(Bloomberg) -- Citadel’s Ken Griffin is in contract to purchase air rights from St. Patrick’s Cathedral in Manhattan to build a giant skyscraper that will house Citadel on Park Avenue.
Griffin, alongside Vornado Realty Trust and Rudin, have been working to map out plans for a 1.7 million-square-foot tower that would replace three properties at 350 Park Ave.
A limited liability company struck an agreement with the trustees of the iconic cathedral in New York to buy anywhere from 315,000 square feet (29,000 square meters) to 525,000 square feet of excess development rights from 631 Fifth Ave., where St. Patrick’s Cathedral is located, according to a court filing.
The deal will be for $312.50 per square foot, which could make the sale price as high as roughly $164 million.
A spokesperson for the Archdiocese confirmed an agreement to sell some of the Cathedral’s air rights, adding that the final price has not been determined yet.
“It is our hope that the money will go to the continued upkeep of the Cathedral,” Joseph Zwilling, director of communications for the Archdiocese of New York, said.
Spokespeople for Citadel, Vornado and Rudin declined to comment. PincusCo reported the air rights contract earlier.
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