In the heart of midtown Manhattan, a 62-story skyscraper is set to rise. The project, led by Ken Griffin of Citadel and joined by Vornado and Rudin, aims to support the ongoing revitalization of the neighborhood, which saw many buildings go vacant during the pandemic. The new building will be located at 350 Park Avenue and is expected to be completed by 2032. Developers purchased air rights from St. Patrick’s Cathedral and Saint Bartholomew’s Church to construct the skyscraper, with the proceeds going towards upkeep for both churches.
The project has caught the attention of New York City Mayor Adams, who sees it as a way to boost Midtown Manhattan as a global business hub and stimulate economic growth for working-class New Yorkers. The Mayor’s office reports that the return-to-office rate in the city has almost reached 80% of pre-pandemic levels, signaling a shift towards more in-person work. Griffin, whose companies Citadel and Citadel Securities will be anchor tenants in the new building, praises the skyscraper’s prime location in one of the world’s leading financial centers.
While focusing on this NYC project, Griffin has also expressed interest in Miami as a potential future financial hub. Citadel moved its headquarters from Chicago to Miami in 2022, and Griffin believes that Miami could surpass New York in the financial realm. Despite the rise of remote work, Griffin emphasizes the importance of corporate culture and Citadel has been operating in the office full-time since June 2021.