NYC unveils plans for 62-story office tower on Park Avenue

Plans for Park Avenue office building unveiled

Mayor Eric Adams helped unveil plans to build a new 62-story office tower on Manhattan's Park Avenue on Tuesday, but questions remain as to whether there is enough demand for more office space in NYC.

NEW YORK CITY - New York City's skyline is getting a 62-story addition, with NYC Mayor Eric Adams unveiling the details of a new office town on Park Avenue.

The new skyscraper will boast 1.8 million square feet of office space, the vast majority of which will be reserved for Citadel Securities.

The hope is the building will help draw New Yorkers back to the office in the city.

"Today, we are doubling down on our efforts to build a ‘new’ New York with a project that will help supercharge our economy and expand New York City’s iconic skyline," Adams said. "Home to more than 6,000 jobs, this project will build on our continued efforts to energize Midtown Manhattan as the world’s most important business address and an economic engine for working-class New Yorkers."

However, the plan was not well-received by protesters, who attempted to interrupt Adams' address, accusing him of abandoning the working class.

Critics of the plan question the necessity to build another office building when so many office buildings in the city are already half-empty.

Currently, the city has 100 million square feet of vacant office space.

According to real estate experts, the city must figure out how to repurpose the older buildings to solve housing challenges at every income level.

The office building at 350 Park Avenue will enter the city's public review process early next year. It's expected to be finished by 2032.