Griffin’s Citadel and Vornado Realty Trust, in partnership with Rudin Management, have announced their acquisition of up to 525,000 square feet of air rights from the Roman Catholic Archdiocese of New York for the development of a new tower at 350 Park Avenue. The deal is valued at $98.4 million to $164 million and includes annual options for incremental purchases until the full 525,000 square feet are acquired by the end of 2026.
The planned tower will be a striking addition to New York City’s skyline as it stands tall at an impressive height of 1,350 feet. Designed by renowned architect Norman Foster, this project is expected to be completed in 2032. Griffin’s Citadel plans on occupying approximately half (54%)of the total property area which spans over an estimated sizeable space measuring about1.7-million-square-feet.
This exciting news marks another milestone for these prominent real estate companies who continue to shape and enhance New York City’s landscape through strategic partnerships and innovative developments.
