Revitalizing Midtown Manhattan: Citadel Securities Unveils Plans for a 62-Story Skyscraper with Over 6,000 Jobs and Economic Boost

In the heart of Midtown Manhattan, real estate developers Vornado Realty Trust and Rudin, alongside Citadel’s Ken Griffin, have filed plans for a 62-story skyscraper that aims to revitalize the neighborhood. The building, which will be located at 350 Park Avenue, is expected to house over 6,000 jobs and serve as an anchor tenant for Citadel and Citadel Securities.

The project’s completion is set for 2032 and will feature a public concourse with seating, green space, and art. To construct 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 fund maintenance for both churches.

Mayor Adams hailed the project as a way to bolster Midtown Manhattan as a major business hub and economic engine for New Yorkers. With an increase in New Yorkers returning to in-person work, the city’s return-to-office rate has reached 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 the office full-time since June 2021, Griffin has also expressed interest in Miami potentially overtaking New York as the financial hub of the United States. This move to construct a new skyscraper in Midtown reflects Griffin’s commitment to revitalizing the neighborhood and creating economic opportunities in the heart of the city.