03.16.25 Park Avenue supertall tower anchored by Ken Griffin’s Citadel begins long road to joining NYC skyline
The clock starts ticking Monday to win city approval for Midtown’s most ambitious development project — a 1.8 million square-foot,1,600-foot tall tower at 350 Park Avenue, to be developed by a formidable triumvirate of public and private wealth.
The seven-month public review process known as ULURP begins on Monday for the team’s request for a relatively small increase in floor-to-area ratio, or FAR, which is a measure of a building’s size relative to the size of the land on which it stands, above what current East Midtown zoning allows.
Unlike dreams for some other supertall commercial towers that might or might not get built, 350 Park appears to be a sure thing.
It’s a a joint venture of publicly-traded Vornado Realty Trust, which owns the existing, unattractive Midcentury building at 350 Park Ave.; privately-held Rudin, which owns adjacent and equally unattractive 40 E. 52nd St.; and mega-billionaire investor Ken Griffin. Citadel and Citadel Securities, separate companies that Griffin leads, will be the skyscraper’s anchor tenants with at least 850,000 square feet.