Midtown’s tallest skyscraper project by Ken Griffin gets approval

New Skyscraper Approved for Midtown

The city council has approved plans for the tallest skyscraper in Midtown, tied to Ken Griffin’s financial firm, with a unanimous vote of 48-0.

This ambitious initiative at 350 Park Ave represents a significant commitment by Griffin, a major player in two prominent development firms. The planned tower will stand at 1,600 feet, surpassing the current tallest building in the area, JP Morgan Chase’s headquarters at 270 Park Avenue, by over 200 feet. The skyscraper will provide 1.7 million square feet of space, with 850,000 square feet designated for Griffin’s companies, Citadel and Citadel Securities.

Demolition of the three existing buildings on the site is set to begin early next year, with the construction of the new $4.5 billion tower expected to be completed by 2032. This project will also include improvements to the surrounding area on Park Avenue between East 51st and 52nd Streets.

Foster + Partners, the architectural firm responsible for this project, has a history in the neighborhood, having designed the JP Morgan Tower and the nearby 425 Park Ave.

The planning for the 350 Park Ave project has been in the works for six years. Recent changes to zoning laws have facilitated the construction of larger office buildings in East Midtown, which was once dominated by older, smaller structures.

The new tower necessitated a $150 million air rights purchase from St. Patrick’s Cathedral and St. Barts’ Church. Additionally, developers agreed to contribute $35 million towards pedestrian and public improvements in the rapidly growing city.

The tower will proceed regardless of the addition of new tenants, according to a vice president from Vornado. They noted that securing an anchor tenant and an equity partner is critical to initiating construction.

With a focus on sustainability, the Super Tall Tower will incorporate all-electric systems and environmentally sensitive designs, promoting wellness as a key feature.

Plans include a public plaza adjacent to Park Avenue, a high-end restaurant on 52nd Avenue, and a café on 51st Avenue. The council approved these plans on Thursday.