Citadel and Vornado Realty Trust have agreed to buy for $164M up to 525K SF of air rights from the Roman Catholic Archdiocese of New York, rights the partners will use to develop a 51-story office tower at 350 Park Avenue.
The partnership, which includes Rudin Management, will pay the Archdiocese $312.50 per SF for the air rights, which are adjacent to St. Patrick's Cathedral on Fifth Avenue, according to a report from PincusCo.
The deal includes a $62.50 per SF contribution to the Public Realm Improvement Fund, a Midtown East group, for improvements to the business district.
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