Yahoo Finance Billionaire’s new building to soar over Midtown for one very specific reason
In a bid to inject new life into Midtown Manhattan, especially in the wake of COVID, billionaire hedge fund titan Ken Griffin is placing bets on a soaring 62-story skyscraper that’s set to redefine the city’s skyline.
The ambitious project aims to revitalize the neighborhood, which suffered from widespread vacancies during the pandemic-induced downturn.
Teaming up with real estate giants Vornado Realty Trust and Rudin, Griffin’s Citadel and Citadel Securities will anchor the development at 350 Park Ave. The highly designed project is aiming to lure workers back to the office in a step away from working from home.
“I am excited to partner with New York City’s leading developers to build an iconic tower that will define Manhattan’s skyline for decades,” Griffin told The Post. “350 Park will epitomize the workplace of the next century where talented people will collaborate, innovate and achieve great things together.”
Announced by the mayor’s office last Tuesday, the venture signals a significant step in the ongoing revitalization efforts with the pandemic in the rear-view mirror.
The skyscraper is slated for completion by 2032.
Beyond its towering presence, the Foster + Partners-designed building will feature a vibrant public concourse adorned with seating, verdant green spaces and art installations.
To pave the way for this property, the developers secured air rights from renowned landmarks such as St. Patrick’s Cathedral and Saint Bartholomew’s Church.
The transaction, totaling $150 million, ensures vital funds for the maintenance and upkeep of these landmarks.
Mayor Eric Adams lauded the project as a pivotal moment in the resurgence of Midtown Manhattan, heralding it as a testament to the city’s enduring status as a global business hub and a boon for its hardworking residents.
“This project will build on our continued efforts to energize Midtown Manhattan as the world’s most important business address and an economic engine for working-class New Yorkers,” Adams said in a statement.
Amid growing signs of a return to in-person work, with Bloomberg reporting a near 80% resurgence compared to pre-pandemic levels, Griffin emphasized the allure of the new tower.
In a release, he highlighted in a statement the building’s “incredible light, 360-degree views and spacious layouts in one of the leading financial centers in the world.”
Citadel fully embraced in-person work beginning in June 2021.
While Griffin’s focus remains on fortifying New York’s prominence, he has also cast his gaze toward Miami.
In a bold proclamation last November, he suggested that the vibrant city could one day rival, if not surpass, New York as the nation’s financial epicenter.
Griffin nabbed the No. 2 spot on Bloomberg’s ranking of top-earning hedge fund managers in 2023 thanks to his $2.6 billion income.
