Vornado, Citadel, Rudin Secure $3.3 Billion for 350 Park Tower as Trophy Offices Defy Slump
Updated
Updated · The Real Deal · Aug 8
Vornado, Citadel, Rudin Secure $3.3 Billion for 350 Park Tower as Trophy Offices Defy Slump
2 articles · Updated · The Real Deal · Aug 8
Summary
$3.3 billion in construction financing will let Vornado, Citadel and Rudin move ahead with the 2 million-square-foot 350 Park Avenue tower, one of the largest construction loans in New York City history.
Citadel underpinned the deal by committing to roughly half the building, while projected rents near $350 per square foot and the Park Avenue location helped lenders back a project expected to cost about $6 billion.
Vornado plans to own 36% of the tower and Rudin 4%, with the partners also weighing a sale of another 25% stake to an outside investor.
The loan far exceeds recent Manhattan office financings such as $1.8 billion for the Spiral and $1.6 billion for 70 Hudson Yards, underscoring how capital is still available for elite projects.
That gap highlights a two-tier office market: prime, amenity-rich towers with deep-pocketed tenants can still raise huge sums, while older or less differentiated buildings face much tougher financing conditions.