Citadel’s Ken Griffin, along with Vornado and Rudin, has filed plans for a 62-story skyscraper in the heart of midtown New York City. This project aims to support the ongoing revitalization of the neighborhood, which saw many buildings go vacant during the pandemic. The new building, located at 350 Park Avenue, is expected to be completed by 2032 and will house over 6,000 jobs. Developers purchased air rights from St. Patrick’s Cathedral and Saint Bartholomew’s Church to construct the skyscraper, with the proceeds going towards upkeep for both churches.
While focusing on the NYC project, Griffin has also expressed interest in Miami as a potential future financial hub. Citadel moved its headquarters from Chicago to Miami in 2022, and Griffin believes that Miami could surpass New York in the financial realm. Despite the rise of remote work, Griffin emphasizes the importance of corporate culture and Citadel has been operating in the office full-time since June 2021.
The return-to-office rate in New York City has almost reached 80% of pre-pandemic levels, signaling a shift towards more in-person work. Mayor Adams sees this project as a way to boost Midtown Manhattan as a global business hub and stimulate economic growth for working-class New Yorkers. Griffin praises the skyscraper’s prime location in one of the world’s leading financial centers.