part of HPD affordable housing programs. Income-restricted apartments are usually offered through the city's Housing Connect lottery system, and only in buildings that include regulated units.
Buildings in this story
- 350 Park Avenue · building facts and open city records
Also drawn from: Ken Griffin Seals $3.3B Construction Loan for Manhattan Office Tower (Commercial Observer)
Summary written by Bulwark from New York YIMBY’s reporting; the original article was not fully available, so check the source for details. The original story is at newyorkyimby.com. This is general information, not legal advice.
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Photo: Andre Carrotflower, CC BY-SA 4.0