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Citadel, Vornado, Rudin to Buy St. Patrick Cathedral’s Air Rights for $164M
Griffin’s Citadel and Vornado Realty Trust, in collaboration with Rudin Management, are acquiring up to 525,000 square feet of air rights from the Roman Catholic Archdiocese of New York for the development of 350 Park Avenue, reported by Crain’s New York Business.
The deal, priced at $312.50 per square foot plus a $62.50 per square foot contribution to the Public Realm Improvement Fund, totals an estimated $98.4 million to $164 million, depending on the final square footage purchased. Annual options allow for incremental purchases, with the deadline for the full 525,000 square feet set by the end of 2026.
Citadel aims to construct a 51-story tower designed by Norman Foster at 350 Park Avenue, where they plan to occupy about 54 percent of the 1.7-million-square-foot property, anticipated to stand at 1,350 feet tall. Project completion is projected for 2032.
- ◦Sale/Acquisition
