{"id":1004808564,"date":"2026-08-12T03:20:35","date_gmt":"2026-08-12T11:20:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004808564"},"modified":"2026-08-12T04:37:39","modified_gmt":"2026-08-12T12:37:39","slug":"vornado-rudin-join-partnership-for-6-2b-manhattan-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vornado-rudin-join-partnership-for-6-2b-manhattan-project\/","title":{"rendered":"Vornado, Rudin Join Partnership for $6.2B Manhattan Project"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/Park-Avenue-Plaza-in-Midtown-East.jpg\"><img decoding=\"async\" data-attachment-id=\"1004796669\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/vornado-to-buy-minority-stake-in-manhattan-high-rise\/park-avenue-plaza-in-midtown-east\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/Park-Avenue-Plaza-in-Midtown-East-e1786528319213.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Park Avenue Plaza in Midtown East\" data-image-description=\"&lt;p&gt;Image courtesy of Yardi Matrix.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Worm&#8217;s eye view of Park Avenue Plaza, an office tower in Manhattan&#8217;s Plaza District.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/Park-Avenue-Plaza-in-Midtown-East-e1786528319213.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/Park-Avenue-Plaza-in-Midtown-East.jpg?w=640\" alt=\"Worm's eye view of Park Avenue Plaza, an office tower in Manhattan's Plaza District.\" class=\"wp-image-1004796669\" style=\"width:400px\"\/><\/a><figcaption class=\"wp-element-caption\">The future office property at 350 Park Ave. will stand across the street from Park Avenue Plaza, which is 49 percent owned by Vornado. <em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Vornado Realty Trust and Rudin Management Co. have entered into a joint venture with Citadel Enterprise Americas\u2019 Founder &amp; CEO Kenneth Griffin to develop a 62-story, 1.9 million-square-foot office tower at 350 Park Ave. in Manhattan&#8217;s Plaza District. Vornado contributed $500 million in land value to the joint venture.<\/p>\n\n\n\n<p>Estimated to reach a total value of $6.2 billion, the project has already secured a $3.3 billion construction loan from an undisclosed lender\u2014marking one of the largest financing packages in New York City history, <a href=\"https:\/\/therealdeal.com\/new-york\/2026\/08\/05\/vornado-citadels-350-park-lands-record-financing\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><em>The Real Deal <\/em>reported<\/a>.<\/p>\n\n\n\n<p>Citadel CEO Kenneth Griffin will own a 60 percent stake in the joint venture, while Vornado and Rudin Management will hold 36 percent and 4 percent interests, respectively. Vornado will serve as the project\u2019s developer and operating member, overseeing property management and leasing. The company, together with Griffin, will be co-managing members with joint control over decision-making.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO: <\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-market-update\/\">Manhattan Office Market Holds Its Ground in 2026<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Citadel Enterprise Americas has agreed to a 15-year lease for approximately 1.05 million square feet at the future tower, which will serve as the firm&#8217;s New York headquarters. Unlike many other <a href=\"https:\/\/www.commercialsearch.com\/news\/how-office-developments-returning-to-the-top-tier\/\">trophy office developments<\/a>, which often break ground without a committed tenant, the project is anchored by a long-term lease, reflecting continued demand for premium, tailor-made office space.<\/p>\n\n\n\n<p>The tower will rise near several of Vornado&#8217;s Plaza District holdings, including 280 Park Ave., Park Avenue Plaza, 623 Fifth Ave., 640 Fifth Ave., 689 Fifth Ave., 3 E. 54th St. and 1290 Avenue of the Americas.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-vornado-keeps-busy\">Vornado keeps busy<\/h2>\n\n\n\n<p>In April, Vornado acquired a 49 percent stake in Fisher Brothers&#8217; Park Avenue Plaza across the street from the future high-rise, from Closer Properties. The 1.2 million-square-foot office tower is valued at $1.1 billion, and the REIT assumed its share of the property&#8217;s $575 million debt.<\/p>\n\n\n\n<p>In the first quarter of 2026, Vornado received two large refinancing packages for two other office assets, namely the 944,571-square-foot&nbsp;One Park Avenue and the 477,000-square-foot 7 W 34th St., both in the Murray Hill neighborhood. For the first one, the company <a href=\"https:\/\/www.commercialsearch.com\/news\/vornado-to-land-525m-refi-for-manhattan-office-building\/\">obtained a $525 million loan<\/a> and for the second one, a<a href=\"https:\/\/www.commercialsearch.com\/news\/vornado-jv-lands-250m-for-manhattan-building\/\"> $250 million note<\/a> from a private lender.  <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The project secured a $3.3 billion construction loan from an undisclosed lender.<\/p>\n","protected":false},"author":3619,"featured_media":1004796669,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,1600,21742,10,21747],"tags":[42017,33000,33030],"class_list":["post-1004808564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-new-york","category-latest","category-northeast","category-office","tag-citadel-investment-group","tag-rudin-management-company","tag-vornado-realty-trust"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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