Permits & development · Deals & development · 10/21/2026
Griffin, Vornado and Rudin Land $3.3B Loan for 350 Park Avenue Tower
Ken Griffin's joint venture with Vornado and Rudin secured $3.3 billion in construction financing for a 66-story, 1.9 million-square-foot office tower at 350 Park Avenue. Citadel will take 1.05 million square feet, and the remaining 850,000 square feet on upper floors will be marketed to other tenants. The deal follows Griffin's public feud with Mayor Mamdani over a proposed pied-a-terre tax.
Reported by Commercial ObserverRead the original ↗
What happened
A joint venture led by Citadel founder Ken Griffin has landed $3.3 billion in construction financing to build a 66-story office tower at 350 Park Avenue in Midtown Manhattan. The sponsors announced the loan on Wednesday, according to Commercial Observer, which published its story on 10/21/2026. The New York Post first reported the loan.
A lending syndicate led by Wells Fargo and J.P. Morgan Chase originated the loan for the 1.9 million-square-foot building. Griffin will hold a 60 percent stake. Vornado Realty Trust will hold 36 percent and Rudin 4 percent.
Citadel will lease 1.05 million square feet in the new tower, which is slated for completion in 2032. According to the New York Post, the remaining 850,000 square feet on the upper floors will be marketed to other tenants.
The deal follows a public feud between Griffin and Mayor Zohran Mamdani. In April, Mamdani posted a social media video in front of Griffin's penthouse at 220 Central Park South promoting a 5 percent tax on pieds-à-terre. Commercial real estate leaders criticized the mayor over the video. They included Vornado CEO Steven Roth, who spoke on his first-quarter earnings call in early May. Wells Fargo and J.P. Morgan did not immediately respond to requests for comment.
Key facts
- Address
- 350 Park Avenue, Midtown Manhattan
- Loan
- $3.3 billion construction financing
- Lenders
- Syndicate led by Wells Fargo and J.P. Morgan Chase
- Building
- 66 stories, 1.9 million square feet of office space
- Ownership
- Ken Griffin 60%, Vornado Realty Trust 36%, Rudin 4%
- Anchor tenant
- Citadel, 1.05 million square feet
- Space for other tenants
- 850,000 square feet on upper floors, per the New York Post
- Completion
- Slated for 2032
What it means
Landlords
This is a commercial office project. It does not change rules, rents or programs for residential buildings, so there is nothing for small landlords to act on.
Buyers and owners
The story mentions a 5 percent pied-à-terre tax that the mayor promoted in April. The material does not say whether that tax has advanced or been adopted, so owners of second homes should not assume it is in effect.
Tenants and voucher holders
The project includes no housing. It has no direct effect on apartment rents, vouchers or lotteries.
The highlights
- Wells Fargo and J.P. Morgan Chase led the lending syndicate.
- Griffin holds 60 percent, Vornado 36 percent and Rudin 4 percent of the venture.
- Citadel will lease 1.05 million square feet, with completion slated for 2032.
Why it matters Landlords
A major Midtown office bet signals lender confidence in NYC commercial real estate despite tension over proposed new city taxes.
Not known yet
- The loan's interest rate, term and other conditions
- When construction or demolition of the existing building at 350 Park Avenue will start
- The current status of the proposed 5 percent pied-à-terre tax
- Whether any city approvals or public incentives are part of the project
Background
Large office towers in New York City are often financed through construction loans split among a group of banks, known as a syndicate. A loan like this is usually paid out in stages as work moves forward. New buildings need permits from the Department of Buildings (DOB) before and during construction, and they must get sign-offs before tenants can move in. Developers commonly sign a large anchor tenant before closing financing and then market the remaining space during construction.
Summary written by Bulwark from Commercial Observer’s reporting. The original story is at commercialobserver.com. This is general information, not legal advice.
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