350 Park Avenue. Rendering courtesy of Foster + Partners.
The seven-month public review process known as ULURP begins on Monday for the team’s request for a relatively small increase in floor-to-area ratio, or FAR, which is a measure of a building’s size relative to the size of the land on which it stands, above what current East Midtown zoning allows.
A supertall office tower long planned for Midtown is finally moving forward. During a breakfast held by the Association for a Better New York, Mayor Eric Adams in April 2024 revealed new details and renderings for 350 Park Avenue, a 62-story building developed by Vornado Realty Trust, Citadel, and Rudin Management. Designed by Foster + Partners, the tower, which will bring 1.8 million square feet of office space and a new public concourse to Midtown East, is entering the city’s public review process.
“350 Park Avenue is a new symbol of the rebirth of this world-famous street, resulting from the city’s Midtown rezoning initiative. With its stepped back, gently tapering form, the building follows in the tradition of distinctive towers along Park Avenue, creating a silhouette that is very much ‘of New York,’”
Nigel Dancy, head of Studio, Foster + Partners.
The proposed 12,500-square-foot public plaza will be located along Park Avenue and feature green space, seating, enhanced visibility of nearby landmarks, public art installations, and opportunities for local businesses.
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.
Citadel and Vornado purchased air rights from St. Patrick’s Cathedral and St. Bartholomew’s Church, allowing the tower to be larger than originally proposed as part of the rezoning deal. Part of the proceeds pay for upgrades to public spaces in the area.
The project requires the demolition of a Vornado-owned building at 51st and 52nd Street and a Rudin building at 40 East 52nd Street, according to the New York Post.
The project which begins the city’s public review process is scheduled for expected completion is 2032.
