Vornado files plans for new supertall 62-story office tower at 350 Park Ave.

Vornado Realty Trust , in a joint venture with Rudin Management and Citadel’s Ken Griffin, submitted a new building construction project for a 1,702,362 square-foot office building at 350 Park Avenue, with an alternate address of 340 Park Avenue, in Midtown East, Manhattan. The plan was filed with the New York City Department of Buildings on November 6, 2025 under job number M01297618. It calls for the construction of a 1,413-foot-tall, 62-story building. The project is described in the filing as: construction of new 62-story commercial high rise building. The architect of record is AAI Architects, which serves as the executive architect for projects by Foster + Partners, the design architect.
Yimby reported on the project when it cleared a City Council vote in September 2025.

In 2023, Citadel signed a lease with Vornado, as part of a complex deal in which Citadel is leasing 350 Park Avenue from Vornado for 10 years paying $36 million per year, and will also lease from Rudin Management 40 East 52nd Street. Vornado Realty Trust in the partnership with Rudin bought Rudin’s 39 East 51st Street for $40 million.

In addition, Griffin signed a contract in 2023 to buy up to $164 million in air rights from the Roman Catholic Archdiocese of New York.

350 Park Ave ZD1 DOB Zoning Diagram

350 Park Avenue

The property

The project will replace a smaller office building in Midtown East that was built with 536,992 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 145 feet deep with a total lot size of 27,925 square feet. The zoning is C5-3 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $323.6 million.

Prior sales and revenue

The 536,992-square-foot property generated revenue of $54 million or $101 per square foot, according to the most recent income and expense figures.

Development

David Bellman of Vornado Realty Trust submitted a new building construction project for a 1,702,362 square-foot 56 building at 340 Park Avenue. The plan was filed on November 6, 2025. It calls for the construction of a 1,413-foot tall, 62-story building and was filed with the New York City Department of Buildings under job number M01297618. The architect is Aai Architects., P.C. The project is described in the filing as: construction of new 62-story commercial high rise building.

For the tax lot building, it received its initial certificate of occupancy on December 12, 2012.

Violations and lawsuits

According to city public data, the property has received $50 in OATH penalties in the last year.

The property was involved in two lawsuits and zero bankruptcies over the past two years. The highest value suit was a $98.4 million judgment concerning a leave to sell filed on December 8, 2023, by Roman Catholic Archdiocese of New York against Vornado Realty Trust and Rudin Management.

The neighborhood

In Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 2nd highest sale turnover among other neighborhoods in the city with $3.8 billion in sales volume in the last two years. For development, Midtown East is the 3rd most active neighborhood among other neighborhoods. It had 19.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 31 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 15 commercial properties representing 1,882,360 square feet of the 2,067,997 square feet. The largest owner is Feil Organization, followed by Jack Resnick & Sons and then Macklowe Properties. On the tax block, there was one new building construction project filed totaling 1,702,362 square feet. It is a 1,702,362 square-foot 56 building submitted by Vornado Realty Trust and filed by David Bellman with plans filed November 6, 2025 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Vornado Realty Trust owned at least 57 commercial properties with four residential units in New York City with 15,505,574 square feet and a city-determined market value of $7 billion. (Market value is typically about 50% of actual value.) The portfolio has $6.8 billion in debt, with top three lenders as JPMorgan Chase, Goldman Sachs, and Landesbank Baden-Wurttemberg respectively. Within the portfolio, the bulk, or 78 percent of the 15,505,574 square feet of built space are office properties, with retail properties next occupying 12 percent of the space. The bulk, or 97 percent of the built space, is in Manhattan, with Bronx next at 3 percent of the space.

The surrounding

Within a 400-foot radius of 53 East 51 Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. One of those two items was a sale which Munich Re bought the zero-square-foot, two-unit office building (O4) on 320 Park Avenue for $506.2 million from Mutual of America Life Insurance Company on January 7, 2025. One of those two items was a loan which Archdiocese of New York and Roman Catholic Church borrowed $250 million from Goldman Sachs secured by the 832,240-square-foot, one-unit hotel (H1) on 455 Madison Avenue and two other properties on October 16, 2024.

Direct link to the property’s ACRIS page and link to DOB NOW portal.