April 16, 2024
Vornado, Kenneth Griffin, and Rudin Advance Plans for 62-Story, State-of-the-Art Office Tower With 1.8 Million Square-Feet of Office Space, New Public Concourse
With Citadel and Citadel Securities as Anchor Tenants, Tower Will House More Than 6,000 Jobs
Mayor Adams Reveals Renderings of New Tower Expected to Be Completed by means of 2032
Builds on Adams Administration’s Landmark Progress Protecting Public Safety, Rebuilding New York City’s Economy, and Creating More Livable City
NEW YORK – At the Association for a Better New York’s (ABNY) Power Breakfast this morning, New York City Mayor Eric Adams these days unveiled new main points and renderings of a once-in-a-generation place of job tower at 350 Park Avenue that will probably be house to greater than 6,000 jobs in Midtown Manhattan and additional strengthens town’s financial restoration. After submitting an utility with the New York City Department of City Planning, Vornado Realty Trust, Kenneth Griffin, and Rudin are advancing a new tower that may ship 1.8 million sq. ft of business place of job area, a new public concourse, and greater than $35.8 million for town’s East Midtown Public Realm Improvement Fund. Additionally, the undertaking will acquire extra construction rights from St. Patrick’s Cathedral and Saint Bartholomew’s Church, contributing a blended $150 million for maintenance of those historical landmarks. The world funding company Citadel and main marketplace maker Citadel Securities,a will function anchor tenants,occupying no less than 850,000 square-feet for his or her new Manhattan places of work. The undertaking is anticipated to start town’s public overview procedure early subsequent yr.
“Today, we are doubling down on our efforts to build a ‘New’ New York with a project that will help supercharge our economy and expand New York City’s iconic skyline,” stated Mayor Adams. “Home to more than 6,000 jobs, this project will build on our continued efforts to energize Midtown Manhattan as the world’s most important business address and an economic engine for working-class New Yorkers. New York City has come back stronger than ever thanks to our focus on protecting public safety, rebuilding our economy, and making our city more livable.”
“We are thrilled to announce the details of a historic investment in Midtown, which will help further revitalize a crucial corridor of New York City,” stated First Deputy Mayor Sheena Wright. “Today’s announcement is an example of the public and private sectors working together to invest in communities, improve the public realm, and create new housing and economic opportunities. I am proud that we are continuing to deliver on our commitment to make New York City the best place to live and work for all New Yorkers.”
“The announcement of a new skyscraper on Park Avenue is tremendously exciting and another example of the city’s focus on Midtown as articulated in the ‘New’ New York action plan,” stated Deputy Mayor for Housing, Economic Development, and Workforce Maria Torres-Springer. “From the Outdoor Dining program, to the rollout of containerized trash collection and M-CORE programs, to the ‘Get Sheds Down’ initiative, the Adams administration is advancing Midtown’s standing as the most important central business district in the world by creating live-work-play districts that include world-class offices for the modern worker and a dynamic public realm to engage New Yorkers and tourists alike.”
“This investment opens a new chapter for Midtown — and closes the book on those who predicted its demise,” stated Deputy Mayor for Operations Meera Joshi. “Midtown’s revitalization is being led by its public realm — including investments in Fifth Avenue, with the crown jewels of Central Park and Bryant Park at either end. Together, with our business improvement district and parks partners, we are reintroducing Fifth Avenue to the world and creating a vibrant live, work, play community for a new era.”
The 62-story tower will come with 1.8 million sq. ft of place of job area that form the skyline of New York City. Credit: Foster + Partners
The 12,500 sq. foot public concourse will be offering guests social seating, inexperienced area, and artwork presentations. Credit: Foster + Partners
As anchor tenants, Citadel and Citadel Securities’ personnel — these days 2,100 and rising — will occupy a good portion of the tower, additional cementing New York City’s place because the monetary capital of the sector.
