Billionaire money manager Ken Griffin now have a firm financial investment in Midtown Manhattan months after a public dispute with the New York Mayor Zohran Mamdani.
Griffin, as part of a joint venture with Vornado Realty Trust and Rudinhas landed $3.3 billion in construction financing to develop a 66-story office tower in 350 Park Avenue, sponsors announced Wednesday.
A credit union headed by Wells Fargo and JP Morgan Chase originated the loan for the 1.9 million square foot building. Griffin will have a 60 percent stake in 350 Park Avenue in a newly formed JV with Vornado holding 36 percent and Rudin 4 percent, the company also announced.
Griffin’s Citadel The financial firm will lease 1.05 million square feet in the new office tower, which is scheduled for completion in 2032. The remaining 850,000 square feet on the upper floors of the building will be marketed to other tenants, according to New York Postthe first to report the loan.
The 350 Park deal was closed on the heels of Mamdani social media video posting in April touting the tax on the pieds-à-terre in front of Griffin’s penthouse 220 Central Park South. The move prompted sharp criticism of Mamdani from key figures in the commercial real estate industry, including CEO Vornado Steven Roth during him first quarter earnings call in early May.
Wells Fargo and JP Morgan did not immediately return calls for comment.
Andrew Coen can reach it acoen@commercialobserver.com.