Insane how many projects are in the process right now. Still got more along the way…
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We almost have 4 buildings 1000+ under construction. That doesn’t even include Extell’s developments at the ABC and Madison sites.
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The Age of Ramses next round
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why do i have a feeling once demo is complete theyll have money problems and be forced to scale down/change the design
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I’d expect that from a developer like Moinian or even Vornado. But this is no typical project.
Citadel is intricately embedded and has deep pockets unlike its ‘partner developers’ on this site which have typical RE debt. AND their HQ site in Miami is not even a hole in the ground yet while they will need A LOT of space in the 5-10 year time frame.
Scale down/design change is always possible - but this is Park Ave in the 50’s - highly desirable for high-end offices. They’ve already bought a ton of air rights which would be challenging to unload now; I think the chances of this getting scaled down are virtually nil.
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I wouldn’t worry about it. If anything Citadel will cash in on a crash.
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Great news
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Demolition finished by end of summer, foundation work finished by next spring?
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probably about right. start vertical summer 2028. foundations are very complex and phased due to adjacent MTA structures.
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their loss, genuinely
lol…theyre going to halt the tower because Griffin is upset at paying a little more for his penthouse he uses once in a while? Sure…if it made financial sense before the proposed tax, it still makes financial sense now and they will build it.
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Billionaires are so out of fucking touch… like genuinely how do they think the average New Yorker is going to react to this when they are trying to make ends meet? This city has gone through generations of robber barons and I assure you we will be fine.
It’s all just theater anyway. They’re not going anywhere. It’s like he’s auditioning for Broadway with how pathetically dramatic he’s being. 
Ken should keep pushing the working class and see what happens.
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All theatre. Griffin couldn’t back out of the project even if he wanted to - He’s pregnant with the site per the terms of the JV. Not only has he already elected to move forward via the interest purchase / buyout of the former CMBS mortgage, but if he “theoretically” doesn’t move forward with the plan as currently envisioned and occupy as a tenant, then Vornado and Rudin can put the site to him at a $1bn+ valuation. Lot of structure in this JV, not Roth’s first rodeo..
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Hey HappyCap! Nice to see you around.
Are you hearing anything on any other big towers or leases?
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The pitchforks have been out for quite a while and I would argue that he is acutely aware - dare I say scared of the fact.
Just as there is no daylight between an oligarch from the east and a capitalist from the west (if there ever was any) ‘we the people’ have descended into an angry mob, and the mob must have it’s theatre (that’s why they elected the Jester in Chief after all)
Ken Griffin’s monthly expenses, according to 2014 court filing for a divorce proceeding, sits around $300K. If he lives to be 100, Griffin would need $151,200,000 to maintain that lifestyle. Considering he is currently worth $51.2 billion, he could get slapped with a one time tax of 50 billion and still live out the remainder of his life in the lap of luxury.
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Bloomberg posted this article as a follow up to the spat between Griffin and Mamdani.