Real estate execs still in on Park Ave. project to be anchored by Ken Griffin’s Citadel

Vornado Proceeds with 350 Park Ave. Skyscraper Despite Uncertainty Surrounding Ken Griffin’s Involvement

Vornado’s executive vice-president, Glen Weiss, confirmed at a Real Deal forum that the company is moving forward with its planned 350 Park Ave. skyscraper, set to be anchored by Ken Griffin’s Citadel companies. Weiss assured attendees that demolition has commenced, dispelling any inaccuracies in media reports suggesting otherwise.

However, the looming question revolves around Ken Griffin’s continued involvement following Mayor Zohran Mamdani’s recent public criticism. Griffin, a partner in the project alongside Vornado and the Rudin organization, previously mentioned that his commitment is under review by himself and his partners.

If Griffin decides to withdraw, it could potentially lead Vornado to reconsider its participation as well, given its option to exit in mid-July as disclosed in previous SEC filings.

On the panel, CBRE global brokerage chief Stephen B. Siegel expressed concerns about Mayor Mamdani’s approach towards working with affluent individuals, labeling him as “dangerous” for the city. Despite this, Siegel downplayed the notion that Griffin’s potential expansion of office space in Miami would automatically translate to a reduction in New York.

Siegel emphasized that Griffin had already planned to expand the office footprint in Florida before the recent controversy, indicating that the situation in New York might not necessarily impact these plans. “Let’s hope it’s all he does,” Siegel remarked.