350 Park Ave

Citadel’s Ken Griffin, partnering with Rudin Management and Vornado Realty Trust, is set to acquire 250,000 sq ft of air rights from St. Bartholomew’s Church for $78 million, at $312 per sq ft, as part of the 2017 Midtown East rezoning. The option agreement, revealed in a Manhattan Supreme Court filing, involves a $2 million upfront payment, followed by two $2 million payments in 2024 and 2025, and a $4 million payment in 2026 before closing in 2027. The air rights will aid the development of the planned 51-story, 1.7 million-sq-ft office tower at 350 Park Avenue, expected to be completed in 2032.