Permits & development · Deals & development · 10/21/2026
Citadel's Park Avenue office tower lands $3.3B construction loan
Ken Griffin, Vornado Realty Trust and Rudin closed a $3.3 billion construction loan for a new office tower on Park Avenue in Manhattan. A lender group led by Wells Fargo and JPMorgan Chase is providing the money. The project's future was in doubt earlier this year after Mayor Zohran Mamdani provoked Griffin's ire.
Reported by Crain's New YorkRead the original ↗
What happened
Crain's New York reported on 10/21/2026 that a $3.3 billion construction loan has been finalized for a new office tower on Park Avenue in Midtown Manhattan. The headline describes the project as Citadel's Midtown tower.
The borrowers are Ken Griffin, Vornado Realty Trust and Rudin. A group of lenders led by Wells Fargo and JPMorgan Chase will provide the financing.
According to Crain's, the project's future was clouded earlier this year after Mayor Zohran Mamdani provoked Griffin's ire. The report does not describe what was said or how the dispute was settled.
The building is an office tower. The report does not mention any housing, apartments or affordable units in the project.
Key facts
- Loan amount
- $3.3 billion construction loan
- Project
- New office tower on Park Avenue in Midtown Manhattan
- Borrowers
- Ken Griffin, Vornado Realty Trust and Rudin
- Lead lenders
- Wells Fargo and JPMorgan Chase
- Tenant named in headline
- Citadel
- Political context
- Project's future was clouded earlier this year after Mayor Zohran Mamdani provoked Griffin's ire
- Reported by
- Crain's New York, 10/21/2026
What it means
Landlords
This is a commercial office deal, not a residential one, so it does not change rules or costs for small residential landlords. It does show that large lenders are still financing big Manhattan construction projects.
Tenants and voucher holders
The report describes no apartments or affordable units in this project. There is no direct effect on rents, vouchers or housing applications based on what was reported.
Caseworkers
Nothing in this report creates new housing options for clients. It is mainly relevant as context on the relationship between City Hall and major developers.
The highlights
- Lenders led by Wells Fargo and JPMorgan Chase will provide the financing.
- The partners are Ken Griffin, Vornado Realty Trust and Rudin.
- The project's future was clouded earlier this year after Mayor Mamdani angered Griffin.
Why it matters Landlords
Big banks are still lending large sums for new Manhattan office towers, a sign of credit conditions in the city's real estate market.
Not known yet
- The exact street address of the tower
- When construction will start or finish
- What Mayor Mamdani said that upset Griffin and how the dispute was resolved
- Whether the project involved any city approvals, benefits or public commitments
Background
Large construction projects in New York City are often financed by a group of banks rather than a single lender, with one or two banks leading the deal. Office towers like this are separate from the city's affordable housing programs. Affordable apartments offered through HPD lotteries come from residential projects, not commercial office buildings.
Summary written by Bulwark from Crain's New York’s reporting. The original story is at crainsnewyork.com. This is general information, not legal advice.
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