New York City’s Midtown: A Hub of Business and Revitalization with 62-Story Skyscraper and Citadel Securities as Anchor Tenant.

In New York City, real estate developers Vornado Realty Trust and Rudin have joined forces with Citadel founder Ken Griffin to construct a 62-story skyscraper in Midtown. The building, located at 350 Park Avenue, is expected to be completed by 2032 and will house over 6,000 jobs. Citadel Securities and Citadel will serve as anchor tenants for the project.

To fund the construction of the building, developers purchased air rights from St. Patrick’s Cathedral and Saint Bartholomew’s Church for $150 million. The proceeds from this sale will be used to maintain both churches. Mayor Adams has hailed the project as a key player in the ongoing revitalization of Midtown Manhattan as a major business hub and economic engine for New Yorkers.

New Yorkers are returning to in-person work at an increasing rate, with the city’s return-to-office rate reaching nearly 80% of pre-pandemic levels according to a report by Bloomberg. Griffin emphasized the benefits of the new building’s location, highlighting its light, views, and spacious layouts in an important financial center.

While Citadel has been back in full-time since June 2021, Griffin has also expressed interest in Miami potentially becoming the financial hub of the United States rather than New York City. This move reflects his commitment to revitalizing Midtown and creating economic opportunities in the heart of New York City.