New York City’s landmark St. Patrick’s Cathedral is in a contract to sell some of its air rights to hedge fund executive Ken Griffin.
Bloomberg reported Griffin, the CEO of Citadel LLC, is partnering with Vornado Realty Trust and Rudin Management on the creation of a 1.7 million-square-foot tower at 350 Park Ave., which is two blocks east from St. Patrick’s. The new tower will replace three existing buildings and would be completed by 2032.
The trustees of the cathedral have an agreement with a new Griffin-backed limited liability company to acquire between 315,000 square feet (29,000 square meters) to 525,000 square feet of excess development rights from 631 Fifth Ave., where the cathedral is located. The deal will be for $312.50 per square foot, which could result in a transaction worth as much as $164 million.
“It is our hope that the money will go to the continued upkeep of the Cathedral,” said Joseph Zwilling, director of communications for the Archdiocese of New York, who acknowledged the final price was yet to be confirmed.
Photo by Mike Peel / Wikimedia Commons
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