Citadel’s Ken Griffin takes stake in 350 Park, readies for demolition
Citadel’s Ken Griffin decided to take a 60 percent stake in the joint venture that will transform 350 Park Avenue. Vornado Realty Trust’s Michael Franco on Tuesday said that Griffin wanted to accelerate the deal timeline, which originally gave him until June 2030 to either take a 60 percent stake or purchase the site for $1.4 billion, meaning that Vornado and Rudin Management would not take part in the development. Griffin chose the former in December, and thanks to a few other amendments to a 2022 agreement, Vornado and Rudin will be able to acquire an interest between 23 percent […]
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