350 Park Ave

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.

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