Citadel’s Ken Griffin, along with real estate developers Vornado Realty Trust and Rudin, has filed plans to build a 62-story skyscraper in midtown New York City. The mayor’s office sees this project as a way to revitalize the neighborhood, which suffered many vacancies during the pandemic. The building, located at 350 Park Avenue, is expected to be completed by 2032 and will create over 6,000 jobs. It will also feature a public concourse with seating, green space, and art.
To make the skyscraper project possible, developers purchased air rights from St. Patrick’s Cathedral and Saint Bartholomew’s Church. The funds generated from the sale of these air rights will support the upkeep of both churches, amounting to $150 million. Mayor Adams sees this project as an opportunity to elevate Midtown Manhattan as a global business hub and provide economic benefits to working-class New Yorkers.
With the return-to-office rate in New York City reaching almost 80% of pre-pandemic levels, there is a growing trend of people returning to in-person work. Ken Griffin emphasized the building’s features like incredible light, 360-degree views, and spacious layouts in one of the world’s leading financial centers. While Citadel has been back in the office full-time since June 2021, Griffin has also expressed interest in Miami becoming the next financial hub in the United States, where his company recently relocated from Chicago.