by Howard Morrel & Leslie Hirsch
57th Street Report
The road to approval has officially begun for Midtown’s next skyline-defining tower. The proposed 1.8 million-square-foot, 1,600-foot-tall skyscraper at 350 Park Avenue is now entering the public review process, with developers seeking a crucial zoning adjustment to move the project forward.
A Powerful Development Team
Unlike some speculative supertall projects, this one is expected to move full speed ahead. The tower is a joint effort between Vornado Realty Trust, which owns the current building at 350 Park, Rudin Management, owner of the neighboring 40 E. 52nd Street, and billionaire investor Ken Griffin. His companies, Citadel and Citadel Securities, will anchor the project, leasing at least 850,000 square feet.
With city approval, demolition of the existing structures could begin as early as next year, once Citadel employees relocate. The skyscraper will rise whether or not additional tenants sign on, backed by a $4.5 billion investment.
A Tower Designed for the Future
Designed by Foster + Partners, the all-electric, eco-conscious high-rise will be the tallest on Park Avenue, soaring more than 200 feet above JPMorgan Chase’s new headquarters. The building will feature column-free floors, abundant natural light, and world-class amenities tailored for Griffin’s team.
The tower’s design includes a series of stepped setbacks on the east-facing side, maximizing light and views. Some tenants will have access to private outdoor terraces. The elevator core has been strategically positioned on the west side to create expansive, open floor plates overlooking Park Avenue.
Zoning Adjustments and Public Benefits
To increase the site’s allowable floor-to-area ratio (FAR) from 15 to 25, the developers are purchasing $150 million in air rights from St. Patrick’s Cathedral and St. Bartholomew’s Church—transactions that do not require public approval. Additionally, they will contribute over $35 million to the East Midtown Public Realm Improvement Fund.
In exchange for three additional FAR units, the project will incorporate major public enhancements, including:
- A 12,500-square-foot open-air plaza, spanning an entire block from Park Avenue to East 51st and 52nd Streets
- A five-foot widening of sidewalks along East 51st and 52nd Streets
- A high-end restaurant on 52nd Street and a café on 51st Street
The open plaza will be covered by a dramatic 40-foot-high ceiling, similar to the one Vornado built at PENN 2 in the Penn Station district.
The Approval Timeline
The Uniform Land Use Review Procedure (ULURP) process kicks off with a 60-day advisory review by Manhattan Community Board 5. From there, it will move through the Manhattan Borough President’s Office, the City Planning Commission, and the City Council, before reaching the mayor’s desk for final approval.
If the plan is approved on schedule, Midtown’s next major supertall could start rising in the near future.
Want to learn more? Let’s talk!
All the best,
Howard Morrel & Leslie Hirsch
Christie’s International Real Estate Group
(212) 956-4823
mha@christiesrealestategroup.com
