© DBOX for Foster + Partners
A proposed 1,600-foot-tall office tower set to reshape the New York City skyline officially entered public review this week. The Department of City Planning on Monday certified an application for 350 Park Avenue, a proposed 62-story building in Midtown East led by Vornado Realty Trust, Citadel, and Rudin Management, kicking off the seven-month uniform land use review procedure (ULURP). Designed by Foster + Partners, the project—the first new office building presented to the City Planning Commission in five years—calls for 1.8 million square feet of office space and a new public concourse, with Ken Griffin’s Citadel and Citadel Securities as anchor tenants.
The developers are seeking to increase the floor area ratio (FAR) cap above the current limits in Midtown East, from 15 to 25. To achieve this, the project includes $150 million in air rights purchased from St. Patrick’s Cathedral and Saint Bart’s Church, while also contributing over $35 million to the city’s East Midtown Public Improvement Fund, according to a CPC public review session.
According to the application, the development would transfer 315,000 zoning square feet from St. Patrick’s on Fifth Avenue and roughly 170,000 zoning square feet from St. Bartholomew’s on Park Avenue.
The group is also seeking a special permit for a public concourse bonus of 3 FAR, or roughly 203,494 zoning square feet of additional floor area, in exchange for the proposed 12,500-square-foot public concourse.
The tower would replace three existing buildings: a 30-story Vornado-owned office tower at 350 Park Avenue, a 23-story Rudin-owned office building at 40 East 52nd Street, and a five-story office building at 39 East 51st Street.
A proposed 12,500-square-foot public plaza, designed by Field Operations, would feature green space, seating, enhanced visibility of nearby landmarks, public art, and opportunities for local businesses. It will also improve pedestrian flow.
Global investment firm Citadel and its affiliate Citadel Securities will serve as the building’s anchor tenants, occupying at least 850,000 square feet of the tower. The building will have enough space for 6,000 employees, as 6sqft previously reported.
The project also plans to widen sidewalks on East 51st and 52nd Street by five feet, according to Yimby.
According to the Environmental Assessment Statement filed by Vornado, the proposed project would include over 1.6 million square feet of office, financial trading and tenant amenity space, and nearly 23,000 square feet of retail space, likely a fast food establishment and a large restaurant, as 6sqft previously reported.
The project will now undergo a 60-day review by Manhattan Community Board 5, followed by evaluations from Manhattan Borough President Mark Levine, the City Planning Commission, the City Council, and finally, Mayor Eric Adams.
If approved, the project is expected to be completed in 2032.
Plans for the tower first emerged in May 2019, following the passing of the Midtown East rezoning in 2017. The rezoning cleared the way for 6.5 million square feet of new office space on 78 blocks around Grand Central Terminal, allowing for denser development.
Last April, Mayor Eric Adams and the developers revealed new renderings of the project, showing its glass facade, landscaped terraces, and unique “stepped configuration.”
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