Billionaire Ken Griffin donates billions to Carnegie Mellon University, choosing Miami over New York. Rosanna Scotto and Stuart Varney discuss how local political animosity is driving major investment away from the city.
Billionaire hedge fund founder Ken Griffin, Vornado Realty Trust and Rudin have finalized a joint venture to develop a 66-story Manhattan office skyscraper, securing a $3.3 billion construction loan for the project.
Vornado announced Wednesday that it has completed a joint venture with Griffin and New York real estate firm Rudin to develop a 1.9 million-square-foot tower at 350 Park Avenue. In the joint venture, an affiliate of Griffin, the founder and CEO of Citadel, will own 60% of the project, while Vornado will hold 36% of the shares and Rudin will retain 4%.
Citadel Enterprise Americas LLC has signed a lease for 1.05 million square feet of office space in the skyscraper, which represents more than half of the planned office space, according to Vornado.
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CEO and founder of Citadel Ken Griffin at the Semafor World Economy Summit in Washington, DC, on April 14, 2026. (Aaron Schwartz/Bloomberg via Getty Images)
The project is moving forward despite a dispute earlier this year between Griffin and New York Mayor Zohran Mamdani.
The controversy began in April, when Mamdani recorded a video in front of Griffin’s penthouse, calling him a wealthy hedge fund owner who would be subject to the mayor’s pied-a-terre tax, which is imposed on high-value residential properties whose owners do not live in the city full time. The tax took effect in July.
Griffin responded, calling the personal attack “creepy and strange,” saying that it puts people in harm’s way and shows a “lack of depth of judgment” on Mamdani’s part.
Citadel executives then suggested that the new office space could be a casualty of Mamdani’s wisdom.
Mamdani eventually softened his rhetoric and thanked Griffin for his contributions to the city.
New York Mayor Zohran Mamdani stands outside Citadel CEO Ken Griffin’s Park Avenue penthouse in an April 15, 2026 video. (NYC Mayor’s Office)
The multibillion dollar construction loan will be provided by seven financial institutions, including Wells Fargo, JPMorgan Chase, Bank of America, BMO Bank, ING Capital, PNC Bank and Standard Chartered Bank.
Construction of the tower is already underway, Vornado said.
Designed by the architecture firm Foster + Partners, the skyscraper will rise approximately 1,400 feet above Park Avenue and feature luxury amenities. Approximately 850,000 square feet of office space on the upper floors of the building will be available for lease.
Citadel founder and CEO Ken Griffin called the viral video of New York Mayor Zohran Mamdani calling out a Manhattan penthouse while announcing the new tax a “personal attack” and “less than punishment.” (Denis Balibouse/Reuters)
The development also includes financial contributions related to New York City’s Greater East Midtown rezoning initiative.
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According to Vornado, the project will contribute a combined $150 million to the maintenance of St. Patrick and the Church of Saint Bartholomew through the purchase of development rights.
FOX Business’ Eric Revell contributed to this report.