Designed by means of main structure company Foster + Partners, the tower will function floor-to-ceiling glass, landscaped terraces, and a stepped configuration to create an iconic, unique skyscraper. Additionally, 350 Park will prioritize sustainable design throughout the use of a high-performance construction envelope and resilient fabrics. The tower can even reinforce the general public realm on Park Avenue via a world-class public concourse. Occupying 12,500 sq. ft of the undertaking’s flooring surface alongside Park Avenue, the general public concourse will function inexperienced area, social seating, better visibility of within reach landmarks, outstanding artwork presentations, and alternatives for native companies.
Vornado, Kenneth Griffin, and Rudin’s multi-billion funding on this new 62-story place of job tower comes amid the wider resurgence of Midtown Manhattan following Mayor Adams’ commitment to reimagine Fifth Avenue as a extra interesting district for citizens, staff, and guests. This dedication — which incorporates significant investments within the public realm, the release of the Midtown South Neighborhood Plan to create new housing and economic opportunities within the space, and generational initiatives such because the $10 billion effort to replace and expand the Midtown Bus Terminal — has already helped revitalize one of New York City’s maximum necessary financial corridors. In 2023, Fifth Avenue added just about 1,000 new, high-paying jobs and skilled a 20 p.c building up in guests. Additionally, the management has launched several highly-successful Open Streets initiatives that experience pushed tens of millions of greenbacks in more spending to Midtown companies all through the vacation season and brought new steps to completely reimagine Fifth Avenue as a pedestrian-friendly district.
Over his first two years in place of job, Mayor Adams committed $375 million to creating new public spaces, in addition to introduced “Chinatown Connections” to reimagine Chinatown’s Kimlau Square; “Broadway Vision” to deliver two new plazas, shared streets, and a two-way bike lane on Broadway; and “Dining Out NYC” to create better, cleaner, and more accessible sidewalks and roadway cafes.
“This state-of-the-art office tower further cements this administration’s commitment to a ‘New’ New York by fueling job creation and a resurgence of Midtown Manhattan,” stated New York City Economic Development Corporation President & CEO Andrew Kimball. “This is further evidence that the market is responding to Mayor Adams’ economic development strategy, with a focus on improving quality of life and a willingness to partner with the private sector.”
“The unveiling of 350 Park Avenue is a strong signal about New York City’s ongoing economic resurgence and shows how smart planning pays dividends,” stated New York City Department of Citywide Planning Director and Chair of the City Planning Commission Dan Garodnick. “By creating jobs, providing public space, and supporting historic landmarks, this project exemplifies our commitment to keeping Midtown Manhattan a compelling destination for workers, residents, and visitors alike and demonstrates the continued value of the East Midtown rezoning.”
“The Adams administration’s commitment to enhancing public spaces in Midtown is paying off,” stated Chief Public Realm Officer Ya-Ting Liu. “From reimagining Fifth Avenue as a world-class pedestrian boulevard to building out Broadway Vision, we’re not only creating a more welcoming environment for New Yorkers, visitors, and businesses, but also instilling confidence in the private sector to invest in New York City’s core business districts.”
“New York City’s magnetic pull for business, culture, and innovation continues to be fueled by the Adams administration’s investment in reimagining our business districts,” stated “New” New York Executive Director B.J. Jones. “From enhanced public realm and quality of life initiatives to sweeping zoning and housing policy reforms, the city and state, together with our private sector partners, are making New York City the best place to live, work, and play.”
Today’s announcement follows a couple of a hit efforts by means of the Adams management to restore New York City’s economic system following the COVID-19 pandemic and turn out to be town’s business corridors into 24/7 districts the place other folks can each are living and paintings. Released in December 2022, the “‘New’ New York: Making New York Work for Everyone” plan detailed 40 concrete proposals for growing sturdy and equitable financial enlargement, together with suggestions for remodeling Fifth Avenue right into a world-class, pedestrian-forward side road. In the quick time since Mayor Adams introduced his dedication to re-imagine one of essentially the most iconic streets on this planet, Fifth Avenue has passed through a duration of unheard of funding. Only two business actual property gross sales, value a complete of $170 million, had been finished within the hall within the yr previous to Mayor Adams’ dedication to turn out to be Fifth Avenue, however the yr afterwards noticed a complete of 10 gross sales value $3.9 billion.
