Episode Details

Vornado, Citadel, and Rudin are powering ahead with a jaw-dropping $3.3 billion construction loan for a massive 2-million-square-foot office tower at 350 Park Avenue — one of the largest deals in NYC real estate history. With an estimated $6 billion total cost, Citadel (led by Ken Griffin) is leading the charge with a 60% stake and plans to occupy nearly a million square feet, while Rudin holds 4% and Vornado contributes the land and building for $900 million. Demolition has already begun, rents are pegged at $350/sq ft, and despite earlier drama over tax comments from the mayor, all parties are back on track. This high-profile project, approved late last year, could reshape the city’s limited new office landscape.

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