"Midtown's tallest-ever skyscraper, to be anchored by Ken Griffin's financial companies, has gotten the green light in a 48-0 vote by the City Council - a rare unanimous endorsement by the often development-averse body. The plan for a new 350 Park Ave. represents a remarkable personal commitment by mega-billionaire Griffin, who's a partner with two major development companies - privately held Rudin and publicly traded Vornado Realty Trust."
"Demolition of three buildings now at the site will start early next year, with the new, $4.5 billion tower to open in 2032. It will front on the full block of Park Avenue between East 51st and 52nd streets and on portions of the side blocks, as well. The designers, architectural firm Foster + Partners, have something of a monopoly in the neighborhood - they also designed the JPMorgan tower and nearby 425 Park Ave."
"It was made possible by recent rezoning to allow larger office buildings such as One Vanderbilt in East Midtown, a once-premier district that was dominated by older, smaller and antiquated buildings. The new tower required $150 million purchases of air rights from St. Patrick's Cathedral and St. Bart's Church, as well as city approval of a relatively small size increase for which the developers are to contribute $35 million to the city for pedestrian and public improvements."
City Council approved construction of a 1,600-foot, 1.7-million-square-foot tower at 350 Park Ave. by a 48-0 vote. The project is led by Ken Griffin with partners Rudin and Vornado Realty Trust and will be anchored by Griffin-owned Citadel and Citadel Securities occupying 850,000 square feet. Demolition of three existing buildings will begin early next year and the $4.5 billion tower is planned to open in 2032. Foster + Partners will design the building, which required $150 million in air rights purchases from St. Patrick's Cathedral and St. Bart's and a $35 million developer contribution for pedestrian and public improvements. Recent rezoning enabled the larger East Midtown office development.
Read at New York Post
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