As a outcome of those projects and further efforts by means of the Adams management, New York City has recovered all of the private-sector jobs misplaced all through the pandemic. To proceed rising town’s economic system, Mayor Adams has introduced a new, multi-pronged effort to attach New Yorkers with jobs and coaching alternatives as phase of his “Jobs NYC” initiative; dedicated to rising town’s “green-collar” jobs of the longer term via his Green Economy Action Plan; and damaged flooring at the city’s largest 100 percent affordable housing development in 40 years at Willets Point, greater than a yr forward of time table.
Today’s announcement builds at the Adams management’s development protective public protection, rebuilding town’s economic system, and making a extra livable town for all New Yorkers. Over the remaining two years, the management has remained occupied with using crime down via proactive methods, together with projects that experience cracked down on auto thefts, combatted retail thefts, and invested over $500 million in preventing gun violence. As a outcome of those methods and the paintings of the New York City Police Department (NYPD), overall crime has trended downwards in the first quarter of 2024, with month after month decreases. Moreover, following the deployment of 1,000 further NYPD officials into town’s public transit machine, in addition to some other 800 NYPD officials occupied with combating fare evasion, total crime within the transit machine plummeted by means of 23.5 p.c in March in comparison to the similar duration remaining yr.
Mayor Adams has made making improvements to high quality of existence a cornerstone of his management by means of making the investments that experience remodeled New York right into a cleaner, greener, and extra livable town, together with by means of laying out plans to take on town’s reasonably priced housing disaster. After handing over record amounts of affordable housing in 2023, the Adams management, simply remaining week, gained approval at the second phase of the Willets Point development, which can function town’s greatest all-affordable housing undertaking in 40 years, as smartly a new lodge, over 150,000 square-feet of new public open area, and town’s first football stadium. Additionally, simply the day prior to this, a state funds settlement was once introduced that will give New York City new equipment to create much more of the housing town wishes.
As a outcome of a deal introduced by means of Governor Hochul and the New York State Legislature the day prior to this — together with a new building tax incentive to create reasonably priced housing, using vacant places of work to transform into housing, a pilot of prison, secure basement and cellar flats, and lifting the density cap for residential structures — the Adams management will now be capable to assist ship extra reasonably priced housing throughout all 5 boroughs.
“I am excited to partner with Vornado and Rudin to build a new, iconic office tower for our growing team at the most sought-after address on Park Avenue,” stated Kenneth Griffin, founder and CEO, Citadel. “The building will provide our colleagues with an extraordinary environment to collaborate, create, and deliver on behalf of our investors in Citadel and clients of Citadel Securities. The iconic building will have incredible light, 360-degree views, and spacious layouts in one of the leading financial centers in the world.”
“350 Park Avenue, anchored by two of the most successful financial firms of our time, Citadel and Citadel Securities, will reinforce New York City as the financial capital of the world and Park Avenue as the premier business boulevard,” stated Steven Roth, chairman and CEO, Vornado Realty Trust. “Building on our track record of developing the very best office towers and creating world-class streetscapes, 350 Park Avenue will provide an unparalleled work environment with a grand civic expanse fronting Park Avenue. Our partnership with Ken Griffin and Rudin validates the quality of our development site and New York’s continued preeminence as a center for commerce.”
“The Rudin family is proud to partner with Kenneth Griffin, and Vornado to create this iconic skyscraper on Park Avenue,” stated Bill Rudin, co-executive chairman, Rudin. “This landmark project is poised to leave an indelible mark on New York’s skyline, symbolizing New York’s endurance as the world’s leading financial center.”
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