Vornado Partners Secure $3.3 Billion Loan for 350 Park Ave
Vornado Realty Trust and partners expect to secure a $3.3 billion loan for a $6 billion skyscraper project in Manhattan anchored by Citadel.
Partners in the 350 Park Ave. skyscraper project, including Vornado Realty Trust, Ken Griffin, and Rudin, expect to secure a $3.3 billion construction loan for the 1.9 million-square-foot tower. The development, valued at $6 billion, will be anchored by Citadel and Citadel Securities.
Vornado CEO Steven Roth announced during a Tuesday earnings call that financing is ready. Roth stated the partners are exploring the sale of a 25% stake in the development to high-net-worth family offices through a "club deal."
The project faced earlier uncertainty after New York City Mayor Zohran Mamdani used Ken Griffin's luxury apartment purchase to promote a new tax proposal, which prompted Citadel to consider halting its New York expansion. However, the venture proceeded with a Griffin-associated affiliate acquiring at least a 60% interest in December, while Vornado intends to exercise an option for a 36% interest.
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