【NYC Real Estate】Demolition Underway for $4.5 Billion, 1,414-Foot Supertall at 350 Park Avenue in Midtown East
- ARCFE U.S.
- 2 hours ago
- 3 min read
Demolition has begun at 350 Park Avenue, the site of a 1,414-foot supertall office skyscraper in Midtown East, Manhattan. Designed by Foster + Partners and developed by Vornado Realty Trust, Rudin, and Ken Griffin, the 64-story structure will yield 1.8 million square feet of Class A office space with a capacity of 6,000 employees. Griffin's companies Citadel and Citadel Securities will serve as the anchor tenants, occupying at least 850,000 square feet. The 53,000-square-foot property is located between East 51st and 52nd Streets.
Scaffolding and blue netting shroud the entirety of the existing 30-story midcentury tower at 350 Park Avenue, as well as a 23-story office building at 40 East 52nd Street and a five-story structure at 39 East 51st Street. Many of the windows and façade panels have been removed from the buildings, and interior gutting is likely well underway.
The renderings depict the supertall's massing composed of seven rectangular, glass-clad volumes with rounded corners that step back progressively toward the west as the tower rises. The lower four setbacks will be topped with landscaped terraces, while the final three will make up the tiered crown.
The street-level perspective shows the widened sidewalks, landscaped public plaza with outdoor seating and raised garden beds, and the 40-foot-tall lobby. The first story features a glass envelope with rounded corners matching tower floors above.
The Uniform Land Use Review Procedure (ULURP) began in mid-March 2025, where the City Council voted 48 to zero. The New York City Council unanimously approved the project on September 25, 2025.
350 Park Avenue's construction will utilize $150 million of air rights purchased from St. Patrick's Cathedral and Saint Bart's Church, and will contribute more than $35 million to the city's East Midtown Public Realm Improvement Fund. The project will include a 12,500-square-foot outdoor public plaza designed by Field Operations stretching the full length of the property, as well as 16,000 square feet of ground-floor retail space, a cafe along East 51st Street, and a restaurant on the opposite side of the base along East 52nd Street. Plans also call for the widening of the sidewalks on both East 51st and East 52nd Street by an extra 5 feet.
350 Park Avenue is expected to cost $4.5 billion and is anticipated to be completed by 2032.
EB-5 Investor Insight:
The commencement of demolition at 350 Park Avenue — a $4.5 billion, 1,414-foot supertall unanimously approved by the NYC Council — represents one of the largest single-site commercial developments in New York City history. This landmark project, backed by billionaire Ken Griffin and institutional developers Vornado and Rudin, sends an unmistakable signal of confidence in New York's long-term economic trajectory. For EB-5 investors, such massive capital commitments by the world's most sophisticated investors validate NYC as the premier destination for real estate investment. Partnering with experienced regional centers that deploy capital in high-demand NYC submarkets — from Midtown office towers to residential developments in Long Island City and Flushing — offers a proven pathway to capital preservation and US permanent residency.
Source: New York YIMBY
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