A historic church in Midtown Manhattan has agreed to sell at least 150,000 square feet of its air rights to a partnership led by hedge fund executive Ken Griffin.
St. Bartholomew’s Church at 325 Park Ave. has entered into the transaction with Griffin, Rudin Management and Vornado Realty Trust – the three partners are planning a 51-story office building at 350 Park Ave. which will become the new headquarters of Griffin’s Citadel LLC.
The deal, which was first reported by Crain’s New York, was negotiated last spring but was not made public until a court filing last week. The transaction will require a judge’s approval to ensure it meets the requirements for a nonprofit selling its real estate.
St. Bartholomew’s is an Episcopalian parish that was founded in 1835. The church building opened in 1917 and its vibrant Byzantine Revival architecture stands out amid the office buildings that line Park Avenue. The church has been experiencing financial challenges – according to its website, it only collected $2.2 million in financial support during 2023, a level that was below its expectations.
This is the second landmark church that Griffin and his partners have negotiated with for air rights to their new building. Last December, news emerged that St. Patrick’s Cathedral – which is two blocks west of St. Bartholemew’s on Fifth Avenue – was in a contract to sell some of its air rights. This would enable construction to commence on the proposed office building, which would replace three existing buildings.
Photo: Beyond My Ken / Wikimedia Commons
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Was Central Synagogue part of the deal?
We’re not aware of that.